Toshiba Global Commerce Solutions has debuted a marketplace solution for retailers.
The Toshiba Commerce Marketplace is designed to connect retailers with a network of technology partners to help them stay competitive and provide a better experience for their shoppers, per a Tuesday (Dec. 17) press release.
“The Toshiba Commerce Marketplace marks a significant milestone in our commitment to empowering retailers with the tools they need to succeed in today’s dynamic retail environment,” Toshiba Global Commerce Solutions President and CEO Rance Poehler said in the release.
“By providing a marketplace where retailers can connect with various solution partners and systems, Toshiba is helping retailers modernize their technology, enhance the shopping experience, and ultimately drive deeper customer loyalty and profitability.”
According to the release, the marketplace is designed to serve as a “one-stop shop” for scalable solutions to meet increasing demand. The solutions are backed by Toshiba and its network of retail sector partners. And those solutions can be tailored to retailers’ unique needs, whether that means improving customer engagement, optimizing operations or getting data-driven insights.
And these days, retailers can use some help, as PYMNTS wrote Tuesday. Across the country, these businesses are confronting a new era of cautious consumers, tightening their belts as they face ongoing economic pressures.
“Inflation, rising living costs and a backdrop of political and economic uncertainty have prompted shoppers to rethink their purchasing habits, sharpening their focus toward essential items and cutting back on discretionary purchases,” that report said.
With consumers, lower-income ones in particular, prioritizing value necessity over luxury due to inflation and economic pressures, businesses are recalibrating their strategies to remain competitive. Dollar stores and department stores alike are adjusting their offerings and operations to keep up with the demands of a more selective market, where shoppers are focused on essentials instead of indulgent purchases.
“The ripple effects of economic uncertainty hit retail hard this quarter, particularly in discretionary categories,” Bellamy Grindl, founder of Retailytics, said in an interview with PYMNTS. “Consumer confidence often wavers during election years and inflation, coupled with rising costs, is impacting holiday spending this season.”
The pressures facing retailers have been evident on earnings calls this season, the report went on to say.
“Consumers tell us their budgets are being stretched. They’re becoming resourceful, focusing on deals, then stocking up when they find them,” Target CEO Brian Cornell said last month. “We have a singular focus on value. As we encounter short-term headwinds, we immediately focus on leveraging our assets and strategy to move beyond those headwinds.”
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