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COMMENT: Forecasting the Future of Retail Demand Forecasting
PROF. ROBERT FILDES | March 21, 2019
We are one of the leading companies in the domestic market of electronic payments, responsible for accreditation, capture, transmission, processing of transactions with credit and debit cards.
Article | March 4, 2020
The retail industry has experienced a rapid transformation in the last 20 years. And like other industries, the retail industry is also embracing the Internet of Things (IoT) technology for the innovative opportunities it offers. In fact, IoT has already been embraced in retail all around the world. For instance, the IoT in the retail market has been increasing at a whopping 20% CAGR since 2015 and it is forecasted to reach $35 billion in 2020. That being said, let’s examine the top 4 opportunities IoT technology holds for the retail industry in the year 2020 and how you can capitalize on them. Retailers that have embraced the IoT technology have already experienced benefits like reduced costs, improvement in overall performance, and enhanced customer experience.
In the past several weeks, over 100 retailers both legacy and DTC have temporarily shuttered their doors or reduced hours to help stop the spread of the coronavirus. For digitally native brands, which operate few stores relative to more traditional players, the move to operating exclusively online, in theory, should have come with little disruption to business. But that hasn't been the case. Online spending at ThirdLove during the week of March 16 fell 39% week over week, while Poshmark fell 30% and StitchFix fell 9% during that same period, according to Edison Trends data shared with Retail Dive. As a whole, direct-to-consumer brand week-over-week spending fell 7% on average between March 2 and March 22. Comparatively, the average week-over-week increase for these brands from Jan. 6 to March 1 was 1%, according to the data.
Technology is changing at a fast pace and so is every industry related to it. People are moving from Facebook to Instagram, Google to Pinterest, blogs to video content, and so on. While the content remains to be the driving force behind all the marketing strategies, it is how it is generated, monetised, and marketed to the target audience that matters. Traditional marketing included pop-ups to divert the audience from what they were already watching, reading or listening. Agencies and media firms would utilise the space to spread a message in order to attract customers as per the size and demographic of the audience. Today, it is different. Today, Internet advertising industry is more sophisticated than ever before which lets retailers deliver their up-to-date graphics to target audiences and measure their responses simultaneously.
Reality as we know it has been interrupted. Our entire lives have been put on hold. And it’s not a great feeling. To fight the global coronavirus pandemic, we’re all stepping back from large gatherings even if it disrupts our business goals or denies us the ability to catch up with dear friends. Not only have we postponed Ecommerce Operations Summit 2020 but we are brainstorming other ways to do our part and contribute however we can. Our focus right now is on everyone whose lives have been turned upside down or even put at mortal risk by this invisible enemy. How has this impacted you? While you’re working from home, carve out a quick minute to answer this survey and share the effect COVID-19 has had on your business. Answers will be collected through this Thursday.
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