The retail industry is being challenged with new hurdles daily. However, it is precisely these changes that can also provide an opportunity to update tried-and-true ways.
With its in-depth understanding of the retail industry’s most pressing problems and priorities, KPMG presents a comprehensive offer of Audit, Tax and Advisory services for the retail industry.
The industry is currently undergoing massive changes, with mega-trends such as “e-commerce”, “digitalization” and “sustainability” leading the agenda.
E-commerce was already an up-and-coming trend long before the corona pandemic. However, the wish for safe shopping in corona times has pushed e-commerce even further into the limelight, essentially shifting the activity from bricks to clicks.
This is proving to be a logistics challenge for many a retailer. On the other hand, e-commerce harbors tremendous potential because getting to clients with an omni-channel strategy means being closer to the client (for instance, with client-specific, individualized marketing) and being able to reduce costs further (for instance, lowering costs by reducing locations and shifting to show-rooming instead).
Digitalization is a boon for the retail sector. Automation can make business processes even more efficient. Digitalization also provides a chance to understand the client better by analyzing their buying patterns.
This allows retailers to focus on, cover and even actively trigger certain customer needs. However, digitalization also harbors some critical risks. Cyber-risks include hack attacks, which have recently become more frequent and which require a modern risk management and up-to-date countermeasures.
More often than ever before customers are asking for products that have been produced in a sustainable manner. Regional products are also in high demand.
This also provides a chance to increase turnover with such products. It also puts the retailer in the position of having to be able meet requirements regarding transparency and proof of origin. Consumers are also attaching more importance to social responsibility and social commitment.
As specialists, we understand the opportunities and risks that retail holds and dispose of longstanding and comprehensive expertise, not only as auditors but also as advisors and business partners. In fact, we support our retail clients in any situation.
KPMG offers numerous studies that provide answers to important questions you may have.
Transitioning from "retail" to "consumer commerce".
What should fashion retailers do today in order to survive tomorrow? (in German)
Feel free to contact us. We will gladly answer any further questions you may have.
