From fashion retail to grocery, from duty free to specialty stores, the retail industry is highly competitive, fast-paced, and full of challenges.
Inventory management is a big pain for retailers. If your customers can't find what they are looking for, you might lose not just a sale, but their business altogether. On the other hand, maintaining a large inventory means tying up considerable working capital, and reducing flexibility and response time in front of market fluctuations. To that you must add industry-specific issues: think seasonality in the eCommerce industry, outdated items in the tech world, or perishable goods for grocery retailers.
On top of that, consumer demands are changing. Retailers who want to be successful need to provide their customers with outstanding shopping experiences in-store, online, and on mobile. Shoppers have come to expect seamless experiences, and demand increasingly personalized offers and services, anytime and anywhere. And if you don’t do it, your competitors will! As simple as that.