In today’s fast-paced environment, All businesses regardless of size need to have a clearly articulated strategy and clear lines of responsibility, so that they can succeed.
Talking about Retail business is a highly competitive and a fast growth paced industry showing no signs of slowing down. Like any other industry, retail businesses require a clear and effective way to set and achieve goals.
Did you know?
According to the analysts in the period from 2020 to 2026, the average annual retail industry growth rate is expected at approximately 4.3% as total retail sales worldwide rise from $24.7 trillion in 2020 to a projected $33.9 trillion in 2026.
With the demand and sales constantly increasing, Retail business owners need to keep the consumers happy and produce quality products.
There may be many challenges that retailers are facing, inside the business and outside the business such as,
- Managing internal communication
- Retaining and engaging employees
- Lack of Technology Adoption
These are the few challenges that are listed.
Retail businesses are constantly striving to increase their sales and improve their customer experience. With so many different aspects of a retail business to focus on, it can be difficult to know where to begin. This is where OKRs (Objectives and Key Results) come in.