How Blockchain Can Help Retailers Fight Fraud, Boost Margins and Build Brands

| March 8, 2018

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Using blockchain’s distributed ledger, synchronized database and powerful encryption capabilities, along with its ability to generate smart contracts, retailers can gain early-mover advantage to more effectively collaborate and enhance trust across the value chain. Retailers face a myriad of steep macroeconomic challenges, from global competition and the growth of online shopping, to margin pressure – and that’s just the beginning. On a micro level, retailers.

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The NPD Group

NPD is the leading global provider of market information and business solutions covering brick-and-mortar, e-commerce, and emerging channels in more than 20 industries. We combine our unique data assets with analytic solutions to help our clients measure performance, predict trends, and improve results, advising them to help drive successful growth. Practice areas include apparel, appliances, automotive, beauty, books, consumer electronics, diamonds, e-commerce, entertainment, fashion accessories, food consumption, foodservice, footwear, home, juvenile products, mobile, office supplies, retail, sports, technology, toys, travel retail, games, and watches / jewelry.

OTHER ARTICLES

How A Toy Retailer Is Adding Quality Play Time To Quarantine

Article | March 25, 2020

There are 32 million kids under the age of 14 in the U.S. This week, and for who knows how much longer, they will be home from school due to the COVID-19 crisis. It may sound like a situation that will try the patience of any parent. But Bill Onderdonk, COO of high-end toy and game company KiwiCo, tells PYMNTS CEO Karen Webster that he thinks he has a solution. “If you want to spend quality time with your kids, they’re great projects for two or three people to do together,” he said. “So that’s sort of the other flip side of this crisis. On a broader scale, parents are concerned about how much time kids are spending in front of screens, whether that’s video games, phones or social media. Our products are a great alternative, because they are engaging and fun for kids.”

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How is coronavirus impacting the retail industry?

Article | March 19, 2020

Primark is one of the latest retailers to announce the temporary closure of some of its stores, in a bid to help stop the spread of coronavirus. It has closed outlets in Italy, France, Spain, and Austria (where 30% of its revenue is generated), while its UK and Northern Ireland stores at the time of publication at least remain (perhaps controversially) open. Primark is certainly not the only one to take this kind of action. Global retailers including Glossier, Nike, Urban Outfitters, and Patagonia have all indefinitely shut their stores, purely to help prevent further outbreak. In the majority of cases, employees are being paid for lost shifts. At the same time, retailers have also updated working policies to help ease the strain on staff. Starbucks, for example, has announced that it is implementing ‘catastrophe pay’ to US employees, meaning that it will now pay staff for up to 14 days if they have been diagnosed or in close contact with someone who has coronavirus.

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Grow your retail business with new customer trends

Article | April 7, 2020

Retailers know how important it is to drive customer engagement a business's success depends on customer retention, growth and ultimately sales. As an entrepreneur and the owner of retail jewelry brand Blossom Box Jewelry, I understand first-hand how important and often difficult it is to develop sales and marketing plans and strategies that will resonate with a target audience and provide a competitive advantage over other brands. With markets becoming increasingly saturated, it's crucial to create key differentiators for a business to remain successful. Throughout the year, I track customer e-commerce trends and online purchasing habits to identify ways to reach my customer base more effectively. That's the key to turning site browsers into paying customers: reaching shoppers the way they want to be reached, adapting business strategies to fit their needs, learning from their behaviors, and ultimately forming meaningful connections.

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How IoT is transforming the retail industry in 2020?

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.

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Spotlight

The NPD Group

NPD is the leading global provider of market information and business solutions covering brick-and-mortar, e-commerce, and emerging channels in more than 20 industries. We combine our unique data assets with analytic solutions to help our clients measure performance, predict trends, and improve results, advising them to help drive successful growth. Practice areas include apparel, appliances, automotive, beauty, books, consumer electronics, diamonds, e-commerce, entertainment, fashion accessories, food consumption, foodservice, footwear, home, juvenile products, mobile, office supplies, retail, sports, technology, toys, travel retail, games, and watches / jewelry.

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