Uwe W. Klenk about the retail industry
Another year, another decade. Given the current rate of global warming, what will the state of the world be in 2029? Will electric canoes have replaced the motor car on flooded streets – much to the glee of Greta Thunberg, the new president of the EU Commission?
Brexit Britain will have either sunk into the North Sea or have confounded its detractors by transforming London into a Singapore-upon-Thames.
And what of today’s strongmen? Will Trump, Putin, Erdogan & Co. be revered as national heroes in white marble monuments or will a new female meritocracy have assigned them to the dustbin of history?
In view of these riveting issues, it is almost unfair to ask our international panel of experts:
“What do you see as the most significant or exciting development in retailing/fmcg manufacturing and the most important challenge for the future?”
But perhaps they could at least tell us, whether these will be the Roaring Twenties for the trade or whether shopping as we know it will disappear for ever.
Uwe W. Klenk, CEO & Founder, UK & Partners Group and GlobalSalesPlatform, explains:
The retail industry is constantly changing, and there are always new challenges faced by the players in this competitive industry. Since 2017 there have been several major retail companies that have filed for bankruptcy or are close to it, and this phenomenon might well continue through next year.
Though the prospect might not seem promising, this is not the end of days for retail. There are also many major retailers who have managed to survive and even grow their businesses (grocery as well as general merchandise). They have proven that they can face major challenges within the industry, which include:
- Keeping up with ever-changing customer expectations
- Maintaining customer loyalty
- Managing international/global communication
- Finding the best technology solutions for the retail industry
- A high-stakes global game of digital disruption
- Retaining, engaging and motivating employees
Uwe W. Klenk