How Important will Targeted Collaboration and Technology be to Retail in 2015?

In a report released by Price Waterhouse Coopers, it provided an overview of what will challenge retailers in 2015. The reports focuses on what retailers and suppliers must do to satisfy the needs of their customers in order to be successful and profitable in an ever-changing, customer-centric environment.

Targeted Collaboration between retailers and suppliers is listed as a key component for success. To achieve better alignment of goals and drive greater efficiency, retailers and suppliers need to become trading partners, sharing details and processes on product launches, trade promotions, inventory management and supply chain operations.

Technology greatly contributes to improved operational efficiency, and there will be a need to effectively manage the business through business intelligence. Customer demand-based management can only succeed with real-time POS sales, inventory and consumer data information. Retailing will become more personal and customer data and relationships will become a key asset for retailers.

Source: Price Waterhouse Coopers