Companies are finding all sorts of creative ways to reimagine their digital strategies; to not only meet current demand, but to find that competitive edge within this hybrid digital/physical shopping era. Found out how the stakes continue to rise as the retail industry shifts in this week’s dispatch:
Adobe Analytics, revealed that online sales for Cyber 5 (the five-day period between Thanksgiving and Cyber Monday) topped all categories with a record high of $35.11 billion, beating out 2020’s record-making $34.36 billion.1
A breakdown of the most popular shopping days are as follows:
Discounts played a major role this holiday season. Although retailers ran promotions early, shoppers held out until Thanksgiving weekend and Cyber Monday for the deepest discounts.
Mobile was the primary medium for online shopping, bringing in the highest of all technical devices, over the holiday weekend, coming in at 51% vs. 46% in 2021.
Amazon’s proprietary Just Walk Out and palm scanning technologies will launch at Community Groceries, an independent food market located in Kansas City, Missouri.2
The partnership with Community Groceries will be the first time that a supermarket not owned by Amazon will have access to use their trademarked technology, purported to provide a speedier and more convenient shopping experience.
The Just Walk Out solution allows the shopper to provide their credit card information as they enter the store, and the Amazon One palm scanner uses contactless technology that requires the palm of the hand to hover over a kiosk, which identifies the customer and their payment information.
Amazon has been working their way into the grocery market for some time now. Examples include their partnership with Wholefoods and their own Amazon Fresh stores located in select cities across the U.S.
This collaboration with Community Groceries signals Amazon’s newest venture of becoming a service vendor to other businesses wanting access to these technologies. The e-commerce giant has already licensed their Just Walk Out and Amazon One solutions, to other third-party establishments within the entertainment and travel industries.
Lord & Taylor, the oldest department store brand in the United States, is solidifying its virtual presence by launching a digital advertising platform that will add retail media network to a growing list of offerings.
This new addition to their digital arsenal will give Lord & Taylor a selling advantage by creating shoppable ads to reach more in-market consumers only available through its retail media network.3
The luxury brand retailer, who opened their first brick-and-mortar store in 1826, filed for bankruptcy in 2019 and was acquired by the Saadia Group that same year. They subsequently shuttered all their physical stores in 2021.
Since launching their comeback, they’ve been taking strides to fortify their new brand positioning as an online retailer, who sells “obtainable luxury” in men, women, and children’s apparel and accessories.
Mark Stocker, President of Lord & Taylor said in a statement, “Lord & Taylor has been a trusted retailer for nearly 200 years, providing obtainable luxury to our community through a highly curated selection of brands. Over the past year, our focus has expanded to reimagine and reinvigorate the digital shopping experience for our customers.”
As supply chain issues continue to ease and return to normal levels, what lies ahead for the industry? What can we expect as a possible recession looms and inflation maintains?
Supply Chain Brain’s Think Tank provides their 2023 logistics predictions:4
Expect to see more mergers and acquisitions – given the threat of other environmental challenges that could still materialize, companies are proactively formulating plans to create more organizational efficiencies.
Shipping and logistics companies are pivoting strategies to diversify and expand their offerings – with the current shifts in consumer behaviors derived from the pandemic, logistics companies are expanding their services to meet demand.
Carrier selections and shipping cycles improving – expect a return to normalcy, as the rollercoaster ride of carrier shortages and inconsistencies with transportation cycles seem to be coming to an end.
Remote work is here to stay – incentives like remote work have shown to be a quality benefit to entice and retain potential employees.
Outsourcing for consultants within the IT sector – there’s a huge shortage within the U.S for IT professionals.
Advanced technologies will be more in demand – robotics and other forms of artificial intelligence have become a necessity as companies look to improve operational productivity and costs.