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Post-pandemic, many retailers were hopeful for sustained growth and recovery. Instead, they face rising inflation, and a cost-of-living crisis, and have seen the day-to-day cost of running a brick-and-mortar store peak. With seasonal consumer spending expected to fall short as we end the year, retail’s challenges and opportunities are shaping up for 2023.
Our latest data shows the supply chain remains one of the biggest worries for retailers in 2023. So with consumers planning to spend even less next year across a variety of items, retailers must offer a superior customer experience. This can only be realised with an engaged, supported, and efficient workforce, but finding and retaining the right talent remains a key hurdle for retail leaders.
We’ll also see new trends emerge, as QR codes look likely to become a larger part of the shopping experience. Technology is also important for employees, with HR and workforce management technology – from flexible pay with earned wage access to digital scheduling – called for throughout the workforce.
In this report, we analyse our latest data delving into the current shape of the retail industry, and explore the part technology will play in navigating the challenges and opportunities of the next year. Key considerations include:
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