The new retail reality shows a decline in retail storefronts but an increase in newer virtual channels. Retailers who recognize and capitalize on this trend will help garner greater value. It is indicated that retailers who sell or engage across multiple channels see an increased profit level.
Another trend is the growth in global expansion. When retailers witness a downturn in home markets or they seek expansion, they venture into foreign markets. Some retailers have gained better profits through international expansion when compared to their domestic business. Whether it is expansion to new channels or frontiers, retailers need to understand the turf and build the capabilities to meet the associated challenges and risks. Moreover, they need to integrate services, technologies and processes to offer a seamless shopping experience across channels.
Wissend has an expert team to help you venture into new geographies and channels effortlessly.