The Week in Retail: Data Is King For Customer Experience

As the year concludes, shifts in customer behavior and expectations come to the forefront.  According to experts, leveraging data becomes paramount to optimize the shopping experience. In other developments, Whirlpool’s General Manager for the Latin American region emphasizes the pivotal role of transparency in team management. Meanwhile, shoppers exhibit caution towards holiday discounts amid the challenges of inflation. 

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For 2024, Data is King: The Year in Retail

The pandemic has fundamentally altered consumer-brand interactions, setting new expectations for consistent shopping experiences across all channels with expedited delivery times. To meet these demands, companies have employed innovative technologies, such as automation, AI, and data analytics, to provide hyper-personalized experiences. 

People Excellence: The Key to Business Success

The McKinsey report, "The State of Organizations 2023: Ten Transformative Shifts," highlights that 39% of individuals across seven countries are considering leaving their current positions in the next three to six months, prompting companies to tailor their employee value propositions.  Carlos Barbery, General Manager and Vice President, Whirlpool emphasizes the critical role of transparent career planning processes in enhancing performance and team engagement, with a focus on internal resource development and leadership fostering growth.

Retailers Dangle Fewer Discounts For Inflation-Weary Shoppers

Major retailers such as Macy’s, Target, and Ulta Beauty are offering smaller discounts and fewer marked-down items for last-minute Christmas shoppers, according to analysts and retail price datasets. Following increased promotions for Black Friday, these retailers have reduced both the number and size of price markdowns on key products from November 1 to December 1. The decision to scale back discounts ahead of "Super Saturday" reflects the challenges retailers face amid higher interest rates and financial pressures on consumer spending, reported Reuters. 

Nike Cuts Sales View On Choppy Demand, Outlines $2 Billion Savings Plan

Nike revised its annual sales forecast downward, citing cautious consumer spending, weaker online business, and increased promotions, leading to an 11% drop in its shares. The company plans to cut supplies of key product lines, seeking $2 billion in savings over the next three years through measures like tightening product supply, improving the supply chain, reducing management layers, and increasing automation, reported Reuters.