Pearls of wisdom for retailers in this challenging retail environment.
𝗥𝗲𝘁𝗮𝗶𝗹 𝗘𝗳𝗳𝗶𝗰𝗶𝗲𝗻𝗰𝘆 is critical for brands today. When digital grew exponentially during the Pandemic, many retailers couldn’t focus on efficiency - "just get it done" was a necessary mantra. Now, after eCommerce has seen 2 years of negative or flat growth, the focus has shifted to profitability. For many retailers, this is an existential problem. A lack of profitability has brought down major retailers and brands in recent years. The industry needs to learn from this and determine how to achieve more with less. Recently, James and I had the opportunity to meet with Mark and David of the Multichannel Success Podcast and delve into the reasons why focusing on efficiency has become paramount for retailers. With digital growth stabilizing post-pandemic, sustainable profitability hinges on efficiency. This discussion became the sixth episode of this season's Multichannel Success Podcast, where we share our thoughts on the shift from explosive digital growth to strategic investment decisions to improve the bottom-line. Technology plays a crucial role in improving efficiency, and we also discuss how #eCommerce integration, reducing time to market, and managing product information are key to staying competitive. Plus, we touch on the importance of company culture and employee experience in driving efficiency. Looking ahead, retail efficiency will likely involve a blend of AI augmentation and a more interconnected, transparent organization that focuses on value-added activities. Measuring efficiency can involve simple measures such as Revenue per Employee, all the way through to complex indicators such as product speed-to-market. Unit economics provide a fuller understanding of performance. Retailers, take note: this shift is imminent, and preparation is essential! LISTEN HERE: https://lnkd.in/enQ3QKJh As always, we at Sweft are delighted to have the opportunity to sponsor the Podcast - find out more about how you can optimize your eCommerce back-office operations at: https://www.gosweft.com/ David Worby, Mark Pinkerton, James Brooke, Julie Bula, Ranjana Sharma #RetailEfficiency #multichannelsuccess