Kavan Choksi Business Consultant Lists a Few Strategies Retailers Must Follow in 2024

Balancing immediate hurdles with future growth is crucial for modern retailers. The lingering impact of the Covid-19 pandemic, high inflation, and geopolitical tensions have left retailers with high costs and consumers with financial strains. As Kavan Choksi Business Consultant says, even in such a situation many retailers managed to flourish by leveraging technology, making strategic investments and following innovative strategies.

Kavan Choksi Business Consultant marks a few efficient retail strategies to follow in 2024

Modern retailers need to design and follow strategies that can help them to deal with economic headwinds and shifting customer loyalty patterns. Many of these challenges have been around for a while, and it is prudent that retailers take a proactive approach towards tackling them. They should consider following these strategies:

• Deliver an omnichannel experience: Within the last couple of years, the retail industry has witnessed a significant transformation in terms of customer experience and behavior. This shall continue to evolve with time. Customers are increasingly prioritizing convenience while shopping. If their needs are not met, they are very likely to likely to turn to competitors, as customer loyalty is practically non-existent.  Hence, to attract and retain maximum customers, retailers should try to offer as many available avenues for product deliveries as possible, including in-store shopping, shipping, curbside, buy online – pick up in store (BOPIS) as well as same-day delivery.
• Invest in supply chain digitalization and automation: Automation has become increasingly commonplace in supply chain operations. It allows retailers to effectively unify commerce channels and omnichannel fulfillment, while centralizing the operations of the brand. Automation has the capacity to address cross channel orders at a pretty high rate of productivity and accuracy. As customer demand and expectations continue to go up, and swift deliveries become a norm, it becomes critical for retailers to maximize every aspect of existing operations.
• Reversing reverse logistics: Customer returns are a huge issue for any retailers, as they can add up to a substantial loss in revenue. With the rising fuel and labor costs, retailers are trying to be more efficient with the process. Discovering why exactly customers are returning products is a good way to start. Having improved technology and analytics in place can help lower the number of returns retailers receive. For example, a fashion brand can use data analytics to suggest new styles, colors, and sizes to the customers based on their purchase history and preferences, so that they find items that match their needs and choices, which invariably lowers the chances of returns. This also fosters a more engaging customer experience and promotes loyalty through a seamless customer experience.

As Kavan Choksi Business Consultant says, successfully navigating the rapidly changing retail landscape in 2024 and beyond demands the ability to anticipate and adapt to emerging trends. The swift pace of transformation, fuelled by rapid technological advancements and changing consumer expectations, makes it important for businesses to focus on agility and innovation. The success of modern retailers, to a good extent, is likely to rely on their commitment to enhancing multiple commerce channels and ensuring a seamless shopping experience.