Accelerate innovation in consumer goods by unifying data with AI, reducing launch risks, and aligning with market trends.
The return on investment (ROI) story behind internet of things (IoT) tracking in retail supply chains is compelling—especially for shipments with a high inventory value, cold chains, or when on-time delivery is critical. With specialized IoT sensors, retailers can keep tabs on location and other valuable information like temperature, humidity, and vibration.
Retailers looking to increase customer satisfaction while decreasing costs are turning to artificial intelligence (AI) to transform operations. Retailers use AI in the cloud to process large volumes of data to deliver online product recommendations or to optimize demand forecasting.
2020 was the year in which we experienced disruptive change at a pace and a scale that we could never have imagined. Yet it was also the year in which many retailers embraced digital like never before.
This year’s National Retail Federation BIG show was something different—entirely virtual. But it came off quite smoothly, demonstrating how powerful digital transformation can be. It even had some advantages over an in-person event. I was able to see more sessions for one. And without aching feet.
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.
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.
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.
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.
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.
For Walgreens 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.
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.
