How H&M have transformed customer experience using global retail standards
Date: August 26, 2019
Category: Opinion piece
Author: Jim Dickson
GS1 standards are helping to improve operational efficiencies for one of the world’s largest fashion retailers.
In February 2018, shares in clothing giant H&M nosedived. Failure to keep up with online competitors led to a USD$4bn inventory problem and a 61 per cent slump in profits, causing stocks to drop to their lowest levels in a decade. But a year on, H&M’s latest annual report suggests things are beginning to head in the right direction.
H&M’s transformation efforts have been much publicised with the launch of concept stores, expansion of H&M Home and key investments in logistics and digital. What is less apparent to the average customer is the background role GS1 standards have played in the company’s turnaround.