According to Statista, 73 percent of retailers are already using artificial intelligence, and a further 15 percent are planning to implement the technology over the next 12 months. AI is proving to be a valuable tool within the retail sector, from delivering personalized product recommendations for customers to enhancing inventory-based decision-making and predicting demand, among…
Dean Frew
Each year, NRF: Retail’s Big Show provides the retail industry with the latest insights on the development of the solutions and groundbreaking technologies available across the sector. With last year’s event focusing heavily on breakthroughs — the artificial intelligence boom helping retailers develop in-store customer experiences and better utilize data analytics and personalization capabilities —…
The fashion and logistics sectors have both become increasingly concerned with sustainability. According to Deloitte, almost one-third of consumers have stopped shopping at specific retailers due to ethical and environmental concerns. As such, retailers are now searching for ways to introduce greener processes. With customers becoming more aware of the role they play in the…
Today’s customers desire a friendly, efficient and dependable service. These changing behaviors compounded with new technology have increased overall consumer expectations. Indeed, customers expect a flawless shopping experience, whether it’s online or in-store. Retailers must be able to adapt and find new ways to fulfill orders effectively. In today's environment, retailers must employ a solid…
Black Friday sales are anticipated to continue their upward trajectory, as retailers capitalize on the opportunity to preserve market share early in the holiday season and shoppers still strongly resonate with bargain pricing. Having established itself as the traditional beginning of the holiday shopping season, despite recent trends to shift spending earlier in the cycle,…
As the retail sector continues to make an impressive recovery and overall sales increase, so does the volume of product returns that must be processed. While e-commerce has been a critical revenue stream contributing to retail recovery, reports identifying that a remarkable 18.1 percent of all e-commerce orders are returned highlight the challenges associated with…
Retail was impacted by the COVID-19 pandemic on a foundational level. Unable to open doors to the public and forced to quickly scale up (or even create from scratch) an online business model, the industry had to adapt fast to preserve revenue streams. Now, nearly two years later, the retail landscape has evolved significantly as…
In June, the Department of Homeland Security projected nearly $1 billion worth of counterfeit luxury goods to be seized between the 2020-2021 fiscal years leading up to the end of September. Shortly after, over $12 million in counterfeit goods were seized at the Los Angeles-Long Beach ports area. While these challenges have plagued the industry for…
The retail industry is a highly competitive, challenging and constantly evolving environment. Customer shopping behaviors are increasingly hard to predict, and retailers must constantly innovate or risk becoming redundant. The COVID-19 pandemic, which has heavily impacted the retail industry, is a prime example of this. Driven by technological advances, social and economic shifts, and a…
