In the space of four years, 42-year-old voice of the industry Greg Phillips has taken the field sales firm, the Dee Set Group, from a traditional logistics team to a tech trailblazer. Greg is currently the CEO of Dee Set and has the relevant experience within the retail sales world to be able to help any consumer brand in the retail industry. Greg has experience working with big names such as: Due to his years of experience in the food sales and retail store world, Greg is able to offer a full view of the retail sphere and the issues it’s set to face as we approach a fresh year. As a voice of the industry, Greg is an expert on the cost of living crisis (particularly with how retailers can adapt to the current rate of inflation), retail trends, HFSS and much more. Under his leadership, Dee Set has tackled the cost of living crisis and its record-high inflation by allowing its employees to work flexibly with a unique pay scheme. Here, you can find Greg's predictions for retail stores in 2023 and how some of the most asked questions in the retail industry will play out from an expert's perspective. If you'd like to learn more about how Dee Set can help improve your retail store and refine your customer journey, get in touch today and we'll help you provide a seamless shopping experience for all. Business leaders will have been keeping an eye on the cost of living crisis, which is considered by most industry watchers to have started in late 2021. The term refers to the fall in real-time incomes when compared to the recent increase in prices, ultimately leading to record-high levels of inflation. Greg had this to say about the cost of living crisis and the current rate of inflation: "Inflation will eventually level out as it annualises against itself, but prices will remain high and will outpace wage growth. It will be impossible for most organisations to meet pay awards of double digit percentages two years in a row, and therefore most workers will be worse off in real terms, particularly with interest rates increasing mortgage payments. "The cost of living will remain an important issue throughout 2023 and we will see more creativity around re-engineering products, supply chains and services. Competing for the increasingly squeezed consumer spend will demand a very clear proposition and excellent execution. "More companies will fail and we will have more consolidation, particularly in lower margin sectors whose models are labour and/or energy intensive." Technology has increased rapidly over the past decade, creating a new opportunity for retailers. Business models and retail trends have also changed, with many brands turning to online retailers (particularly since the pandemic), in order to take advantage of the online experience. However, whilst technology is set to increase even further in 2023, staffing levels may have to decrease, in order to balance out the economic downturn predicted by the cost of living crisis. Greg elaborates on this further: "Gartner is suggesting there will be a worldwide increase in technology spend by 5.1% in 2023. Organisations will still invest in digital transformation and using technology to improve efficiency and customer experience. "The reality is the economics/valuations didn't work from an investment perspective, and to continue to meet the expectations of the market or new owners, they have had to strip resources out. I don't see this bouncing back, but the ability to recruit and retain the best talent will be a high priority. "To keep pace with the exceptional salary inflation in this sector, organisations are only able to continue to pay more by having less people. As with every organisation of the future, the ones who make the best use of the humans and the ‘machines' will prosper in the longer term." Retail predictions aren't just limited to technology and inflation levels though, as there are other aspects of the retail model to consider when trying to further your brand. Retail trends can change at the drop of a hat, and supply chain issues can hinder the overall retail experience. Greg has a few final points on the matter: "Organisations will be more cognisant of downside risk and protection against threats. Data will become increasingly accessible, and how it is managed and secured will become more high profile as consumers' trust in a company's processes will be central to a brand's equity, and attacks become increasingly sophisticated. "Companies will also want to secure their supply chains and ensure they are less exposed to the disruptions that have persisted since the pandemic. The redesign of processes will also consider the growing demand for sustainability. As the demographic of employees (and consumers) changes, the expectations on companies' approach to ethics and sustainability will continue to heighten." Want to improve your retail strategy? You've come to the right place. At Dee Set, we're the future of the retail industry - whether you're a traditional retailer, a retail giant or an online-only brand. We also have a large part to play in e-Commerce sales, as we’re a top ten retailer on both Amazon and eBay. There are many services we offer, including: If you'd like to get involved with Dee Set, we'll be happy to offer your business a personalised experience that suits you right down to a tee.
Inflation and the cost of living crisis, consumer confidence and spending trends
Big tech and mass sackings
Further information
Dee Set: The future of retail
