Lately, in the area of “uncertainty,” we have been seeing fluctuating gas prices and fluctuating sales. One week, home sales are up; the next week, they are down. And this same trend is happening with unemployment.
As we keep saying, “uncertainty is certain.” This uncertainty has been impacting many industries, especially retail. (Read our update to the Top 11 Priorities in 2011 for the retail industry.)
An article by Financial Times recently noted that economic uncertainty and high fuel prices are weighing on shoppers and causing mixed sales results.
At the same time, the advancement of technology and mobile shopping is encouraging consumers to spend online. Retail and consumer product companies alike are experiencing an increase in Internet sales, which has caused them to change their online selling strategy.
Mobile Commerce Daily’s article on a survey completed by InMobi says that the results reveal that mobile shopping is expected to reach $9B this year, compared to $2.4B in 2010. (Check out this Top 11 Consumer Product Industry update.)
With new challenges and uncertainties of 2011, retail and consumer product companies have a lot to contend with this year. Being prepared with a strategy and the ability to adapt will go a long way.
What challenges are you experiencing? And what are you doing to overcome them?
Go!Go!Go!
Jim
Photo Credit: mikeatqazam