Retail & Consumer Horizon Scanner 2023

Shaping Trends

Digital

In a world where there were four internet-connected devices for every person on the planet, the retail & consumer sector took real-world regulatory issues with them as they expanded online and on into the new frontier of the metaverse.

– What could businesses do with consumers' data? Data collection had to remain transparent and legitimate.

– Marketing in the metaverse. Avatar interactions between business and consumer attracted payment, privacy and promotional challenges.

– Protecting the person from the machine. AI development was carried out ethically, and businesses needed to be ready for new AI regulators and regulations in the future.

Employment

Constant political change. Ongoing economic volatility. Rising employee expectations. In a year where the only certainty was uncertainty, the retail and consumer sector had to navigate workforce challenges on the fly – and continually found fresh ways to attract, engage and retain their people.

– Where was the workforce? Resourcing in the wake of Brexit, COVID-19 and new hybrid expectations.

– From picket line to bottom line. How ongoing industrial action impacted business.

– The diversity drive. Why prioritising equality made ethical and commercial sense.

– Turning up the heat on deregulation. The impact of the ‘Brexit bonfire’ on employment law.

Supply Chain

Recovery was on the way in 2023. Success was found where operations were adapted to build resilience and embrace new technologies to overcome the continuing interconnected impacts on supply chains from Brexit, climate change, war and other geo-political tensions.

– Future proofing. Adaption and agility were the key to navigating through geopolitical tensions.

– Anticipated fall in inflation, less volatile energy market. It was time to assess energy efficiencies while securing production and transportation.

– Digitally operative ecosystems. Data enabled more collaboration at all levels.

– How well did businesses know their supply chain? Companies had a responsibility to conduct thorough due diligence throughout the supply chain.

Bricks and Mortar 

After a period of consolidation, retailers looked opportunistically.

– Re-energising space. Why it was important to get the right utilisation and mix for success.

– Business Rates reform. Disparity between business rates for physical stores and online stores was set to continue.

– Building Safety Act. Was it relevant to you?

ESG 

Net zero. Sustainability. Greenwashing. Push from regulators and pull from informed consumers; the retail and consumer sector had to evolve credibly and transparently in response.

– Powering up. Sourcing green or low carbon energy (from hydrogen) to power manufacturing and the last mile of distribution.

– Producer responsibility… for sustainable supply chains and post-consumer waste.

– Products and practices: expected greater accountability to regulators and consumers for green claims about products and business practices.