Competitor Strategies in Retail

Continuous transformation, driven by AI advancements, economic uncertainty, and digitalisation, has deeply impacted all facets of the retail industry. Retailers are responding by adopting new strategies to meet evolving consumer expectations. This includes leveraging AI and automation to boost efficiency and reduce costs while offering optimal value. Moreover, there is a shift in promotional activity towards retail media networks, as well as a growing focus on sustainability.

Key Findings

Sustainability in retail is evolving towards increased accountability and transparency

With a greater emphasis on sustainability in retail, government legislation - especially in Europe - is progressing towards establishing a clearer framework for sustainability reporting. This move is anticipated to enhance transparency and accountability and reduce instances of greenwashing.

Retailers modify their value propositions to address consumer caution

Amid global political tensions and economic uncertainties, consumers prioritise affordability, seeking brands and retailers that offer the best value. This reflects a shift in consumer mindset towards cost-conscious consumption, prompting retailers to adjust strategies by innovatively deploying pricing and promotional tools and reassessing offerings.

Retailers focus on optimising operations to maintain profitability

Retailers are under pressure to innovate and adapt to meet consumer demands while also enhancing profitability. A significant focus for many retailers is reducing operational costs. In light of this, automation has become essential across various retail operations, offering real-time data-driven insights and improving overall efficiency.

Investing in retail media networks enhances consumer engagement with targeted offers

In 2023, three out of four retail professionals invested in retail media networks. These networks utilise retailers’ first-party customer data to deliver relevant offers to consumers across digital and physical channels, enhancing engagement. Retail media networks presents an opportunity for retailers to display branded ads across various touchpoints, fostering innovation and collaboration between brands and retailers.

Generative AI continues to revolutionise retail

Generative AI is revolutionising retail by enhancing shopping experiences, from pre- to post-purchase interactions. Retailers are increasingly using generative AI to improve customer service, streamline content creation, personalise marketing, predict demand, and optimise inventory. This adoption enhances the shopper journey, fosters loyalty, and boosts sales.

The Competitor Strategies in Retail global briefing offers an insight into the size and shape of the retailing industry, highlights emerging trends, their effects on retailing in markets around the world, on the development of channels and consumers’ shopping patterns. It identifies the leading companies and brands, offers strategic analysis of key factors influencing the market - be they the developments of new store types, the importance of non-store retailing, economic/lifestyle influences, private label or pricing issues. Forecasts illustrate how the market is set to change and criteria for success.

Product coverage: Retail E-Commerce, Retail Offline.

Data coverage: market sizes (historic and forecasts), company shares, brand shares and distribution data.

Why buy this report?

• Get a detailed picture of the Retail market
• Pinpoint growth sectors and identify factors driving change
• Understand the competitive environment, the market’s major players and leading brands
• Use five-year forecasts to assess how the market is predicted to develop.