Ronny Max

BRILLIANT RESEARCH: Five 2024 Holiday Shopping Predictions https://lnkd.in/emwXStw7  Holiday shopping will look different for retailers this year.  After remaining largely resilient throughout four years of economic uncertainty, consumers are finally feeling the pinch.  Nearly a third of global shoppers (32%) reported using alternative credit services like buy now, pay later (BNPL) more frequently this year #retail Digital Commerce 360

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Retail is powered by data. The future of retail is digital. Retail success is dependent on positive customer engagement (digital and physical). If you believe the above statements, why - if you are a retailer - would you deliberately hand over to a third-party your customer engagement, a growing revenue stream, and a source of ever more important first-party data? Yet that’s just what retailers and wholesalers have done by signing on to Instacart’s retail media network. If I’m a retailer or wholesaler, I get it. Instacart is the ‘Easy Button’. A one-stop shop for outsourcing online shopping, digital shopper engagement, and retail media. Choosing a third-party like Instacart removes major headaches and resource commitments for retailers. So I don’t blame retailers and wholesalers for partnering with third-parties like Instacart. But at what cost? As Instacart and other third-party marketplaces grow their influence, traditional retailers will increasingly be delegated to simply putting products on the shelf. CPG marketing funds are rapidly evolving towards digital solutions. How long do you think it will be before traditional trade promotion dollars will be dependent on digital capabilities like sophisticated targeting, digital engagement in the store, and digital offer delivery managed across a growing number of channels? All things Instacart is able to provide. So I get it. Grocery retail is incredibly tactical, the need to obsessively control operating expenses to eke out a profit. Thinking strategically and longer-term is a luxury that many retailers and wholesalers do not have. And I have to give Instacart credit. They saw a market opportunity and went after it, pivoting along the way to provide a growing array of tech solutions to retailers in addition to creating and growing their retail media network. Yet as we accelerate up and out technology’s exponential growth curve, that historical tactical focus, putting out the brush fires to survive another day, becomes increasingly dangerous. And understanding that we now live in a world that has never before existed, a world of exponential change, is now imperative for survival. That’s why I wrote Bionic Retail, my latest book. To help the retail industry understand that it is now in a new world and many of the old rules no longer apply. Succeeding in the exponential world requires new thinking and deliberately letting go of many past practices, processes, and beliefs that increasingly constrain retail and innovation. Maybe the ‘Easy Button’ isn’t going to be so easy after all. The Shelby Report ROFDA Instacart #grocery #groceryretail #grocerystrategy #grocerytech #groceryinnovation #retail #retailtech #retailstrategy #retailinnovation #CPG #CPGinnovation #retailmedianetworks #RMN #supermarket Center for Advancing Retail & Technology (CART) https://lnkd.in/gH93nm3A

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Father’s Day spending is expected to reach $22.4 billion this year, according to an annual survey released today by the National Retail Federation (NRF) and Prosper Insights & Analytics. This is the second-highest figure in the survey’s history and on par with last year’s record of $22.9 billion. #fathersday #retailsales #nrf

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Everyone knows product returns are a problem, but now the National Retail Federation (NRF), in research with Appriss, has spelled it out in stark terms: total returns for the retail industry amounted to $743 billion in merchandise in 2023. In addition, the total return rate as a percentage of sales in 2023 was 14.5 percent. Of that figure, the research shows that $101 billion are fraudulent returns, or 13.7 percent of total returns. #returnsmanagement #retail

AI is exploding across the retail industry and yet most retailers are ill-prepared for taking full advantage of AI’s benefits. While the largest retailers - companies like Walmart, Kroger, and a few others - are transforming their massive businesses into digital operating and business models, traditional retailers continue to be hamstrung by poor quality data and application silos. Developing data discipline, data diversification, and speeding up the gathering, understanding, and use of data are essential to survival in a time of exponential technology growth. Moving to a unified data foundation speeds development and deployment of new AI capabilities. In today’s world, speed doesn’t kill, being slow does. So are you on the path to becoming a Bionic Retailer? Bionic Retail is available here: https://lnkd.in/gNDY8baC #retail #retailstrategy #retailtech #retailinnovation #FMCGretail #supermarkets #CPGretail #grocery #groceryinnovation #grocerytech #grocerystrategy #AI #retailAI Center for Advancing Retail & Technology (CART) #bionicretail #CEO #CMO #CIO #COO https://bionicretail.com/

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Key EMARKETER stat: Nearly half (49%) of US retailers report using store intelligence technologies (like AI/machine learning, IoT sensors, and shelf-edge cameras) have improved price planning, according to a March 2024 report from Coresight Research sponsored by Simbe. Beyond the chart: Poor pricing and promotional execution cost retailers an average of 4.8% of gross sales, per the report. AI and machine learning are valuable tools in pricing and promotional strategies. They enable retailers to adjust prices in real-time based on market conditions, competitor actions, and customer preferences. 60% of US retailers are currently investing in AI/machine learning algorithms and 56% plan to invest in it in the future, per Coresight Research. #retailtech #emarketer

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The latest research from our friends at RSR Research (Retail Systems Research) - how retailers and CPG are using location technology to achieve their shared goals. https://lnkd.in/g6auXG_u #Retail #CPG #Esri #RSR #LocationIntelligence #BusinessGIS

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Although this is a UK survey, I think it applies to the U.S. consumer as well. Research flags link between fun shopping experience and revenue growth in bricks and mortar retail — Retail Technology Innovation Hub Do you buy more (or buy in general) when the experience is fun vs “run of the mill?” #consumertrends #consumer #retail #experiential #retailrealestate

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Hello Retail Friends,   It’s no secret that supply chains have faced unprecedented disruption and volatility in recent years, underscoring the need to address vulnerabilities, improve preparedness, and create innovative strategies.   We surveyed 285 retail, CPG, and wholesale leaders globally in February 2024, exploring the challenges, strategic investment areas, and opportunities for retailers and CPGs over the next 3-5 years.   See how retail and CPG executives are tackling these challenges and planning for the future in our report, State of Supply Chain 2024: Retail and CPG Dynamics.     https://lnkd.in/eQQVdNmN     #supplychain #businesstransformation #supplychainplanning

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According to recent McKinsey report, hyper-personalization of customer experience can drive 5 to 15 percent increases in revenue and 10 to 30 percent increases in marketing-spend efficiency — predominantly by deploying product recommendations and triggered communications within singular channels. To achieve that, the "brick-and-mortar" retail will be digitized at all levels: store employees, customers, and managers. From our experience, this doesn't seem as a wishful benchmark - but rather close to the potential proven in real cases.

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Shein has been repeatedly rejected in its attempts to become a member of the National Retail Federation, the largest trade association in the industry. The NRF's acceptance could provide validation for Shein and help legitimize the company in the eyes of U.S. lawmakers. Shein is facing scrutiny over its supply chain, use of a tariff law loophole, and geopolitical concerns related to China. The NRF's approval could be a positive catalyst for Shein, although the organization has not completely shut the door on Shein's membership application. The NRF's board leadership team and executive committee play a significant role in membership discussions, with key industry insiders involved in the decision-making process. #shein #nrf #ipo

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When evaluating the effects of using the digital price tags, it's quite common to apply the usual operational effiiency mantra to it - the majority of the business cases for price tag uses (not excluding the ones we were evaluating at X5) are about that, and there's quite valid reason behind that. However, if you consider the dynamic pricing experiences the marketplaces are quite used to, such as changing a price tag for a catalog item 50-80 times a day based on customer big data, you might think that digital price tags are seriously underused by brisk-and-mortars. True or not, what would you think?

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Retail Efficiency: Tips for the Creation of Best Practices https://hubs.ly/Q02tsJ8l0

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Interesting insights into 2024 holiday spending. Average consumer spending for holiday items is expected to reach a record $902, despite ongoing inflation concerns and economic uncertainties. A significant portion of consumers (57%) report financial strain, leading to a cautious spending approach, with many seeking deals and discounts. Income levels significantly influence spending plans, with 34% of consumers earning over $65K intending to spend more, compared to only 21% of those earning less. A thrifty mindset prevails, with 62% of consumers planning to switch to lower-priced brands and 75% intending to participate in promotional events. The holiday shopping season is shortened due to fewer peak shopping days, prompting retailers to initiate promotions earlier and increasing online shopping demand. E-commerce remains the preferred shopping channel, with 57% of consumers planning to shop online, while department stores and discount stores also see significant interest. Recommerce is gaining traction, particularly among Gen Z consumers, who are motivated by sustainability and cost-saving. Gen Z is expected to lead holiday spending growth, with 35% planning to increase their budgets, while overall spending on experiences is anticipated to rise. Self-gifting is less common this year, with only 32% of consumers planning to buy for themselves, although 47% of Gen Z still intend to treat themselves.

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Have you made the investment in your retail talent yet?   Learning and development are no longer “nice-to-haves” or something to focus on later. Ongoing training is an imperative component of maintaining talent and ensuring the long-term success of your organization. In MOHR Retail's recent webinar, Strategic Talent Revival: Re-Engaging, Recruiting, and Building Bench Strength, Lisa Anderson (She/Her/Hers), Division Vice President of Optometry at EyeCare Partners, identified that continuous learning:   ✔Keeps people engaged ✔Shows them you’re invested in their success ✔Motivates and equips them to contribute their best work   Your training program should include finding opportunities to cross-train and build a versatile workforce. Associates trained in multiple areas can step in as needed, which will reduce disruptions and ensure smooth operations while also giving them a chance to learn more about the business.    You should also establish mentorship programs where experienced leaders and team members can guide and support newer hires. This helps transfer knowledge and skills and fosters a supportive work environment.   I also encourage you to routinely identify potential future leaders within your organization and provide them with the necessary training and development to prepare them for advanced roles. Upskill your existing talent and give them a long-term career path with your company. It will help you reduce the risk of turnover and maintain the best people.   Not sure where to start with a retail training program? Ask your questions below, and I’ll be happy to help!   #LearnMOHR #EyeCarePartners #RetailTraining #Retail

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