HIVERY's CEO shares insights on retail adaptation in RetailToday's Quarterly Roundtable.
The Q2 Executive Roundtable edition of RetailToday focuses on how retailers adapt to changing consumer behaviors, leverage data, and embrace new technologies to meet customer demands. The edition highlights insights from industry leaders and CEOs, including own HIVERY's CEO & co-founder - Jason Hosking, who discuss innovative approaches and strategies that retailers adopt to drive profitability and succeed in the retail industry.
The topics covered in this edition include:
- Leveraging the Metaverse: Retailers are investing in and exploring the metaverse, including technologies like AR/VR/mixed reality, to enhance customer experiences. However, questions remain about making these endeavors profitable.
- Shifts in Demand and Supply: Retailers are adapting to changes in consumer demand and supply chain disruptions. They are implementing inventory planning strategies to ensure product availability and meet customer expectations.
- Reinventing the In-Store Experience: Retailers are reimagining the in-store experience to provide unique and personalized interactions for customers. This includes creating immersive environments, leveraging technology, and enhancing customer service.
- Capitalizing on the Customer Journey: Retailers are focusing on the customer journey and implementing strategies to engage customers at every touchpoint. This includes personalized marketing, seamless online and offline integration, and creating memorable experiences.
- Connected Commerce: Retailers are embracing connected commerce, which involves integrating online and offline channels to provide a seamless shopping experience. This includes implementing omnichannel strategies and leveraging data to understand customer behavior.
- AI in Retail: Artificial intelligence (AI) is being used in various ways within the retail industry, from personalized recommendations to inventory management. Retailers are exploring AI-driven solutions to improve efficiency, customer service, and decision-making.
- Winning in the Omni-Channel World: Retailers are focusing on winning in the omni-channel world by providing a consistent and convenient experience across multiple channels. This includes optimizing online platforms, integrating physical and digital touchpoints, and streamlining logistics.
- Grappling with Sustainability: Sustainability is a growing concern in the retail industry. Retailers are addressing sustainability challenges by adopting eco-friendly practices, reducing waste, and promoting ethical sourcing.
The edition concludes by offering insights on what to expect in the retail landscape during the summer and fall seasons, including key selling periods like back-to-school and the holidays. It aims to provide valuable information to retailers on their journey towards success in the ever-evolving world of retail.