Some time ago, an article signed by McKinsey directors reported that in light of the unprecedented disruption in the sector, the measures a retailer takes today can determine whether it will spend the next 20 years as a leader or a laggard, making a direct allusion to the business ecosystem. A model that gradually the Brazilian retail is getting familiar with at a still low rotation speed that, at times, can even be frightening due to the constant and agile transformations we are experiencing.
One thing is certain, consumers are not researching as they used to and are abandoning brands without a second thought. Practicality, sustainability, and agility are on the rise, without a doubt. McKinsey research shows that consumers are willing to buy adjacent services from retailers. For a good time, for example, Walmart offers financial services and Amazon has been venturing into the health area. Meanwhile, the major pet shop retailers, like Petco, are providing veterinary services, food, and grooming. In Brazil, we have good examples with Tramontina, Multfer, and Casa Teruya, which have transformed their operations based on the business ecosystem.
The business ecosystem plays a key role in expanding a store, offering support, opportunities, and resources that can drive sustainable growth. Engaging in this model allows a company to reach new markets and consumers who may otherwise be unreachable. This is particularly relevant in online platforms and marketplaces, where millions of consumers are active daily.
Many business ecosystems provide valuable networking and strategic partnership opportunities. This connection with other entrepreneurs, suppliers, investors, and industry experts can open doors to collaborations that benefit company growth, whether through new products, complementary services, or geographical expansion.
In a competitive and dynamic market, being part of a business ecosystem allows retailers to keep up with trends and adapt quickly to market changes. This includes adopting new technologies, innovative marketing strategies, and adjusting product offerings according to consumer demands.
As evident, this expansion of the business ecosystem in Brazilian retail not only provides more options for consumers but also creates a competitive environment that encourages innovation and continuous improvement of services and products offered. As the market continues to evolve, new opportunities and challenges are expected to arise, further shaping the future of retail in Brazil.
