Following on from last year’s success, the Good Retail Awards return to the stage for 2023. Taking place as part of Spring Fair on Sunday 5th February 2023, the Good Retail Awards are set to shine a light on the achievements of those embracing creativity and innovation to achieve retail success.
Modern Retail are delighted to have a range of forward-thinking companies serving the retail industry sponsor these annual awards.
Modern Retail had the pleasure of speaking to Silver Sponsor of the Good Retail Awards, BITO, getting their insight on the retail industry, as well as sharing what they’re looking forward to most from the 2023 Awards. Here’s what they had to say:
Meet BITO
BITO Storage Systems is a market leading provider of storage and picking solutions. As one of the few single service providers in its field, the company supplies shelving, containers, picking and transportation systems for all industries.
1. How does it feel to be sponsoring the Good Retail Awards 2023 and why is it such a significant date in the retail calendar?
Being a sponsor once more illustrates how BITO feel about the importance and relevance of the Good Retail Awards. The awards are aimed at recognizing retail companies for their innovation and customer service in a marketplace that has faced and will continue to face challenges during 2023. The Spring Fair and the awards have become key dates in the retail calendar to mark a recognition of previous success and the start of a new year of challenges and opportunities. BITO support the awards because we are also able to support retail companies with the challenges they face in finding solutions that optimize their handling, storage and picking processes.
2. Which retail trends have you seen emerge in 2022?
With the ongoing fall-out from the pandemic and cost pressures coming from all directions, it is clear that retailers have had a difficult year to survive, let alone grow. Each retailer will react in their own way to the difficulties, but one constant is the continuing need to have an efficient infrastructure to manage inventory to meet customers’ expectations. Supply chain disruptions have meant that many companies have needed to increase their stock levels to minimize back orders. This has meant that companies have needed to evaluate how they use their storage space with a view to increase capacity and/or throughput of inventory. Having the right stock moved through quickly and efficiently have continued to be necessary requirements for success.
3. What are you looking forward to seeing from the Good Retail Awards entries?
The retail sector, whether instore or online, is a vital part of the UK economy and a barometer of how it is performing. The awards offer a glimpse into the health of the sector, so hopefully they will be able to showcase successful companies that are doing well through innovation and strategies that put them in a position to grow and prosper despite the current difficult climate. A trend that has been gaining momentum in retail is that of sustainability – sustainability of product or process, so it will be encouraging to see entries from companies that have embraced the concept of sustainability in their activity.
4. Tell us more about your outlook for the retail industry in 2023.
Cost pressures and sustainability are probably the two key factors for retail for 2023. With that backdrop, companies will need to be especially aware where their costs are and how best to control them without impacting their ability to satisfy customers. Investment projects designed to support growth or efficiency may have to be delayed due to uncertainties meaning retailers will need to focus on how to get more out their existing facility. This could mean re-designing existing racking from simple pallet storage to a combination of pallet storage and item picking locations – saving pick time and thereby increasing throughput. To promote sustainability, companies can invest in plastic multi-use containers for shipping items rather than single use carboard packaging.
Learn more about BITO
Click here to learn more about BITO.
Holly brings a wealth of experience in both print and digital publishing. As Modern Retail’s Content Editor, Holly is passionate about helping independent retailers to thrive in today’s ever-changing market.
