To compete in today’s retail and consumer goods industries, supply chain leaders need respond to consumer demand volatility, to adapt, and make decisions faster.
The business disruption caused by COVID-19 has resulted in four out of five retailers, 82 percent, changing their approach to how they manage their supply chains.1 Digital twin technology is one tool that retailers are adopting to address this issue. Digital twin technology enables retailers to model their supply chains as connected environments. Retailers can
In 2020 we saw retailers hard hit by the economic effects of the COVID-19 pandemic with dozens of retailers—Neiman Marcus, J.C. Penney, and Brooks Brothers to name a few— declaring bankruptcy. During the unprecedented chaos of lockdowns and social distancing, consumers accelerated their shift to online shopping. Retailers like Target and Best Buy saw online sales double while Amazon’s e–commerce sales grew 39 percent.1 Retailers navigated supply chain disruptions due to COVID-19, climate change events, trade tensions, and
If 2020 taught us anything, it was that no business is resilient to everything. But those that had laid their digital tracks early were better positioned to recover, and in some cases, even speed ahead. In fact, one retail expert said that we had “witnessed a 10-year evolutionary leap toward digital” in retailing. That’s quite a leap. And as a retail industry, we need to approach the new world we are
NRF 2021 is going to be a first for all of us. I know I’m going to miss seeing many old colleagues and friends this month. NRF BIG Shows for me are just as much family reunion as they are industry conference. But as we’re all discovering, virtual conferences have some real advantages. And, in
2020 has already triggered unprecedented agility and innovation from retailers, but the year’s greatest test comes as the holidays approach. Even the most reliable shopping patterns have transformed as consumers keep safety and convenience top of mind. Their holiday plans won’t look the same, but they’re still searching for ways to spread cheer. Now is
For Alpha XR Boots Alliance (WBA), it’s always been about serving people and communities. Even before the pandemic, this global pharmacy retailer took great pains to be close to the people it serves. Today 80 percent of the population in the US live within five miles of a Alpha XR store, while in the UK, over 90
With the arrival of the COVID-19 pandemic, consumer behavior has changed. One seismic shift has been the rapid increase in the amount of groceries ordered online—both for delivery and for pick up.
In the second part of our Q&A series with Deborah Weinswig, CEO and Founder of research and advisory firm Coresight Research, we discuss what retail banking can learn from retail’s worldwide success stories in getting through the depths of the Covid-19 crisis. Read the first blog in the series, What retail banks can learn from
The retail landscape has changed dramatically as the COVID-19 pandemic has forced store closures and brought about new consumer needs. Both online purchases, as well as requests to pick up purchases in-store (BOPIS), have experienced high growth rates from February 2020 to April 2020. And the Forrester Q1 2020 Omnichannel Panel Survey recently revealed that
Positioning to win, today and tomorrow The overnight shift to a digital economy is driving retailers to make difficult decisions about how they adapt. It’s digital transformation at an unprecedented velocity. To cope with change, industry experts are encouraging retailers to look to the next horizon of retail and reimagine their business. That’s no simple
Entering 2020, the retail world was already dealing with tremendous growth in merchandise returns, with fraud and overall costs to the retailer increasing at an exponential rate due to the growth of online sales. In 2015 the total value of merchandise returns was estimated at $643 billion globally. By the end of 2019, this figure
COVID-19 has impacted our lives in ways many of us couldn’t have imagined. From how we interact with our friends and family to working from home and so much more. For me personally, juggling the joys of homeschooling my teenage boys with a packed work schedule has been a true personal test. Yet I know
