This RSR report will seek to examine the impact of COVID-19, the most significant challenges retailers face while it rages on, the opportunities they see, and the technologies they can infuse with location intelligence to get the right answers to the questions posed above.
In China and other parts of the region, retail is leapfrogging development stages that the US and Europe once toiled through. Instead of expanding physical store space to Western levels of saturation, executives are seeking urgent answers to cutting-edge e-commerce questions. The Future of Retail is on display in China. -from bain.com
How big of a problem is inventory distortion for 2020 worldwide? Over $1.8 trillion, or the equivalent of 10.3% of same store sales in retail and hospitality. Or to put it another way, more than the annual GDP of Canada! That represents a tremendous amount of inefficiency in the market that can be addressed with IT solutions. -from ihlservices.com
Apple Pay was launched more than five years ago, prompting speculation that
mobile wallets would soon spell the demise of traditional credit cards. However, at this April 2020 research indicates, mobile wallets still struggle to gain traction. -from Pymnts.com
More than 50% of consumers report spending more on convenience to get what they need, with convenience increasingly being defined as contactless shopping, on-demand fulfillment and inventory availability. 70% will take advantage of buy-online-pickup-in-store (BOPIS) options if available. -from RISnews
No one knows for sure just how many of the consumer behavioral changes accelerated by COVID-19 will gain permanent traction, but our recent consumer research is pointing to an increased desire among citizens for transparency, sustainability - from PwC
The 2020 USA National Retail Security Survey finds shrink at an all-time high, accounting for 1.62% of a retailer’s bottom line — costing the industry $61.7 billion. It cuts deeply across the industry too, with seven in 10 reporting a shrink rate that exceeds 1%. -from NRF
wRatings examined more than 350 publicly traded global retailers. For this ranking, the retail market is the sum of the revenue for all the retailers examined, valued at $3.4 trillion, an increase of more than $123 billion. -from risnews.com
The COVID-19 outbreak has accelerated the digitization of how we work, live and shop. But, how will today’s habits shape how people shop in the long run? More money was spent online in the USA in April and May than the last 12 Cyber Mondays combined; in the month of May, USA e-commerce spending grew by 93% YOY. -from Mastercard Services
Of the 287 brands we rated from our wealth of contributions in our Future Commerce Expert Network, we distilled it down to 81. A brand is a promise. The future is, after all, what we make of it. -from Future Commerce
The COVID-19 pandemic has, with alarming speed, delivered a global economic shock of enormous magnitude, leading to steep recessions in many countries. The baseline forecast envisions a 5.2 percent contraction in global GDP in 2020—the deepest global recession in eight decades, despite unprecedented policy support. Moreover, the pandemic is likely to exert lasting damage to fundamental determinants of long-term growth prospects, further eroding living standards for years to come. -from World Bank Group
Going into 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 online sales being returned to stores. In 2015 the total value of merchandise returns was estimated at $643 billion globally. By the end of 2019 this figure had increased to over $1 trillion worldwide. -from iHL
The spread of the COVID-19 will only serve to speed the development and roll-out of various pieces of frictionless retail, including contact-less pickup and delivery. The bottom line is there is great future around the concept of frictionless retail. But it will be a crawl and walk before you run experience for any retailer who wishes to move forward. -from ihlservices.com
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