The importance of innovation in retail to stay on its feet

Currently, innovation is essential for local businesses to remain competitive. Thanks to digitization and technology, consumers have more choice than ever before. and very high expectations in terms of the shopping experience.

The reasons why innovation is important go beyond choosing a different name or branding for the store. First, retailers must adapt to new consumer trends and offer you products that cannot be found on the big e-commerce platforms. You just have to take into account the exclusive data from Ankorstore, which shows in 2023 a trend in European independent commerce focused on premium food and beverages and sustainable items for the home. Given this, technology can provide more value than ever, since local retailers have the possibility of finding designs and products globally through marketplaces and specialized platforms.

Innovation can also improve the customer experience by making shopping easier, faster, and more enjoyable. For example, the implementation of technology in retail stores, such as touch screens or mobile applications, can allow consumers to find products more easily or pay quickly and without problems. All this makes local businesses stand out from the competitionbecause it does offer a unique and attractive shopping experience, it can attract more customers and retain them.

On the other hand, in an inflationary context, it is also very important to increase efficiency and reduce costs. New technology tools can help retailers automate processes and reduce operating costs. There are marketplaces that allow you to test the product before purchasing large quantities to see the response of the consumer and thus improve the accuracy of inventory management. Or on a larger scale, there are companies that use robots in warehouses to sort and package products to reduce labor costs.

Today innovation is essential to stay on your feet in the world of retail. Businesses that do not innovate they risk being left behind and lose market share to the competition.

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It is also important that consumers Raise your voice to revive the great streets, returning the sense of independent community and supporting local brands and commerce. Although new opportunities to publicize a business arise, the shopping experience in the physical store is something unique that cannot be replaced, since there is no better opportunity to touch, smell, see and experience each product. All of these points can help keep local businesses open, bring life back to the streets, and build strong customer relationships.

Barthélémy Monigard, Country Manager of Ankorstore in Spain.

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