As we enter a new year, business leaders often find themselves reviewing the lessons of the previous year and planning for what’s to come. Last year was characterized by a challenging industry landscape with supply shortages and soaring prices. As a result of these difficulties, tensions grew. Suppliers and vendors were forced to negotiate pricing regularly and maintain close contact to ensure shelves were never empty. Some retailers even lost the trust of consumers who struggled to fulfil their shopping lists as inflation rose.
But it’s time to put these challenges behind us and focus on the positive effects of 2022 that will propel the retail industry towards a profitable 2023. For example, strong technological advancements from last year will help retailers mitigate any challenges that arise in the new year.
Let’s discuss what gicom brought to the table in 2022 and how the industry will continue to involve from here.
gicom Highlights From 2022
In 2022, gicom advanced its connection with SAP. In November gicom proudly announced an extension of its existing relationship with SAP, the world’s leading enterprise resource planning software vendor. Now, gicom is certified to sell SAP solutions independently and offer cloud hosting for SAP solutions. With this new certification, gicom gained the opportunity to provide holistic support across the gicom and SAP portfolios. In 2022 gicom also expanded its international customer base with a leading retail group in North America.
2023 Industry Predictions
This year, we’re expecting to see continued evolution within the retail industry as new challenges and consumer expectations shift. Retailers and CPGs will increasingly prioritize cloud solutions in 2023 to bolster agility and withstand changing circumstances. Similarly, technology that supports collaboration will be popular as retail businesses evaluate their partner networks and increase partner transparency. gicom aims to be at the center of these conversations because our solutions are designed to simplify the agreement lifecycle and foster successful partnerships that can weather any disruption.
In addition, retail businesses will continue to adjust their technology stack to meet and exceed customer expectations. For example, as Generation Z gains buying power, the demand for sustainable products and supply chains will continue to grow. In fact, a Pew Research study found that 37% of Gen Z ranked “climate change” as their most pressing concern and 54% of Gen Z will pay up to 10% more for sustainable products. As a result, businesses must find new ways to decrease their carbon footprint. These efforts can come via sustainable technology, value-minded partnerships and more.
Similarly, customers will continue to demand seamless and efficient shopping experiences. Retail businesses that introduce new innovations like scan-and-go stores, ChatGPT integrations within the ecommerce shop or advanced order tracking services will thrive in 2023.
Anticipating What’s To Come
The future is hard to predict, but we are optimistic that the retail industry will continue to innovate and thrive through whatever disruptions may come next. At gicom, we continue to put our customers first and create technology to help retailers and CPGs navigate their agreements for maximized profitability.
To schedule a meeting about how gicom can improve your profits in 2023, contact us today. If you’d like to stay up to date on how gicom evolves throughout the year, follow us on LinkedIn and visit our events page to meet us in person at our next conference.