3 Retail Stories Worth Reading from the Last Week (or so)
Welcome to your weekly mélange of retail news! This is where we look at the previous week (ish) of retail news, events, and activities to hopefully enlighten your day with a story that may have fallen through the cracks.
AI Blanketing Retail
via Retail Dive — This short article summarizes survey results on AI and the general sense of urgency that retailers have in terms of incorporating AI within their front-end and back-end operations. 87% of retailers surveyed, plan to use AI in order to increase customer engagement within the next 24 months. 34% of retailers surveyed have started customer-facing pilots, but only 7.7% of retailers have actually rolled out AI solutions.
A World Without Stores
via Harvard Business Review — Today’s retail customer is accustomed to the convenience associated with online shopping. However, brick-and-mortar retailers are adapting so that customers can have the best of both worlds – online convenience + in-store ‘personal touch’, which is a complex task. This HBR article discusses how it is important to have intelligent inventory systems and gives examples of how retailers are addressing current pain points. It gives a fulfillment example and states that, ‘It’s estimated that shipping a container of Tide Pods laundry detergent from Atlanta to Oklahoma City costs companies approximately $11.44 — more than the cleaner itself.’
CXOs, the Choice is Yours
via Business of Fashion — This piece makes the case that C-Suite execs need to be involved in choosing technology in order to create a seamless experience for customers – across all touch-points. The seamless customer experience is hindered by the fact that retailers are in silos, the most divisive being – brick-and-mortar and digital. Therefore, in buying solutions these two camps often address short-term pain-points. In order to win the game of retail survival, technology should be viewed as a strategic choice that is part of the larger roadmap.
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