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trillion in 2022, marking a 209 per cent increase from 2019, according to Comscore. Third-party risk and exposure: As with many sectors, the retail industry is increasingly reliant on third-party vendors for a variety of services, such as point-of-sale systems, payment processing, supplychainmanagement, and customer relationship management.
In a world where consumers’ behaviours, expectations, and preferences are rapidly changing, premium and luxury brands are faced with a unique challenge – how to preserve their identity and exclusivity while adapting to the digital age (Purwar 2019). Digital transformation has extended the customer experience beyond the point of sale.
Historic sales data combined with point of sale (POS) data allow retailers to see first-hand what customers are purchasing and when. For example, two-way supplier collaboration tools bring together retailers and vendors to plan, negotiate and agree deals, track funding and manage media and promotion. .
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