How Buying Online Transforms Retail and Wholesale
“The future of consumer buying is not a shift from traditional to digital, nor is it an abandonment of self-service in favor of delivery; it’s all of the above. Consumers want values-based experiences, experimentation, price, and convenience, and they don’t want to make the trade-off.”
via Forrester
Retail and Beyond: The 2020 eCommerce Disruption
“The pandemic has accelerated the shift away from physical stores to digital shopping by roughly five years. Department stores, as a result, are seeing significant declines. In the first quarter of 2020, department store sales and those from other ‘non-essential’ retailers declined by 25%. This grew to a 75% decline in the second quarter.”
Digital Growth: The Secret to Thriving Retailers
“The resilience of these companies is due to one simple fact: They have transformed their traditional business models rapidly by leveraging a plethora of digital practices. And this transformation is hardly unique to China: It is what players must undertake in the economy of the pandemic to survive.”
via MIT Sloan
Machine Learning Apps in Healthcare, Finance and Retail
“Any technology that is sufficiently general-purpose has opportunities in a crisis. And machine learning is a general-purpose layer of technology that is enabling all sorts of use cases across every industry. In the good times, there is a surge of innovation and new technical development, which we have seen in spades in AI over the past five years.”
via 451 Research
Online Retail Transactions will Reach $4.8 Trillion by 2024
According to Juniper Research, total online retail transaction values will reach $4.8 trillion by 2024 — that’s up from $3.3 trillion anticipated in 2020. This growth will be driven by emerging markets, with China having 62 percent value growth over the next 4 years.
Augmented and Virtual Reality Gains Commercial Applications
The high growth in the commercial segment is primarily due to the AR/VR capability to solve complex business problems and streamline operations. The two industries that are seeing the most activities or implementation in Asia-Pacific are education ($495.3 million in 2019) and retail ($244.4 million in 2019).
How the Pandemic is Driving Online Retail Growth
Shopping online in the U.S. market: “In looking at total digital visits to an aggregate of Amazon, Walmart and Target’s sites, we saw 779 million visits the week of March 9-15 – the highest number of visits of any week so far in 2020.”
via Comscore
Artificial Intelligence Use Cases in CPG and Retail
“AI raises the analytical capabilities of CPG manufacturers and retailers to a new level and helps to optimize decision-making and to automate processes and actions. This includes optimizing internal processes such as logistics, inventory, and supply chain management.”
via PAC
Point-of-Sale Terminals Upgrade to Contactless Payments
Contactless transactions at POS are increasingly displacing cash in multiple markets. The study found that the average value per contactless transaction will grow from under $19 in 2019 to over $23 in 2024, with mobile payments and increasing contactless card issuance in the U.S. driving transaction growth.
How Digital Commerce Spending will Reach $18.7 Trillion
According to Juniper Research, global spending on digital commerce will reach $18.7 trillion by 2024 — that’s up from $11.2 trillion in 2019; an increase of 66 percent over the 5-year forecast period.
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