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The biggest dangers facing retail today: Avert crisis by staying in the know

Explore the top dangers facing retail today and provide real-world examples and statistics to illustrate the scope of the problem. We’ll also provide actionable steps that retailers can take to mitigate these risks and thrive in this rapidly changing environment.

The retail industry is undergoing a seismic shift that is threatening the very existence of many retailers, yet retailers who are adopting best practices to stay ahead of the curve can use this opportunity to thrive. While the rise of e-commerce has been a driving force behind this change, the far greater danger lies in the systemic shift that is taking place across industries.

The systemic shift across industries

Automobile

Advancements in battery tech are making electric and self-driving vehicles real, reshaping auto industry norms. Traditional models are fading, impacting retail by changing fuel, parts, and servicing demands. Retailers need to adapt to sell and maintain autos effectively.

Healthcare

An increase in the number of drugs, regulations, and patients, stress healthcare providers and strain the supply chain. Retail feels the impact, as healthcare is a key customer for medical supplies. Adaptation is crucial for retailers to stay relevant in this market.

Technology

Tech revolutionizes industries, from AI to blockchain to IoT, altering business operations. Retail is directly affected, necessitating tech adoption for supply chain optimization and competitiveness. Failure to embrace tech risks lagging behind competitors.