Challenges in retail sector

Today, customers’ purchase decisions are strongly influenced by factors such as added-value, service quality, convenience and comfort. These needs must be addressed by retailers and if necessary reflected in changed business models. Moreover, retailers are confronted with globalization, increasing raw material prices, market saturation and intensified cost and competitive pressure, which eventually results in decreasing returns. A steady level of innovation and a value chain consequently aligned to the business strategy are basic requirements for success and growth. However, there is no specific formula for success. Companies require individual solutions. Success factors must be identified, expanded and implemented.