As 2022 comes to a close, I’ve taken time to reflect on the 200+ content pieces that our industry experts here at Clarkston have generated over the past year. Below, I’ve highlighted just a few of our top insights for the retail industry in 2022. For all of our 2022 retail insights, you can read more here.
Top 8: 2022 Retail Insights
1. Why Consumers Are Ditching Big Brands for Private Labels in Retail
In the past, private label products have been associated with low prices and low quality; however, as consumers continue to battle inflation and product shortages, they’re recognizing the value and consistency of the private label. In this piece, Sean Burke, partner, discusses consumers’ behavioral shift toward private labels and what that means for retailers.
2. Understanding the Emerging Demands for Retail Traceability
Traceability seems to be a buzzword across all industries – put simply, people want to know where their products are coming from, and companies need to be able to disclose that information at any given point along the supply chain. So, what does that mean for retailers? Brandon Regnerus, senior consultant, walks us through retail traceability and its implications for the industry.
3. The Impact of Inflation in Luxury Retail
Despite inflation pressures, the luxury retail market has continued to perform relatively well. These brands have relied on strong shopper loyalty and strategic brand partnerships to maintain profitability despite evolving consumer behavior and a shrinking consumer base. In this piece, Sean Burke, partner, explores luxury retail brands, pricing power, and considerations for how luxury retailers can maintain relevance moving forward.
4. How Are Returnless Refunds Impacting Retail?
A poor return experience is one of shoppers’ greatest concerns when it comes to their purchasing decision. With continued supply chain disruptions, labor shortages, and rising prices, retailers have started to explore the concept of “returnless refunds.” In this piece, Sean Burke, partner, explores the concept of returnless refunds and what it means for the future of retail returns.
5. The Importance of Data Governance in Retail
Good data governance is key for any organization. In retail, strong data governance practices can enable greater efficiency, improved decision-making, better data quality, and more. However, this can be a challenge when managing data across a multitude of channels and platforms. In this piece, Brandon Regnerus, senior consultant, discusses how retailers can get started with implementing strong data governance practices (hint: it starts with having the right processes in place!).
6. Point of Sale (POS) Solution Vendor Selection for a Footwear Retailer
Retailers have pursued innovative technologies in the wake of disruption, from stronger enterprise IT systems to point of sale (POS) technology on the frontlines. After experiencing rapid growth in a short period of time, a footwear retailer sought Clarkston’s guidance to find a solution to update their old systems and identify a way to efficiently manage future growth. In this case study, Bob Lamont, partner, shares how Clarkston helped the client select the right POS solution vendor that enabled them to modernize their store operations.
7. Expanding from DTC to Retail: Creating a Retail Distribution Strategy
The shift from direct-to-consumer (DTC) to retail can be challenging. Retailers must be aware of the nuances and challenges of setting up a new sales channel and ensuring their systems and processes provide visibility into how to grow and profit. In this eBook, Amy Levine and Evan Shirley unpack how retailers can prepare for this shift and fully maximize opportunities in the retail channel.
8. Leveraging AI-Generated Content for Retail
Artificial intelligence (AI) has dominated the list of buzzwords used in the data and analytics space for years, but new leading-edge AI companies are aiming for a new market: content generation. In this piece, Brandon Smith, senior consultant, discusses how retail businesses can leverage AI content generation to outsource creative, automated content creation, improve user personalization and user experience, and more.