Retailers are facing the possibility of persistent inflation—but they can meet that challenge in ways that streamline operations, retain customers, and drive profitable growth.

6 Tips:

1. Revisit their category strategies to reflect shifts in consumer purchase behavior and margin profiles.

2. Address end-to-end cost-to-serve through enhanced supply chain visibility and diversification. 

3. Go granular with pricing and promotion and tailor value delivery to consumers.

4. Use next-gen sourcing tools to drive sourcing excellence for private-brand and branded goods

5. Rethink store operations to optimize productivity.

6. Set up an inflation “win room.” (a flexible, cross-functional structure with the authority to coordinate the inflation response)

Check more here: https://www.mckinsey.com/industries/retail/our-insights/navigating-inflation-in-retail-six-actions-for-retailers