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Retailers selling to middle to lower income consumers, those selling discretionary goods, or those with weaker balance sheets or high debt will be hardest hit. More store closings and more bankruptcies will follow in 2023.
According to the IMF, a third of the world economy faces two consecutive quarters of negative growth, the technical definition of a recession. Global inflation is forecast to rise from 4.7% in 2021 to 8.8% in 2022, 6.5% in 2023 and 4.1% in 2024.
Inflation is lowering consumer confidence in multiple major economies. 31% of USA parents say they are struggling to cover day-to-day expenses, 56% do not consider themselves to be financially “healthy."
Adding to the economic risks discussed in the last 2023 predictions video, here are ten global risk scenarios as published by the Economist Intelligence Unit that could negatively impact world economies in 2023.
Predictions are that by 2026, more than 64 billion IoT devices will be connected around the world. Companies and consumers will spend nearly $15 trillion on IoT devices, solutions, and supporting systems from 2018 through 2026.
Creating the first working self-checkout machine took three years and five million dollars. The pandemic accelerated their adoption as a frictionless technology here to stay.
The consensus is that the roots of radio frequency identification can be traced back to World War 2. A 2021 study published by Accenture, labeled RFID adoption in retail as booming. Check out why.
One of my legendary "toasts" integrating fun facts about the city of Cleveland with memorable insights that you will never forget. As they say in Italy, raise your glass and say "Salute".
On multiple levels EAS was really the first item level technology applied to consumer products. As with CCTV video, it was a foundational technology whose evolution to greater intelligence still continues today.
Fast forward 72 years since they first appeared, in 2021, the world crossed over 1 billion CCTV cameras installed worldwide.
From a bar in Dayton Ohio where the barkeep was worried about his profits, to now over 40 Amazon Go stores, it's time to review the humble beginning of the cash register as an employee anti-theft tech
There is no greater gift than the embrace of a child or a special memory that lives with you forever. Enjoy the ride for one day, you will realize it is too short.
“The word “robot” was coined in 1920 by the Czech playwright Karel Capek. The industry robot market is expected to grow at a compound-annual-growth rate (CAGR) of around 10%
‘Field of Gold’, which was one of the tracks on that Sting CD that started it all, perfectly summarizes the journey’s riches that ecommerce has accumulated since its memorable start.
Today, the entire world has been trained to stare at that smartphone screen.
From the humble beginnings of the first supermarket to being part of a sector driving nearly $4 Trillion or 66% of the total revenue for the top 250 global retailers.
A finger drawing on a Miami Beach in Florida was the inspiration for what became the second megatrend transforming the retail industry.
How and where did department stores get their start? Are the continuous rumors that this retail sector is dying true? Let's look back to see the future of department stores.
Although I am cheering all the positive sales forecasts for this coming holiday season, more recent data points to substantial headwinds that will slow down growth. Is it the end of the world?
Short version of my continuously updated Retail Trends Presentation delivered virtually in London, UK in July 2021. The future of retail remains bright.
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“Paris is always a good idea.” – Audrey Hepburn
Continuing our global tour to learn something new, our next stop is one of my favorite cities in the world, Paris, France.
The ancient settlement that corresponds to the modern city of Paris was first mentioned in mid-1st century BC by Julius Caesar as Luteciam Parisiorum and later as Parision in the 5th century and then Paris in 1265. The name Paris is derived from its early inhabitants, the Parisii, a Gallic tribe from the Iron Age and the Roman Period.
Did not know that the city actually has 3 to 5 other statues of liberty, and yes, the French gifted the one in New York. You can find the Mona Lisa painting in the Louvre; when you see it, you will be surprised by its small size. My favorite museum in Paris is the D’Orsay, located in an old train station by the Seine River.
Paris is called the city of lights because it was one of the first European cities to install street lights, not because of how the city is currently illuminated. You might also be surprised that the entire city has no stop signs.
Haute couture (high sewing) is the creation of exclusive custom-fitted high-end fashion designs constructed by hand from start to finish. Chanel, Christian Dior, and Louis Vuitton started in Paris.
The city's motto is “Fluctuat nec Mergitur” a Latin phrase that literally translates as “tossed by not sunk. The city’s crest features a depiction of a ship. Interesting as the city is inland.
I have lost count of how many times I have traveled to Paris for business and pleasure. It is the place to visit inspiring stores, enjoy great cafes, consistently delicious food, and my favorite always, the best baguettes. Writing this summary was a reminder that it’s time to visit the city once again because, as Audrey said, it is always a good idea.
2023 Omnichannel Experience Index
Digital is the entry point to more shopper experiences than ever before. 93% of all shopping journeys now begin online, up from 81% in 2020. For omnichannel retailers, these ever-evolving shopper needs have led to new and increasingly complex challenges. - From Blue Yonder and Microsoft Read more
The 2023 Gartner CIO and Technology Executives Survey shows Retail CIOs are prioritizing growth and customer experience. This infographic will show you how your peers are investing in tech to deliver on digital initiatives.
Why Dick’s Sporting Goods Succeeded When Sports Authority Failed -CNBC
At $67.2 billion, the sporting goods industry became one of the fastest-growing industries in the U.S. in 2022. Dick’s Sporting Goods controls an estimated 14.2% of that market, the most of any company. Read more
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