Retailers worldwide, especially traditional ones, are facing two major headwinds: digitalization and sustainability. It’s crucial for every retail CEO to prioritize these trends not only as challenges but also as opportunities to be taken on together as drivers of growth.
Traditional retailers face tough competition from tech-savvy rivals. McKinsey warns that retail margins have shrunk by 2% to 3% annually, even up to 5% to 6% in some cases, from 2017 to 2022. Omnichannel retailers often outperform traditional ones. Online sales grew by 12% in mature categories in 2021, surpassing offline sales by 1.4 times, and new categories surged by 6%, seven times faster than offline.
Read the full article at: fortune.com
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