The future of the industry has been widely discussed, particularly in terms of sustainable competitive advantages that will make a difference on market rules in the coming years. In an environment of strong competition in the price war which typically leads to all parties loss, new sales channels, new loyalty strategies, new marketing and promotional campaigns, in addition to increasing product customization to the customer, have been initiatives pursued by market players in the ongoing attempt to increase the market share, already so divided and segmented.
The way people sell is changing – now several online-based business models are rising and that means the competitors are increasing. These new models that are being created tend to be people-centric and fit to the costumer needs.
Nowadays social media is the main people communicate to each other and share their tastes, their preferences and to create new networks that influence the way costumers buy, which means that retailers must adapt to e-commerce trends and to mobile-based ways of buying.
There is a growing need to understand what are the costumers needs in order to adapt your products, and that can only be done through a strong costumer intelligence strategy which will enable retailers to respond promptly to external influences impacting consumer’s behavior.