The retail and mass consumption sector is essential in our country, as it represents 25% of the national GDP. Expenditure on mass consumption was 36,000 million euros, which represents an increase of 5% compared to the previous year. There is no doubt that climatic conditions are gaining weight in the balance and “are determining the strategy of companies,” said Enrique Domínguez, partner responsible for the Retail & Consumer Products sector at Deloitte, during the IV Business Forum: Foro del Retail and Mass Consumption, organized by elEconomista.es.
And he added that “We are in a volatile and uncertain environment, but this can be a great opportunity for companies in the sector, as it will allow them to innovate and transform.” Likewise, in a context where inflation is being controlled, now is the time to change course and focus on “improving productivity and reducing work absenteeismand for this the strategies of revenue growth manager are key.”
Technology is a primary factor in all economic sectors and in retail it was not going to be different. “Technology is key to the renewal of the sector and achieve innovations that have an impact on the value chain. It is a tool for the industry,” commented Domínguez. In addition, more and more companies are becoming aware of cybersecurity and include this aspect in their roadmaps. “A competitive advantage is cybersecurity and it must be prioritized to protect systems, data and networks, This will ensure business continuity. Cybersecurity already occupies a priority space on CEOs’ agendas,” added the partner responsible for Deloitte’s Retail & Consumer Products sector.
Likewise, during the opening of the day, mention was also made of the regulatory wave that the sector is suffering. In fact, last year alone the European Union approved 683 regulations related to the retail sector. In the words of Gregorio Peña, editor-in-chief of Editorial Ecoprensa, “we need regulatory serenity that allows continuity and determines the effort of the sector“and added that “retail is a lever of growth, not only economic but also one that has helped the quality of life, consumption and health.”
“The regulatory excess and its speed in implementation results in an increase in costs and represents a loss of productivity in the industrial sector,” commented the president of Editorial Ecoprensa. This is an important issue, since there are third countries with more lax regulations and it ends up generating a scenario of unfair competition because there are states like China or the United States that barely put the retail sector.
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