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Description
Despite the dramatic October downturn in the stock market, confident consumers are driving US retail spending upward, but retailers face urgent pressure to evolve — or they will lose market share. Decades-long stagnant incomes and growing debt mean that households are trimming their budgets on core retail goods and moving their spending to the retailers that offer them superior value, convenience, and customer experience, whether online or in-store. To win the loyalty of today's empowered shoppers, digital business professionals need to ensure that their firm's strategic plan aligns with their customers' needs.
Key takeaways:
- Traditional retail mainstays occupy a shrinking slice of US household budgets.
- Retailers need to align their digital priorities with customer priorities.
- Retailers must double down on unique value and operational efficiency.
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