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Smart Retail: Its Growth and Impact on Human Capital
The retail sector is projected to grow by 8% in 2024, creating new demands for human talent.
The retail sector grew by 8% compared to the previous year and has generated a series of changes and demands in human talent management, particularly in its effort to transition from modern retail to Smart Retail.
Gianfranco Terzi, Division Manager of FMCG, Retail, Pharma & Hospitality at Cornerstone, comments: “Companies are seeking to transition from modern retail to Smart Retail, which is focused on achieving the highest possible customer satisfaction, and to do so, there is an urgent need for skilled talent.”
The specialist explains that before the exponential growth of AI and digitalization, out of every 50 applications for a professional position in retail, 10 matched the profile; today, out of 50 applications, only 5 meet market requirements.
According to the executive, there is a trend toward more specialized profiles in areas such as generative AI, inventory management, and digital experience. Gianfranco Terzi notes: “Companies in the retail sector are actively seeking candidates with specific technical problem-solving skills, but also with strong interpersonal skills.”
To be a successful professional in the retail sector in 2024, it is essential to have a combination of skills, including:
- AI in the purchasing process: The ability to use generative artificial intelligence to predict trends and behaviors and drive purchases is crucial for the new smart retail sector.
- Personalization of the digital and physical experience: Today’s retailers must respond to the new physical and virtual demands of today’s consumers. “Companies are aware that the digital consumer has changed, and today they need to create hyper-personalization in the shopping experience,” says the specialist.
- Openness to change: Given the ever-changing retail environment, executives and professionals must be flexible and able to adapt quickly to new technologies and adopt disruptive trends early on.
- Customer focus: Retail professionals must have a strong focus on customer service and satisfaction. This involves understanding customers’ needs and expectations and working to exceed them in every interaction.
In addition to technical skills, innovation and creativity are crucial in this new environment. According to a recent McKinsey study, companies that invest in advanced technologies and in training their workforce can increase productivity by 20% and improve customer satisfaction by 15%. “This not only improves the sector’s competitiveness but also opens up new opportunities for professional growth for those willing to adapt and evolve with the market,” says Andrea Bernales, Senior Consultant at Cornerstone.
For Gianfranco Terzi, in particular, there are roles that require developing these skills to drive Smart Retail, such as: retail managers and specialists in customer experience, visual merchandising, marketing and advertising, logistics and supply chain, and data analysis specialists.
In this regard, the Cornerstone executive concludes: “Ongoing training and the acquisition of new skills are essential to remaining competitive in an environment as dynamic as today’s retail sector.”
Learn more about Cornerstone, a global firm specializing in Executive & Board Search and Talent Management Consulting, by visiting https://cornerstone.com.pe
