In a rapidly changing retail landscape, Mitch Gould, the CEO of Nutritional Products International, offers an optimistic outlook for the American retail industry in 2023.
Embracing the shifting consumer demands and leveraging the resilience developed during recent challenging times, Gould predicts a bright future for retailers and consumers alike.
Despite concerns about turbulent times and rising inflation, Gould highlights the valuable lessons learned by retailers in adapting to unprecedented demand fluctuations during the pandemic. These experiences have prompted retailers to adopt more flexible operations and prioritize effective analytics and tools to enhance customer loyalty.
According to a survey conducted by Deloitte that shares insights from 50 industry leaders, the results offer a unique perspective on how market conditions, future predictions, and changing consumer needs are informing strategies for success in 2023 and beyond.
The survey identifies three key trends and priorities that retailers should focus on to maximize growth and profitability: supply chain optimization, omnichannel integration, and digital transformation.
Supply chain optimization, particularly last-mile capabilities, emerges as a crucial area of emphasis for retailers. By streamlining order fulfillment and expanding same-day and next-day services, retailers can ensure a seamless experience for consumers while driving efficiencies and reducing costs.
To capitalize on every opportunity for sales and customer satisfaction, retailers should prioritize omnichannel integration and reverse logistics. The survey highlights the importance of in-store return capabilities, which not only provide immediate credit to customers but also reduce expenses associated with mailed returns.
Gould feels that the findings outlined above aligns with the mission of Nutritional Products International (NPI) and his proprietary “Evolution of Distribution (EoD).
Digital transformation, specifically social commerce, is another area where retailers can thrive. By investing in technologies that enable seamless purchasing experiences within social media channels, retailers can reinforce customer loyalty and reduce the cost of acquiring new customers.
Mitch Gould concludes, “The American retail industry has demonstrated remarkable resilience in the face of constant change. By embracing evolving consumer demands and investing in supply chain optimization, omnichannel integration, and digital transformation, retailers can navigate the challenges of 2023 with confidence and unlock new opportunities for growth.”
MORE ON NPI AND ITS FOUNDER
NPI is a privately held company specializing in the retail distribution of nutraceuticals, dietary supplements, functional beverages, and skin-care products. NPI offers a unique, proven approach for product manufacturers worldwide seeking to launch or expand their products’ distribution in the U.S. retail market.
Gould, known as a global marketing guru, also has represented icons from the sports and entertainment worlds such as Steven Seagal, Hulk Hogan, Ronnie Coleman, Roberto Clemente Jr., Chuck Liddell, and Wayne Gretzky.