The global retail industry has been constantly evolving to meet the ever-changing consumer needs and expectations. For market players, the key to success lies in how well they understand and adapt to the changing market environment. In our latest report – What’s New and What’s Next for Global Retail, we provide you with ten key trends of the global retail market and strategies of brands and retailers in the rapidly changing marketplace, along with nine implications and survival tools for market players.

Key highlights

A fast-shifting global retail landscape

The global retail landscape is shifting fast to accommodate changes in the market; the advent of digital technologies, new consumer expectations and accelerating trade tension between the U.S. and China – the world’s two largest economies and retail markets, have led to a more complicated global retail scene and created new challenges for market players.

Facing stagnant sales and threat posed by e-commerce players, many traditional retailers around the world have succumbed to the store closures wave, while both online and offline retailers are actively seeking M&A opportunities for new growth.

Digital transformation: the game changer for retail

Technology advancement has driven changes in consumer behaviours. As almost every consumer activity has shifted to digital in some way, digital commerce has become more significant and e-commerce players have been growing fast in recent years.

Embracing digital technologies in retailing to engage with consumers is a major trend observed in the global retail market.

Customers’ heightened expectations for immediacy has prompted brands and retailers to embrace omni-channel strategy, such as offering click and collect service to ensure fast and efficient delivery.
Technology-led new retail format – unmanned store has also become a new rival for traditional retail formats.

Innovations to shape the future of retail

In response to the versatile consumer behaviour and the ever-changing demand in the market, both e-tailers and traditional retailers have been creating a slew of private-label brands to complement its offerings as used to differentiate from other market players.

Capitalizing on consumers’ growing demand for fresh products, some retailers have turned their focus to the fresh food market, giving rise to the burgeoning online fresh food market and fresh food-focused supermarkets.
Meanwhile, some traditional retailers have also adopted smaller format to meet consumer desire for more curated product selections.

To take on challenges from vertically integrated and fully digitized e-commerce players, traditional retailers are striving to digitize their supply chain networks and optimize their various processes along the supply chain.

Lessons for global retailers

The global retail industry is in the midst of transformation. To stay competitive in the new environment and tap the opportunities, brands and retailers should take note of the new trends and prepare to redefine their strategies and operations. Here are the nine survival tips to get market players well prepared for the challenges: 1. Be customer-oriented; 2. Have an omni-presence; 3. Experience is king; 4. Leverage advanced technologies; 5. Data-centric; 6. Go cashless and provide fast, on-demand delivery; 7. Reinvent businesses and carry out business innovations; 8. Implement digital supply chain; 9. Pursue M&A and partnerships.