Retail

Retail Response to COVID-19: Rising to the Challenge

Retail Response to COVID-19: Rising to the Challenge

The supermarket industry is truly inspiring during the crisis caused by COVID-19. The workers across the supply chain - from those manufacturing needed products, to truckers and distributors, to the people stocking shelves and checking shoppers out - are on the frontlines of this battle. Everyone and every organization throughout the industry has stepped up to ensure that food and needed supplies continue to flow to shoppers in every community across the United States.

Speaking with retailers and others, many retailers are slowly recovering from the panic buying that has occurred in the first couple weeks of this crisis. Food and supplies are slowly being restocked, and retailers are wisely limiting purchase quantities to insure that the majority of shoppers are able to get needed products. 

The partnerships…

A Retail Mindstep like None Before: The COVID-19 Crisis

A Retail Mindstep like None Before: The COVID-19 Crisis

Mindsteps, a construct created by astronomer Gerald Hawkins (no relation) several decades ago, refer to irreversible shifts in thinking that have shaped humanity; things like the development of imagery, writing, mathematics, the printing press, television, and computers.

In similar fashion, retail mindsteps refer to key developments that have shaped the massive fast moving consumer goods retail industry, such as the self-service store, product scanning, and, more recently, artificial intelligence. The ever-faster growth of technology fueled innovation is hastening the pace of these retail mindsteps.

And now we have the Covid-19 crisis - a mindstep like none before - that is happening just as key exponential growth technologies are converging, driving even greater acceleration in tech-fueled transformation and disruption…

Retail Response to COVID19: Innovation in Realtime

Retail Response to COVID19: Innovation in Realtime

During my many years as a supermarket retailer I saw my share of panic buying related to natural disasters like blizzards and hurricanes. Like many, I lived through the 9/11 crisis and its impact. But I have never experienced anything like what we are currently going through.

I’ve talked with many people across the supply chain these past few days, from brand manufacturers to distributors to retailers. I have been in our local stores seeking supplies but also watching how retailers are responding to a never-before environment.

While healthcare workers are always thought of as the front lines in a pandemic like we are experiencing, it is just as true that the workers in supermarkets and drug stores are equally on the front lines. The commitment by people across the massive grocery industry to serve the people in their communities during this crisis is to be commended. They don’t have to be there - they can stay home like many others, taking care of their families, and self-quarantining. But these store workers are unselfishly putting themselves on the front line of the coronavirus battle, realizing that feeding and providing needed supplies for their communities is as important as the doctors and nurses caring for the ill.

When the current crisis abates - and it will - I believe the retail industry can step back to realize what it has accomplished….

Using Psychology to Increase eCommerce Sales

Using Psychology to Increase eCommerce Sales

The Internet provides businesses with some of the best opportunities to sell products. Online shopping is easy and convenient, and with how versatile smartphones have become through Android and iOS mobile app development, the shopping experience can go wherever the customer goes.

While the Internet has given rise to eCommerce, businesses that engage in this industry have to do everything they can to maximize sales. To this end, the use of psychology can be one of the most valuable tools available to an eCommerce business…

Using elasticity-based pricing to boost profit margin

Using elasticity-based pricing to boost profit margin

Behind the elegant window displays and colorful online marketplaces, retailers are fighting a profit war; a war in which profit margins can be as low as 1-2 percent in a market that is rapidly changing. To compete in such a tough environment, retailers need to be armed with the best pricing strategies possible to win. When talking about profit margins, every percent matters, and the right pricing strategy can influence margins drastically. So which strategy is the winning strategy? What pricing method boosts profit margins enough to give competitors a run for their money?

2020: Welcome to The Age Of Personalization

2020: Welcome to The Age Of Personalization

“Personalization” is increasingly being recognized as a “must have” for retailers of all types; but especially for grocers. Here are a handful of insights regarding personalization:

“In 2020, retailers are focused on identifying and serving the individual customer with tailored services by investing in Shopper Tracking, Location-Based Marketing and CRM/Personalization.”- Progressive Grocer, 2019

“Personalization will be the prime driver of marketing success within five years. Only by acting today, however, can companies hope to be in a position to deliver value to both their customers and their brands.”- McKinsey, 2019

“As the digital age offers up new ways to fight for customer mindshare and dollars, consumer-facing organizations are responding with new efforts to personalize the customer experience…and reaping big rewards in the process.”- Harvard Business Review, 2018

Not all personalization solutions are alike!