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The survey of more than 100 retail professionals , conducted at the Retail Technology Show , revealed growth is on the horizon for retailers . Ninety-three percent said they expect to grow their business within the next year , with two-fifths ( 39 %) forecasting significant growth . Just 1 % of respondents anticipate making a loss in 2024 .

This is despite many retailers facing a disappointing start to the year as the aftershocks of the COVID-19 pandemic continue to impact consumer spending . Despite high inflation easing , recent

ONS figures have shown stagnant Q1 sales , casting a shadow of doubt on the industry ’ s resurgence . When asked about the biggest challenges facing their business today , over half ( 54 %) of respondents said the cost of living crisis .

“ As economic pressures have continued to bite , consumers have had to think twice about discretionary spending . As a result , the focus for retailers to date , has been on managing costs and driving operational efficiency ,” explained Rob Shaw , SVP and GM EMEA at Fluent Commerce . “ It ’ s fantastic that we ’ re finally seeing a shift towards growth as we look set to embark on retail ’ s long-awaited revival .”

Building supply chain resilience

The survey did underline the fact that issues like supply chain disruption have become a real headache for retailers over the last few months . It found that recent disruptions such as the attacks in the Red Sea by Houthi rebels have impacted three-quarters of retailers , with 7 % of respondents labelling these disruptions as ‘ severe ’.

When asked about the biggest concerns stemming from these disruptions , nearly half ( 47 %) of retailers said having large amounts of stock unavailable online . Fortyfive percent were concerned about limited stock driving people away from bricks-andmortar stores and 43 % said if seasonal stock didn ’ t arrive in time , it would result in bigger markdowns .

However , these challenges have offered an opportunity to boost supply chain resilience . In response to these complications , 38 % of retailers have looked to make their supply chain more resilient , with one-fifth already implementing changes .

To do so , 44 % retailers looked at diversifying their suppliers and 39 % looked into sourcing goods from local suppliers . Fifteen percent said they hadn ’ t yet looked into different sourcing or fulfilment options but might do so if disruptions continue .

Looking ahead with technology investment

According to the survey , another key pressure facing today ’ s retailers is keeping up with new technologies – with 42 % of respondents naming this as a key challenge . Diving into their specific technology pain points , retailers are most concerned about delivering a seamless omnichannel experience ( 48 %) and implementing new technologies like AI ( 45 %). A quarter of respondents also admitted that they lack real-time inventory visibility . x

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