Bain & Company Italy’s Petronio suggests retail steps to success

Bold investments in technology and leveraging it for a better consumer experience are just some of the steps to success available to Cyprus retailers according to Andrea Petronio a Senior Partner at global management consulting firm Bain & Company Italy.

Also predicting the further rise of discount retailers, Petronio was speaking at the 21st Cyprus Grocery Retail Conference where he, more specifically said that discounters are expected to gain a further significant share of the retail market.

"The retailers that will win are those that will put a purpose-driven strategy in place, leveraging the ESG transformation," he added.

Petronio also said the ones ahead of the competition will be those who take advantage of the data provided by technology, differentiate themselves and give consumers what they really want.

Also among the ingredients for success according to Petronio, is the perfection of omnichannel communication, which he noted is possible through the use of automation.

He also recommended that retailers expand into higher-margin businesses beyond traditional commerce and make bold investments in technology and generative artificial intelligence.

He also emphasised the importance of the attraction of talent as human resources play a dominant role in success.

The 21st Cyprus Grocery Retail Conference was presented by Alphamega Hypermarkets.

(Source: InBusinessNews)

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