Global retail industry CAGR 2020-2025
Global Retail Analytics market CAGR 2020-2025
(Global News Wire)
Global E-commerce growth in 2020
A new era for Retail & FMCG
In an ATAWAD world - any time, anywhere, any device - Retail & FMCG groups must adapt their brick and mortar activities to face e-commerce giants. Retailers can partner with startups to develop their online activities, and more importantly, to develop an omnichannel strategy.
The Covid-19 crisis also highlighted new challenges for Retail & FMCG groups. They must adapt their activities with, among other things:
- contactless checkout and customer service
- new delivery options or click&collect services
- new sourcing strategies focused on local and sustainable suppliers.
How to offer a meaningful and seamless customer experience in a contactless world
Startups can play a key role in helping Retail & FMCG brands develop their digital strategy, both on e-commerce websites and on social networks. On these channels, customers will expect a personalised experience and are willing to share their data to enhance their buying experience. Brands will thus be able to deploy startup solutions such as targeted ads or dynamic recommendations.
When a Retail & FMCG brand wants to go a step further, startups can also help them create bridges between e-commerce websites and brick & mortar. Customers, especially young generations, expect a seamless and high-quality experience, whether they are buying online, offline or through a mix of these two channels. Brands can thus leverage startup solutions, such as order and stock management software or even last mile delivery solutions.
Following the Covid-19 crisis, Retail & FMCG brands also had to adapt their offline activities with contactless customer experiences that still needed to be efficient and meaningful. Startups offering contactless checkout or click & collect solutions are particularly relevant. Given brick & mortar footprint is likely to decrease in the near future, data analytics platforms to determine the best store locations could also be an asset for retailers.
Finally, sustainability has definitely become a hot topic. Customers seek authenticity and true commitment from retailers. Brands can adapt by using new sustainable raw materials, limiting their carbon footprint or adopting a more local supply-chain.
Offer a top notch customer experience by partnering with innovative startups
Most of trends mentioned above are a must-have for brands, especially for the ones targeting young generations of customers such as Millennials and Gen Z. Moreover, Covid-19 has accelerated the need to implement such solutions.
This is why leveraging existing innovative solutions, developed by startups, will give you a competitive edge.
Early Metrics has a strong track record with corporate innovation teams in Retail and FMCG. We can help you navigate the RetailTech ecosystem to find the best startups and enhance your customer experience.View our solutions