INDUSTRY UNLOCKED
THOSE RETAILERS THAT HAVE SUCCESSFULLY ADAPTED THEIR OFFERINGS HAVE BEEN ABLE TO REAP THE REWARDS . happening . As economic instability has taken its toll , major retailers from department stores to direct-to-consumer brands have cut staff . It will be a difficult few months but the market will start to rebound and unemployment levels will rebalance . Those companies looking for sustainable ways to manage staff levels will flip the other way .
As evolving technologies transform the industry , new opportunities will be created . According to recruiter , Robert Walters , the emergence of technology in all its forms – from apps and online to VR , financial and deliveries – has given Britain ' s largest single industry a well-needed facelift , with tech roles now representing a quarter ( 24 %) of all new job vacancies in the sector . Retail is now one of the biggest UK recruiters for tech talent due to increased prevalence of automation , Augmented and Virtual Reality and buy now pay later schemes in the industry , and this will continue to drive new hires over the next 12 months . Technology professionals are enabling the industry to meet the expectations of today ’ s digitally savvy consumers .
However , this approach has left many retailers with an excess of stock they are struggling to sell , causing ‘ inventory bloat ’. Retailers are under a huge amount of pressure to clear stock , release capital and reduce spend on warehouse storage . As a result , increasingly across the industry , procurement teams are being more frugal about how far in advance they ’ re buying stock . They are creating scarcity of product so things will sell out rather than go to sale .
Only retailers who have an accurate view of where and how much stock they have in each location are in a position where they ’ re able to sell it . And , more crucially , ensure they ’ re not overselling , leaving customers disappointed . With regular stock checks , up-to-date sale channels , improved planning and a modern OMS , retailers can have a real-time view of inventory which helps them sell stock in the most efficient way . This will help retailers respond and adapt much faster to their customers ' buying
However , as IT skills gaps threaten to hinder retailers ’ Digital Transformation plans , HR teams must step things up to attract and retain crucial tech talent . Building a strong company culture with good benefits is paramount . Teams should prioritise flexibility , a strong diversity , equity and inclusion ( DEI ) strategy and training opportunities to ensure the workforce is adaptable to change , flexible and has the right skills to cover gaps as they arise . Post-pandemic , success for future employees looks different than it did before with salary only forming a small part of what they are looking for .
2 . Fulfilment focus
The economic recession has been a burden on many businesses over the last few months with a slow start to 2023 for many . Staffing and cost of retailing itself has been heavily affected by inflation – with cost of goods and supply both increasing . As a result , many retailers are now taking a more cautious approach to fulfilment . Typically , retailers have looked into the future and bought large numbers of stock in advance , predicting what demands are going to look like 12 months out .
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