Small and mid-market retailers take heart; there’s victory in your agility, and an opportunity for big profit regardless of your size.
That might sound like a gross generalization, but it’s supported by statistics. In its most recent benchmark report, Merchandising 2016: Big Changes Coming, Retail Systems Research (RSR) reveals that 59 percent of retail “winners” (those with average comparable store/channel sales growth better than 4.5 percent) cite understanding customer preferences as the number one challenge standing in the face of their merchandising business strategy.
Exactly who are those “winning” retailers? The big guys. Nearly 60 percent of respondents to the survey report annual revenue of more than $1 billion. Understanding their customers is far-and- away the biggest concern of the biggest retailers, besting out of stocks and pricing/ promotion strategy by a wide margin, according to the survey.
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