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….
In a previous post, I discussed the impacts of higher labor costs in retail. This post will explore how retailers can address this significant challenge with the latest generation of workforce manag
ement (WFM) tools that leverage expanded use of artificial intelligence (AI), real-time data exchange and more robust enterprise computing platforms. These enhancements offer retailers an inventory of new opportunities for early adopters.
The eCommerce tsunami has already begun to build. FMI and Nielsen project that more than $2Billion brick and mortar trips will be migrating to eCommerce over the next 3 years. The spigot is on and no one can stop the flow as this is a cultural phenomenon more than an industry phenomenon. Size wise, this means $50 Billion migrating from brick and mortar to eCommerce. That’s like the size of a retailer TWICE the size of HEB entering the marketplace to grab business away from existing retailers. A true tsunami, and the independent grocer faces an extremely volatile environment if they cannot defend against the onslaught, and do so in a profitable way…
Today’s thriving retailers leverage technology at multiple shopper touchpoints to provide the best customer experiences. However, most retailers still rely on traditional methods of customer insight to measure and manage the customer experience. The two most prevalent tools, customer feedback surveys and mystery shops, emerged long before the mobile revolution, and each has drawbacks solvable through the use of emerging mobile architecture…
