The Retail & consumer market is perhaps the industry that constantly needs to react to trends, client demand, changes in laws and regulations and increased effects of the globalisation. Brands and product image have become more important to consumers than before and the lifespan of each product has shortened. In the small market environment of Iceland competition has grown as new players have entered the market.
In Iceland, like in other Western countries, the Retail & consumer market is mature, the growth of companies can be limited, it’s more difficult to increase profits because of deflation and customers are both more divided and less faithful to specific products. Tougher competition, including from suppliers, new sales tactics, such as through the internet, add to the challenge of operating in this environment.
The Retail & consumer market has reacted to these challenges by focusing on new markets in Asia, particularly in China and India, and Central and Eastern Europe. By expanding to new markets the Retail & consumer market has found new opportunities and adopted to new business methods, such as outsourcing and import of cheaper products.
We can assist you in reacting to market trends, changed regulatory environment and any other kind of challenges faced by the Retail & consumer industry, in and outside Iceland. We give professional advise on how to improve product and quality control, how best to respond to product shrinkage and recession, and improve product image and visibility. PwC stresses transparency, ethical business practices and the importance of company image and reputation in our consultancy work.
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