My top 13 reasons as to why the retail industry is exciting.

Retail has become a very exciting industry.

There are now many more people that are drawn to retail that never would never have considered the industry in the past.

The following are my 13 reasons as to why the retail industry is exciting.

1.

The retailer has taken away negotiating power from large suppliers is almost every retail category as supply chain technology has now allowed tier 2 and tier 3 manufacturers the ability to provide products on the global retail stage.

2.

There is an increased acceptance with consumers toward purchasing private label products in almost all categories.

This also means drastically increased margins for the retailer.

3.

The landscape is continuing to change.

The middle market retailer may struggle to find their niche while premium and discount retailers can excel with the correct long term vision.

4.

ecommerce is a science that must receive constant attention.

Having a site is not enough.

Retailers need to continually tweak and try new things to keep consumer engagement levels high.

5.

The future of Bricks and Mortar is still uncertain.

While some feel they have become unnecessary, others view them as essential in part of an ideal hybrid model which still allows for consumer touch, experiential marketing

and necessary exposure.

6.

The love affair with big box outlets seem to be waning.

North America`s positioning of value added means customer service is becoming more essential.  Supply Chain experts are realizing that an average of 45% of stocked products that only turn once in a year is not an ideal business model.

7.

Unique product offerings that are locally made with quick turnaround times have been supplanting some Asian imports that are not as flexible to changing consumer demand.

8.

The fluctuation in fuel prices continue to threaten the attractiveness of oversea imports when fuel prices increase.

9.

The used goods market has continued to grow with more people comfortable in purchasing used products.

The recycling movement that focuses on diverting products destined for landfill is aided by the advantage of reusing quality made products instead of purchasing newer but lesser quality products.

10. New retail players in the Canadian market are creating new options for Canadians which is leading to the consumer having a louder voice.

11. Consumers purchasing from affiliate retailers and product clearing houses are offering interesting alternatives for suppliers, retailers, and consumers.

12. The advancements in the field of supply chain have allowed for reduced inventory costs as well as better door to door service for customers.

13. Technology is providing the ability for more specialized product offerings.

Consumers have become harder to categorize and technology is allowing retailers to offer better personalized products and services which can create many niche opportunities for some retailers.

Farewell,

Mike