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Loss Prevention Research Council Weekly Series - Episode 81 - Seven 2022 Winning Retailers Tech and Minute on the Internet

With Dr. Read Hayes, Tony D'Onofrio, and Tom Meehan

Loss Prevention Research Council Weekly Series - Episode 81 - Seven 2022 Winning Retailers Tech and Minute on the Internet
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From Amazon to Zoom: What happens on the Internet Every Minute in 2021?

https://www.visualcapitalist.com/from-amazon-to-zoom-what-happens-in-an-internet-minute-in-2021/

Interesting update from Visual Capitalist on what happens on the Internet every minute.

First globally, as of July 2021, the internet now reaches 65% of the global population and now represents 5.17 billion people. This is a 10% increase from just six months earlier January 2021.

Of this total, nearly 93% access the internet via mobile devices. The total data consumed globally in 2021was 79 zettabytes. It is projected to grow to 180 zettabytes by 2025. One zettabyte is equivalent to a trillion gigabytes.

Here is a sample of the data generated on the internet every minute:

  • Twitter users post 575,000 tweets
  • On TikTok, we watch 167 million videos
  • On YouTube we stream nearly 700,000 hours of video
  • On Netflix it’s just over 450,000 video streamed hours.
  • Zoom hosts 856 minutes of webinars
  • Instacart users spend 67,000 dollars
  • Google conducts 5.7 million searches
  • 12 million people send iMessages
  • Clubhouse which is a fast growing social audio app creates 208 rooms for users. In one minute, 6 million people shop online
  • On Amazon in one minute they spend just over 280,000 dollars.

Seven Technologies Winning Retailers are Prioritizing for 2022

https://www.ihlservices.com/product/7-technologies-winning-retailers-slides/

Great insights this past week from a webinar from the IHL Group.

China Singles Day which ended November 11 generated 139 billion dollars with Alibaba sales rising 8% and JD.com up 28%.

Singles Day started as a prank on a college campus when single people decided they needed to have more fun than Valentines. They set November 11 which is 1111 as the day. It initially started as one day shopping event. It is now a shopping festival ending November 11 and it includes lots of online buying tech including livestreaming. A good example of how China is testing new concepts for shopping in the future of retail.

USA is the star of the world right now in growth of retail sales. Through October, retail sales are up 18%. All sectors are green. Good news the leading sector is specialty soft goods which includes apparel which increased nearly 54%. Apparel was one of the hardest hit sector in the pandemic.

Convenience stores and restaurants are registering 30%+ growth. Even pandemic hard hit department stores are up 24%. The food sector spike slowed with their sales growing just over 3%. Drug stores are up 9.5%.

Lots of good news all around for retail.

The top retail challenges listed by IHL are:

  • Inflation in wages / product costs
  • Port issues leading to product and packaging shortages. Each container ship carries enough merchandise to fill 3 average size malls.
  • Labor shortages – Called it the worst labor market since World War 2.
  • Chip shortages in all areas
  • Continued COVID protocols.

IHL project that the retail / hospitality labor shortages are here to stay.  Pure online and ecommerce delivery require 2-4 million workers.  For the holidays retailers announced an 11% increase in hiring plans looking for nearly a million people.

For the holidays, sales are projected to grow 5% to 11%.  Retailers are planning less discouns. Expect 34% less discounts in electronics, 75% less in sporting goods, 82% less in tools, TVs furniture and computers, Toys is the only category that will see 112%.

IHL says December will be followed by deep discounts in January / February as all those ships are finally unloaded. The best Christmas gift this year is a gift card as it will buy you more in January / February. IHL also predicts that USA retail economy will hit a brick wall in March / April 2022.

Finally in this Webinar, IHL listed the Seven Technologies Winning Retailers are Prioritizing for 2022

  1. Winners leverage geo-location for marketing. Winners are 193% more likely than average retailers and 22X more likely than below average retailers to be using Geo-Location
  2. Winners are Reviewing New Fulfillment Options. Winners are deploying second location within store at rate of 411% growth to help optimize margins.
  3. Winners are automating inventory operations. Robotics in inventory operations and micro fulfillment increasing 600% in the next two years for retailers.
  4. RFID continues rapid adoption with inventory accuracy driving factor. Winners playing 200% in RFID growth in the next two years
  5. Winners All-in with 5G. 47% of winners plan to have it installed in 2 years which is 852% from today.
  6. Winners believe in the metaverse. Augmented reality shopping in winners growing 279% in next two years. 24% of all winning retailers to have it installed in next two years.
  7. Winners Hear You. Voice recognition continues torrid growth. Winners planning 778% growth in the adoption of voice headsets for order picking in the next two years.

Bloomingdales Flagship Store! Black Friday Shopping Habits and Tips are Discussed! In this week’s episode, our co-hosts discuss these topics and more, including the vaccination process continues, 4th dose of vaccines are considered in Israel, 79 Zetabytes of information consumed, and a city is planning to build a bitcoin city. Listen in to stay updated on hot topics in the industry and more!