The retail industry has been experiencing dramatic disruption from the moment e-tailers entered the picture. One major distinction in the world of e-commerce is how much more today’s consumers expect from retailers. The clearest evidence of this trend is the growing demand for a more integrated shopping experience, with the lines increasingly blurred between what happens in a retailer’s physical store and what happens online. All of this places tremendous competitive pressure on retailers—especially smaller retailers—to make their customer experiences as engaging and integrated as possible.
A common phenomenon in all supply chains is the amplification and distortion of demand fluctuations. These start off small at the retail level and amplify further up the chain. When cracking a bullwhip, the handle of the whip moves 60 degrees yet the tip of the whip moves at 360 degrees so the terms bullwhip effect is most befitting. The impact at the retail level is low and escalates further up the supply chain with the manufacturer suffering the most.
Even consumers who prefer to pay for purchases with non-cash alternatives such as credit cards and digital wallets still use cash regularly, according to recently published research of U.K. consumers and small businesses. While the preference for cashless payments has grown, there is still a strong interest in using hard, cold cash in many situations. The study, conducted by the U.K.’s Payment Systems Regulator (PSR), found that 69 percent of consumers prefer to use payment cards, but 83 percent had paid with cash for a purchase within the past week.
While shopping for a POS system takes a lot of research and the right investment, one of the most important parts of getting a new POS system is implementing it into your current operations. Once you’ve introduced your system to your business, it’s essential to train your staff and make sure they know how to make the best of its capabilities.
Everyone knows theft is a big problem in retail. Not only do shop owners have to guard against shoplifters and scammers, but the sad reality is retailers also must constantly deal with employee theft.
Despite the ever-present specter of Amazon, retailers of all stripes are taking decisive steps to modernize their operations by making in-store improvements and honing their focus on delivering a personalized customer experience.
It’s time for supply chains to break out of the mindset of being led by the transaction. The message resonated when Gartner’s Tom Enright and Bart DeMuynck presented a look into what’s on the horizon as supply chains grow more intelligence-driven and begin to utilize those insights to serve customers in new and innovative ways.
A solid majority of small business owners (83%) say they will never stop accepting cash payments, according to a recent study. Furthermore, almost three quarters (73%) believe America will never go cashless.
As retailers large and small contend with the disruptive force that is Amazon, they’re looking into various ways to deliver a unique omnichannel experience. The omnichannel combines physical stores with mobile apps, websites and social media to create a consistent experience for customers as they switch between channels to interact with a retailer.
In this digital age, cash still represents 30% of all retail store transactions and 55% of transactions under $10. Cash also accounts for almost half (41%) of fast food purchases and a third of transactions (33%) at convenience stores. As mobile wallets and other cash alternatives are introduced, the trend raises the very real question of whether cash needs legislative protection. In a growing number of municipalities and States the answer is yes.
Retail is undergoing a major sea change as retailers reshape the shopping experience. As consumers become more demanding thanks to the conveniences of online shopping, savvy retailers are making strides to replicate – or even surpass that experience – at physical locations. Retailers who make customer-centric decisions, investing in stores, technology, fulfillment and customer service teams will stand to profit.
Self-checkout dishonesty, cashier and shopper collusion, and inaccurate weighing are all risks to retailer profitability. Learn how vision and imaging technology can help any size retailer today.
The increase in online shopping is creating chaos with returns. Learn how vision and imaging technology can improve reverse logistics for any size retailer today.
In today’s technologically advanced world, a lack of data is not the problem. We are currently inundated with information from various sources. Rather, we need tools that consolidate this information, normalize it, and predictively notify users of potential risks. This enables companies to harness information to better control their supply chain. Digitization enables levels of sharing that could not be achieved in the past but it opens our customers up to greater issues around information overload and synchronization. We need tools that can holistically look at the problem and proactively advise customers on the best corrective action plan.
The supply chain stands to gain big from blockchain.
Omni-channel and personalization are driving new investments both in the store and the supply chain.
Rhett Butler in Gone with the Wind remarked: I told you once before that there were two times for making big money — one in the upbuilding of a country and the other in its destruction. Slow money on the upbuilding; fast money in the crack-up. Remember my words. Perhaps they may be of use to you some day.
Alexis DePree, VP global supply chain, customer fulfillment at Amazon, explains how her leadership style helps her team operate the e-commerce giant’s complex logistics empire.
Yesterday, today and tomorrow. As supply chain professionals, we are faced with having to meet the challenges of the most rapidly changing environment witnessed in more than a generation. Ecommerce is being thrust upon us at a breakneck speed.
On Cyber Monday (Nov. 27, 2017), NRF estimates over 120 million people in the U.S. will go online to conduct some of their holiday shopping. While most consumers see this day as the beginning of the holiday shopping season, retailers know the season is really the culmination of months of hard work and preparation.