What we’ve learned is extraordinary. We discovered eye-opening surprises that reflect just how unprecedented the next era will be, with new priorities and new areas of focus. From emerging expectations around remote work to accelerated technological adoption, the leading practices of yesterday and requirements of tomorrow are far from aligned.
The pandemic has changed the food and consumer goods retailers and manufacturers permanently. The good news is that the pandemic has accelerated technology investments that were long overdue. The bad news is the peak and surge exposed many issues that were hidden before. And as long as these problems are not fixed, the margin erosion in this new world is akin to continually picking a scab. The wound never heals.
Apple is named world’s most valuable brand. Tesla leaves traditional auto marques behind with fastest brand value growth. E-commerce brands thrive in new normal, with Alibaba.com doubling in brand value, but chain retailers cash in on home delivery too – Walmart climbs up to 6th rank
Global economy would shrink by 3% in 2020 (IMF forecasted 3% growth at the beginning of the year). China is the only major economy for which GPC is expected to rise. Retail consumption has been gradually improving in China with online now accounting for more than 25% of total retail sales. -from Pwc CN
This favorite retail industry annual study examines the trends for the coming year in the area of technological advances that impact retail operations, growth plans, budgets and planned technology purchases for 2021 and beyond. Look for my companion blog discussing it. -from RISNews
In retail as in life, the phrase “adapt or perish” applies. The coronavirus has accelerated consumers’ preferences and even demands, launching the industry years into the future. The question for retailers is: who’s ready to make that time travel journey? -from JLL
Resilience and adaptability are the driving forces behind the top global consumer trends in 2021. The pandemic created, influenced or accelerated each of these 10 trends, forever altering consumer behaviour. Despite the hardships faced in 2020, consumers have not given up. They continue to find their voice and push forward to advocate for a better tomorrow. -from Euromonitor International
Retail executives seem to agree that an economic recovery to pre-pandemic trajectory levels will take time, with six in 10 expecting recovery in the next one to two years—but a quarter see a longer timeline of two to five years. The old playbook and rules will likely have to be thrown out, and bold, differentiated action will be required to stand out from the competition. -from Deloitte
Although the global economy is emerging from the collapse triggered by the pandemic, the recovery is projected to be subdued. Global economic output is expected to expand 4% in 2021 but still remain more than 5% below its pre-pandemic trend.
40% of CEOs said their CIO or tech leader will be the key driver of business strategy—more than the CFO, COO, and CMO combined. 73% of respondents said their organizations are now planning major shifts in the way they approach supply chain management and procurement. -from Deloitte Insights
Organized retail crime cost retailers an average $719,548 per $1 billion in sales, up from $703,320 in 2019. This is the fifth year in a row the figure has topped $700,000 and is up significantly from $453,940 in 2015.
The 20th Anniversary edition of the RIS Software USA Leaderboard represents a major milestone in tracking the top technology vendors in the retail industry and naming the best of best. A favorite annual report and congratulations to the companies on this list. -from RIS News
Many retailers had neither invested the funds nor training required for their workforce to meet the challenges 2020 brought at scale. When the COVID-19 pandemic struck the world in March of that year, these trends not only accelerated, but accelerated at warp speed. -from RSR
The Future of Retail special report, published in The Times, examines how retail is expected to continue post-coronavirus, what brands need to know about social commerce, the new retail calendar, and much more. So what will shopping look like in 2021, 2025 and 2030? -from Raconteur
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