As the new year approaches, I’ve taken some time to look back at the hundreds of thought leadership pieces and industry insights created by our Clarkston authors this year. Today, I’m reflecting on some of our top retail insights from 2023. From navigating POS solutions to discussing omnichannel strategy, our experts have shared a variety of perspectives on the latest trends, opportunities, and challenges in the retail space. To explore all 2023 retail insights, you can read more here.
Top 10 Retail Insights from 2023
1. Financials and EDI Implementation for a Grocery Retailer
A grocery retailer was experiencing rapid growth but lacked the proper systems and solutions that could scale with that growth. In particular, this client was looking to build on their current SAP systems and processes and engage with a reputable electronic data interchange (EDI) service and solution provider as part of their business transformation. In this case study, Jenny McLean and Peter Tzefronis outline some of the challenges the client faced surrounding financial and reporting systems and how our team helped them push the latest phase of their years-long project to completion.
2. Assessing and Refining Your Talent Management Strategies in Retail
Fostering an employee-centric and thriving work environment is crucial to decreasing employee turnover rates and improving overall company culture. Particularly in today’s ever-changing retail landscape, it’s important that stores associates are seen, valued, and heard. In this article, Tigist Abebe and Sean Burke explore best practices for retail talent management and how retailers can implement more holistic, effective talent management strategies to help retain and engage their employees.
3. Retail PMO Best Practices
An effective project management office (PMO) can be critical to the success of a business’s day-to-day operations. A lack of structured practices across an organization can lead to misalignment, delays, and more. In our experience, we find that there are five guiding principles that can help retailers with their PMOs: focus, management, disciplined execution, behavioral change, and structure. In this piece, Madison Wolfe dives deeper into those five guiding principles and other retail PMO best practices.
4. What is Retailer Bracketing, and How is It Impacting Retailers?
With the continued rise of direct-to-consumer (DTC) and eCommerce shopping, there is an emerging trend called “retailer bracketing,” which refers to shoppers buying multiple items with the intention of only keeping one. This poses an interesting challenge for retailers who must navigate processing those returns. In the piece, Lorraine Mackiewicz explores a few strategies for retailers to help mitigate these return challenges, including ensuring their shoppers can make the most informed purchasing decisions.
5. Vendor Selection Case Study: Improving Communication and Task Management in Retail
A multi-billion dollar retail conglomerate undergoing expansion through brand acquisition. After re-organizing its regional and district management to oversee multiple brands, the client found themselves lacking a unified system that could help with their communication and task management capabilities. In this case study, Sean Burke outlines how Clarkston facilitated a thorough and impartial vendor selection process for the retailer.
6. Implications for Retail In-Store Technology Investments
As companies increasingly look for opportunities to gain customer insights to better inform their business decisions, there’s been an increase in retailers exploring in-store technology investments. From heat maps that show what products grab your attention, to AR mirrors that let you try on clothes virtually, retailers are leveraging in-store technology investments to make the customer shopping experience faster, smoother, and ultimately more enjoyable. In this piece, Madison Wolfe explores some of the tech trends transforming the in-store retail landscape.
7. Optimizing Your Supply Chain for Omnichannel Retail
It’s no secret that omnichannel in retail has evolved significantly in the past few years. As a result, retailers have been challenged to find ways to optimize their supply chains to meet today’s evolving landscape. In this article, Scott Shaw shares his perspective with Sean Burke and David Patterson on how supply chain leaders in the retail world can implement strategies to optimize the entire supply chain and create a more frictionless shopping experience across every channel.
8. Navigating the Impacts of Inflation in the Retail Industry
Over the past year, inflation has posed a large threat to retailers, impacting both profit margins and customer behavior. With increased costs, retailers are having to navigate between raising prices and retaining loyal customers who are more price-sensitive. And shoppers – facing high prices and record consumer debt – are prioritizing essential items over discretionary purchases, posing a risk to retailers if a recession occurs. In this piece, Sara Kayhan outlines the challenges retailers face amidst an inflationary economy and discusses strategies that can help to mitigate the impact of those challenges.
9. What Restaurant Retailers Should Look for in a Point of Sale Solution
Point-of-sale (POS) platforms are integral for efficient operations in the retail business, and particularly in the food service industry, where speed is crucial. A robust POS solution for restaurant retailers goes beyond just order and payment processing; it also offers advantages such as direct payment integration, customer engagement and loyalty programs, inventory management, and more. In this piece, Sara Kayhan and Neeki Tahssili walk us through considerations for selecting the best-fit POS solution for your retail organization.
10. How In-Store Technology Can Help Retailers Prepare for the Holiday Season
As we enter the holiday season, it’s essential that retailers are prepared to navigate the influx of both in-store and online sales, as shoppers rush to find that perfect gift. What can retailers do to prepare for this busy season? In this article, Madison Wolfe explores the importance of leveraging in-store technology to create a frictionless shopping experience for customers, ensure accurate inventory management, personalize the shopper experience, and more as we move through the holiday season.
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Contributions from Leah Harding