BUSINESS TRENDS OF RETAILERS IN THE CURRENT CONDITIONS OF GLOBAL CHALLENGES

Abstract

The article is devoted to topical issues of trends in modern retail enterprises. The characteristic features of modern and traditional retail enterprises are analyzed and systematized. The components of the business model of a modern retail enterprise are outlined, taking into account market requests. The main elements of the retail business model are highlighted: key partners of the retail enterprise, key types of work, value proposition, management of relations with consumers, consumer segment, cost structure, sources of profit. The elements of the business model of a retail enterprise, which are undergoing significant restructuring, are outlined, such as: managing relations with consumers, sales. The global experience of business trends of retail enterprises, in particular the Costo retail enterprise, Woolworth Group, Rove Concepts, Bitso retail chain, was studied. It has been studied that effective customer service and loyalty programs increasingly acquire features of personalization, which ensures scalability and maximum efficiency of business processes. The personalization algorithm in action is schematically presented and studied. The global experience of retail enterprises is analyzed, which shows that retail chains consider loyalty as a profitable platform that brings income and is a powerful tool for attracting customers. Loyalty programs can be different from discount programs and accumulation programs to non-standard solutions. The experience of most brands that tried to connect their loyalty programs with payment is summarized: some retail enterprises use brand cards to ensure a constant flow of offers for members of the loyalty program. Others add a wallet to their loyalty program so customers can pay with points or a combination of points and cash. The implementation of updated components into the business model of a retail enterprise, taking into account the demands of the modern market, will allow the formation of consumer loyalty which is one of the factors for overcoming risks in conditions of instability. Ultimately, retail businesses that prioritize optimizing their business processes and their components will be better able to adapt to a changing business environment, maintain competitive advantages, and achieve long-term success.