Disruption has ensued since the dawn of the digital era — but it exploded in intensity and breadth starting in 2020. In 2022, we’ll see a shift to modern application development and industry-specific clouds that will shake up the cloud service provider market. In 2022, the automation market will see more robotics, new AI vendors, and new frameworks.
A record number of employees are quitting or thinking about doing so. The pandemic has irrevocably changed what people expect from work. But our research suggests that leaders aren’t listening to their employees nearly enough. Don’t be one of these leaders. -from McKinsey & Company
While the store is still the center of the grocery universe, how it is utilized is quickly pivoting. Over the next 12 months a quarter of grocers plan major click-and-collect and curbside investments, as they look to cater to consumers that prefer a contactless shopping experience. -from RIS News
A total of 74% plan to increase investment in new disruption-detection and innovation processes. Joining industry consortia focused on development of innovative technologies is on the agenda for 64%. More than half (58%) are looking to make their products and services available via an online-platform provider, including social media. And about one third (32%) will partner with third-party data providers.
Check out COVID-19 Implications for Business Section. We’re all tech executives now, to some extent. Across industries, competitive differentiation today emerges from superior digital capabilities and technology endowment, more agile delivery, and a progressively more tech-savvy C-suite.
Welcome to the new tech economy. Technology-fueled growth across all sectors is poised to accelerate. Tech-tonic Equity Shifts. The Case for Big Tech M&A. Tech Venture Capital Surges. SaaS is Spurring the Next Cycle of Software Super Performance.
Statistics show that global e-commerce revenues are expected to reach more than $2.7 trillion in 2021 and will continue to rise to $3.4 trillion in 2025. The Covid-19 pandemic forced brands to reimagine their approach to the commerce experience, both in-stores and online. As brands begin to integrate new digital touch points as part of their buyer's journey, it is important they keep their finger on the pulse of innovation or they may fall behind the curve. -from Rethink Retail
32% of retailers admitted to rolling out technology without the same rigor and safeguards they normally would due to the rush and desire to capture sales during the pandemic. Only 61% of retailers consistently use hardware level security, and even fewer follow all security best practices. -from IHL Group
Around 85% of Americans have said that Covid-19 impacted their shopping habits in some way, including reduced overall spending, increased online shopping, and increased use of delivery services.
KPMG expects that 2021 holiday sales for U.S. retailers will be 7% higher than last year’s; The 7% growth is almost double the retail industry’s historical annual growth rate. Surveyed U.S. retail executives expect 2021 e-commerce holiday sales to grow 35% compared to the prior year. Retail execs anticipate that 2021 holiday sales will represent on average of 35% of their company’s total annual sales. -from RIS News
To future-proof retail supply chains against the inevitable next round of disruptions, retailers are devoting 30% of their overall tech budgets to improving overall supply chain capabilities. The most future-forward technologies that show the highest levels of retailer interest are robotic automation — robots for picking and packing (20%), drone or self-driving customer delivery (16%), and robots/computer vision for shelf stock monitoring (16%). Dark stores (16%) also appear on the emerging tech list. -from RIS News
2021 Retail Technology Purchases Plans by Sector. Stores more important than ever, but great changes are happening. Labor shortages. Inflation in wages / product costs. Chip shortages. Customer pickier, want removal of friction. Great inefficiencies due to COVID-19. -from IHL Group
Despite the many new avenues for shrink, the overall rate of USA retail shrink remained relatively steady compared with 2019. While that can be seen as good news, it is worth noting that it remains above the five-year average. The shrink rate also seems to cut a fairly wide swath across retailers, with fewer keeping their shrink rates below 0.5%.
The True USA Story of Store Openings and Closing. For each company closing stores, 4.2 are opening stores. Retail growth is accelerating. Labor, product, and chips are major constraints. Chain retailing has mostly right-sized. - From IHL Services Group
81% of retail shoppers conduct online research before buying. In 2021, US retailers will spend $35.48 billion on digital ads. This is a 25% projected increase from 2020. The average cost for a retail lead is $34. The average conversion rate for a retail lead is 3%.
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