What’s in store for retailers in 2012?

With many reports predicting a troubled 2012 for retailers we take a look at what they are also recommending to avoid the gloom.

The KPMG/Synovate study suggests retailers who emphasise on convenience in 2012 will prosper as well as those offering customers bargains and discounts. Tim Denison, of Synovate Retail, commented: “For shoppers, ‘value for money’ will remain lodged top-of-mind, eager to ensure that their lower level of discretionary income is spent wisely. The retailer’s response will continue to focus heavily on promotional activity and on helping shoppers establish justification to buy.”

The Economist Intelligence Unit (EIU) concludes that companies that can offer new ways of shopping to consumers will be in a better position to achieve success in 2012.

Verdict Research and business analytics company SAS predicted 2012 would be a difficult year however highlight loyalty, multichannel and flexible purchasing options as important factors for retailers.

The use of m-commerce is also highlighted by most as a ‘must do’ for 2012. By developing this channel whether this is through mobile payments or creating apps for price comparison or just to view products online it will give the consumer an alternative way to engage with brands. The EIU survey found that 61% of retailers thought that mobile would become a retail channel in its own right in 2012. 

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