This site uses cookies to improve your experience. To help us insure we adhere to various privacy regulations, please select your country/region of residence. If you do not select a country, we will assume you are from the United States. Select your Cookie Settings or view our Privacy Policy and Terms of Use.
Cookie Settings
Cookies and similar technologies are used on this website for proper function of the website, for tracking performance analytics and for marketing purposes. We and some of our third-party providers may use cookie data for various purposes. Please review the cookie settings below and choose your preference.
Used for the proper function of the website
Used for monitoring website traffic and interactions
Cookie Settings
Cookies and similar technologies are used on this website for proper function of the website, for tracking performance analytics and for marketing purposes. We and some of our third-party providers may use cookie data for various purposes. Please review the cookie settings below and choose your preference.
Strictly Necessary: Used for the proper function of the website
Performance/Analytics: Used for monitoring website traffic and interactions
Every year for the last 110 years , members of the retail trade group, known as the National Retail Federation (NRF), have assembled to discuss the slate of issues pertinent to its members. Let’s hope the discussion isn’t much too little and way too late, but is more about how to respond to retail’s COVID-19 wake-up call.
Artificial intelligence (AI) and machine learning (ML) are starting to play a bigger role in retail, foreshadowing what’s to come in the new decade of the 2020s. According to PYMNTS research , AI and ML are blurring the divide between online and in-store shopping, and bringing an all-new human element into retail. Role of Data.
The American Customer Satisfaction Index’s recent COVID-19 special retail study showed satisfaction declines across 75% of the retail companies. But the ASCI study showed a decline of almost 5% in customer sat for internet retailers versus just a 1.3% decline for Department & Discount stores.
The dramatic consumer shift to Digital 3.0 — predicted months ago by the PYMNTS COVID-19 tracker work — is accounting for almost half of the retail growth in the US. It found that eCommerce growth as of May 1 was up 68 percent, surpassing 40 percent of total retail sales. Overall Chinese retail sales of consumer goods dropped 2.8
Voice recognition could soon play a bigger role in retail — especially in the world of quick service restaurants. That’s not the only recent major move that involves voice recognition and the biometric authentication method’s potential use in retail and payments. That’s the signal sent recently by McDonald’s. Other Moves.
The experts were expecting a weak retail sales report when the numbers hit the wires earlier today (May 15) – but even in an environment of diminished expectations, the number reported by the Census Bureau was a disappointment. Year on year, retail sales fell 21.5 But that, of course, remains a very big “if.” GDP, took a 16.4
The pandemic will of course be over someday, but will consumers go back to the gym? We already know that the early reopening period has been a rocky road for gyms so far — a road that will likely only be made rockier as the second wave continues and consumers remain concerned about their own health and the health of those around them.
The future of retail is playing out in multiple places, including the open road, while voice will help capture the connected commerce frontier. 12: Approximate number of activities the average consumer does over the course of a day. In B2B payments, a series of payment innovations is promising to put an end to some common frictions.
If your business touches retail in any way, it might pay to follow a few important breadcrumbs. Worse yet, some analysts fear the triggering of break-lease clauses for retailers in malls if anchor stores leave. All of this will only make malls an even tougher sell to consumers, and to retailers that want consumers to buy their stuff.
Call it the retail gap that eCommerce can only partly fill. That gain, of course, reflects calm before the storm, so to speak, before the unemployment filings, the mass closures, the stimulus efforts and stock market roller coasters. That makes sense, of course, as at a minimum, 47,000 chain stores across the U.S. in February.
That’s a quote from department store maven John Wanamaker, illustrating a conundrum for retailers (and merchants in general): Namely, you’ve got to reach out to consumers if you are going to convince them to buy your wares. It is equally important to measure and iterate as the retailer continues to engage with its target audience.
The race to 5G retail is on. Recent news out of Asia serves as solid foreshadowing of how 5G could enhance retail in the coming few years. 5G Retail Plans. South Korea’s SK Telecom and retail conglomerate Shinsegae Group have joined forces on 5G retail, for instance. What’s Next?
And, of course, being surrounded by all those fur pillows and easy to assemble coffee tables more often might convince consumers to buy a bit more than they might have otherwise, particularly with the added inducement of the time currency discount. The big question, of course, is will it work? These criminal gangs are sophisticated.”.
Retailers surely have more than enough to worry about these days. For one, the pace of innovation keeps speeding up – and that holds true for all types of retail niches, from apparel to grocery to others. Fast on the horizon, of course, is the new mobile network technology called 5G.
To that end, in China, retail data showed consumers snapped a seven-month streak decline. Retail sales posted their first gain amid the pandemic. All told, though, even with the positive reading last month, in China year to date, retail sales are down 8.6 Jobs, of course, pay the wages that underpin consumer spending.
The retail industry is facing its first sales event of the pandemic with the coming of back-to-school sales. The projections were led by the National Retail Federation (NRF) this week, as it foresees record sales for back to school. At the very least, retailers need to depend on eCommerce sales in the states where the virus is raging.
That’s understandable, given how viciously email, texting and other forms of digital and mobile communication have displaced actual writing — which, of course, would seem to reduce the need for actual stationery products. The chain had since expanded to some 260 or so retail locations. None of that will save the Papyrus retail chain.
Herrick expects that ReplyBuy and Airship will create a holistic ecosystem, allowing retailers to use its engagement technology to acquire customers and then use conversational commerce to retain them and grow their value. Or would she prefer to visit the store (mask required, of course) for a custom fitting? To her home?
Amid the great digital shift , retailers and financial institutions (FIs) must walk the fine line between challenging transactions and letting the consumer journey proceed frictionless. That’s driven the retailer to require merchandise, risk-driven signatures that can be dynamically altered, said Thompson. The Scope Of The Problem.
In a world where retail has changed and consumers remain at home, how do brands reimagine the task of getting products to customers? She specializes in digital experience, retail, and digital. In Episode 4 of the What If? Episode Guest Profile. LinkedIn | Perficient. Kim Williams-Czopek is a Director of Digital Strategy at Perficient.
retail presence in recent decades, is reversing course and closing all its North American brick-and-mortar locations, according to numerous online news sources citing a company statement. Godiva, the maker of high-end chocolates that significantly expanded its U.S.
The two most powerful forces shaping the future of retail payments have nothing to do with payments at all. It’s a world in which new retail models and new places to shop have emerged to satisfy that need, blending the online and offline worlds in ways that benefit the digital and marginalize the physical – at least as it operates today.
ITMs and VTMs are popular retail banking innovations among community banks. What’s on the horizon for retail banking? According to a new report from PwC titled “Retail Banking 2025 and Beyond” (see sidebar), the retail banking industry is undergoing tremendous change—but, of course, community bankers already know that.
The great digital shift, along with the pandemic, has brought all manner of activities into the virtual realm — most notably, of course, commerce itself. In the current environment, of course, the pandemic decimated foot traffic across any number of verticals — restaurants and retailers come to mind, of course.
The answer is yes, of course there are. Of course, Covid-19 has exposed digital weaknesses and accelerated digital transformation for all industries. Then we present an outside industry (automotive, retail, etc.) Well one of the biggest challenges right now is humanizing the digital experience.
ICSC’s research reveals a swell of interest in omnichannel formats, a sign that retailers capable of meeting demand both online and in-person will be best positioned for success in this unprecedented holiday season. This holiday season will be longer for a variety of reasons, including retailers encouraging shoppers to get out earlier.
Census Bureau reported that retail eCommerce sales for the second quarter, on an unadjusted basis, stood at $200.7 That jump comes at total retail sales were $1.3 percent of the total tally, and the overall decrease (in aggregated sales) comes as, of course, the lingering impacts of lockdown and staggered re-openings continued.
In commerce, knowing (and verifying) who’s on the other side of a transaction can mean the difference between a retailer making a sale to a loyal customer or a fraudster. The gateway to all of this digitization running smoothly is, of course verification. So is online shopping, with urgency.
So it’s good to see some major retailers giving back for the holiday. Super spreader is, of course, the term collectively used to describe an event where the majority of people walk in uninfected with COVID and then walk out infected, due to their close proximity within the crowd to an infected person to two. That would cut 7.3
Goldman Sachs also noted that eCommerce penetration rose to more than 40 percent in May from 16 percent of retail spending domestically in the first quarter of 2019.
Video games are, of course, a newcomer to the toy and game universe. Our personal favorite for unattended retail professionals in training: Ryan’s World Vending Surprise (for ages three to 47). Old-School Amusements, Renewed. Does the name Hornby ring any bells? Another classic making a comeback is the humbly infuriating jigsaw puzzle.
A new report from TransUnion shows that average consumer-level credit card balances have declined during the course of the COVID-19 pandemic and now stand at $5,075 as of Q3 2020, down from $5,668 in Q3 2019. Some forecasts put total retail spending slightly ahead of last year. Corporate earnings statements prove them out as well.
Then of course there are various other events sweeping the financial services space, from new tax laws in the U.S., EXCLUSIVE — It’s not even a month into 2018 and already so much has changed. The cryptocurrency bitcoin, which shocked everyone by surpassing $17K, further shocked everyone by dropping below $10K. to the rise of […].
The Commerce Department released July’s retail sales last week, showing an increase in seasonally adjusted retail spending – up 1.2 Analysts reported that physical retail sales, seasonally adjusted, were up 2.7 And what we also see is only one part of the retail sales story. percent growth in June.
As far as plans for next year, Gorthy said the focus will be entirely reaching out to customers in more cities, growing fulfillment centers and, of course, more marketing to get the brand out there. “We As much as Petpal is adding services and care opportunities, the pet food subscription category, he said, is where the urgent need is.
online grocery retailer Ocado is involved in a patent lawsuit over robotically-operated warehouse technology with robotics company AutoStore , Reuters reported. In response, Ocado said it is "not aware of any infringement of any valid AutoStore rights and of course we will investigate any claims once we receive further details."
Of course, this makes a certain amount of sense, as it’s unlikely that these two concepts will go away entirely. From a consumer retail perspective, how has the buying landscape changed? Consumer retail has seen some very significant changes as well. And, of course, the issues of convenience, trust, and safety remain.
A mobile product runs its course until it no longer meets the needs of your business. . Pinterest and other retailers had to reimagine the fitting room. A mobile product approach is built upon fast iterat ion. The winners in this environment move fast.
The office also has a fitness center plus restaurants and retail on the ground level. There are new restaurants, breweries, and all kinds of retail businesses opening every day! “The space exudes entrepreneurial energy and makes you excited to come to work,” says Dan Ryan, Senior Project Manager.
Of course, keeping a watch on the best newcomer apps can be a little challenging. P2P, e-commerce, InsurTech, and neobanks–2017 is certainly shaping up to be a great year to shake up your smartphone contents with the latest fintech novelties.
There is no rule, of course, that those fees have to be passed onto customers, but that usually happens, as merchants try to protect their margins from increased card fees – which means the price of goods may also be on the precipice of an increase. It’s a fact that merchants, of course, do not love.
And for some retailers, it can seem as if every day is Black Friday — not just for larger, well-established players, but also for small to medium-sized businesses (SMBs). Among the schemes du jour during the pandemic: phishing attacks , of course. And, of course, the malevolent lie in wait. Lying In Wait .
It all depends on how you look at it — and where you look, of course. Bitcoin, of course, exists as one of the most widely recognized cryptocurrencies. Building The (Retail) Use Cases. And, of course, the crypto landscape extends well beyond bitcoin. Of course, it’ll take some time to get there if we do.
We organize all of the trending information in your field so you don't have to. Join 23,000+ users and stay up to date on the latest articles your peers are reading.
You know about us, now we want to get to know you!
Let's personalize your content
Let's get even more personalized
We recognize your account from another site in our network, please click 'Send Email' below to continue with verifying your account and setting a password.
Let's personalize your content