Trends Shaping the Retail Industry
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Changes in the retail industry are being driven by numerous factors, such as changing consumer behavior, technological advancements, and a growing focus on cost competitiveness. Companies are thus resorting to various strategies in order to negotiate this tricky terrain. These include adopting an omnichannel approach, reshoring manufacturing operations (bringing back offshored manufacturing to a country), increasing their imports from Vietnam, boosting investment in Big Data analytics, and augmenting the retail experience through mobile payments.