Adam Oberdick, the Lead Director of Future Operations at CVS Health answers questions about innovation projects at CVS, getting major projects approved, successful traits for LP career, key priority technologies, and why LPRC and other industry group are critical to his success.
Reimagining the Future of Retail. UK consumer spending fails to keep up with Inflation. Voices from the Front Line or what Retail Employees Want.
Shopper turnout hit record high over Black Friday weekend, retail group says. Haute-Comfort: Consumers Choose Comfort Over Style Says New Research. What does the future of shopping with artificial intelligence look like? Supermarkets roll out chat friendly tills to battle COVID loneliness.
Shoppers continue choosing online or in-store for the same reasons – availability, selection, and price. They prefer retailers with easy returns (80%), allow them to get in and out of stores quickly (76%), and offer order delivery to home (75%). They are also taking advantage of alternative pickup and delivery options with 34% of shoppers opting to buy online, pick up in store or buy in store and ship to home and with 90% saying they will continue to use these services. Fun Thanksgiving Facts
IMF now forecasts global GDP growth to slow dramatically from the 6% in 2021 to 3.2% in 2022 and an even lower 2.7% in 2023. Global inflation is forecast to rise from 4.7% in 2021 to 8.8% in 2022, 6.5% in 2023 and 4.1% in 2024. The 10 highest global risk scenarios published by the Economist Intelligence Unit. 40% of consumers believing inflation will impact their holiday shopping decisions. 43% of retailers think consumers are buying less overall, yet only 29% of consumers admit that this is the case.
In terms of spend for this holiday season, 37% report their financial outlook as worse when compared to last year. 74% say they will spend more or the same on the holidays than last year. 32% plan to buy resale items as a way to offset rising prices. 34% plan to use social media as part of their holiday journey (vs. 28% in 2021). Online Holiday Sales to Grow 6.1% in 2022. Five Terrifying Retail Trends.
Primary reasons consumers shop in-store are: they need the items now (75%) or they want to touch and feel or try on items before purchasing (57%). Across all segments, more than 25% of customers report decreased trust in retailers based on inventory levels. Customers report they will give up on your store after 2.5-3 out-of-stock experiences. In just 48 years, the world population has doubled in size, jumping from four to eight billion. The exact date that we will hit 8 billion is November 15.
2022 LPRC IMPACT was a great success! In this week’s episode, our co-hosts discuss the IMPACT Conference and the great preparations taken, the record setting conference attendance, and a look at the LPRC moving forward into 2023!
USA retail holiday sales will increase 7.5% this year, above the 10-year avg. of 5%. WIth inflation, real growth will range from 1% to 3% below the 10-year avg. 92% of retailers expect a recession in the near future. 81% expect it to be one year or less. To prepare, 52% plan to seek cuts indirect expenses and 42% would invest more in loyalty, reduce direct expenses, and inventory. 56% expect to be stuck with excess inventory after the holidays. 60% of digital orders are now influenced by physical stores.
Similar to the last five years, average shrink rate in 2021 was 1.4%. When taken as a percentage of total retail sales in 2021, that shrink represents $94.5 billion in losses, up from $90.8 billion in 2020. Highest LP tech investments in 2022: RFID systems; AI-based point-of-sale (POS)/self-checkout (SCO) video analytics; license plate recognition; and/or self-service locking cases or lockers. Nearly 90% of respondents reported that COVID-19 had resulted in an increase in the risk of violence.
Since D&D started tracking the data in 2016, retail fatalities have been up every single year. In total, retail fatalities are up 63% since 2016. • Comparing quarter to quarter to the previous year, for Q1/2022 vs Q1/2021, retail fatalities are up 9% and violent incidents are up 16%. This holiday season, U.S. retail sales excluding automotive are expected to increase 7.1% year over year, according to the Mastercard SpendingPulse™ annual holiday forecast. Key trends to watch this year include.
LPRC Team is on the road – Listen to see where! In this week’s episode, our co-hosts discuss the newest clinical trial data for vaccines, Tik Tok potentially got hacked, an examination of global inflation and the impact on everyday households, a look at the Global Economic and Retail Headwinds, the latest cyber security trends in the industry, and a look at everything 2022 LPRC IMPACT!
Update on LPRC Impact Conference. A preview of upcoming "The Inflationary, Recession-Risky, and Disruptive Future of Retail" webinar and a continued look at Eastern Europe generated cyber attacks
Mid-year Checkup: What Retail Execs are Saying about inflation and inventory and more. E-commerce Revenue to Shrink for the First Time. UK Oxford Street Footfall jumps 24% thanks to international visitors.
UK Retail Leaders Call on Police to Prioritize Crime. UK retailers have spent £715m ($835 million) on crime prevention in 2020/21. Retail sales, which does not include auto sellers, gas station and restaurants, were up 7% in the first six months of the year, according to NRF. Where Americans Plan to Cut Back in the Face of Inflation. Amazon Leads $200 Billion Cloud Computing Market.