Global trends such as bargain hunting, increasing health-consciousness, sustainability, access to information and service 24/7, the dominance of screens and global online shopping are leaving their mark on consumer attitudes and behaviour in Austria, too.
The retail trade faces the challenge of a heterogenous target group, whose purchasing behaviour is becoming increasingly unpredictable. Alongside price and quality, attention is increasingly focused on the origin of a product, recycling and the way a company treats its employees. And over all of that is the shadow of “big data” and “digital world.” The data and technologies exist already – now the challenge is to find the individual business model and to adapt the processes.
The jewel in the retail crown will be predictive analytics, a business intelligence technology for interpreting data to inform predictions and decisions concerning increasingly individual customer access channels.
This scenario will also shape the future demands on management: Innovative, open and cross-sectoral thinking and actions.
Amrop Jenewein is intensively involved with best practices in the consumer goods and retail sector and in a targeted process finds successful managers both from within and outside the industry.