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New Formats for a New Normal

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Exploring Recent Retail Innovations in a Post-Pandemic World

As we get closer to a post-pandemic world, many businesses and consumers alike are figuring out yet another “new normal.” While e-commerce shopping channels increased significantly during the pandemic, the sales in these channels are leveling off for the first time in months. Recent data from NPD shows brick and mortar stores not only recovered in the past few weeks, but they have “exceeded pre-pandemic levels.” In-store sales were $1.7 billion higher than this time last year, and $400 million above 2019.

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A Race to the Door

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Every major brand is in a race to find innovative ways to ship products to their customers. Fueled by the pandemic and the growing importance of convenience for consumers, retailers, grocery stores, restaurants, and other brands are faced with increased pressure and competition to offer faster delivery times. Some brands are leveraging advanced technology and robotics, while others are experimenting with third-party delivery and BOPIS, or curbside pickup. Here are three observations on growing delivery trends in the retail, eCommerce, and grocery markets.

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Revive the Customer Experience

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If you want your business to grow, you will need to focus on building a positive customer experience (CX). Why? Providing a positive CX can directly increase your revenue in 2-3 years. A survey asked 1,920 business professionals to share their number one priority for the next 5 years. Creating a positive customer experience came in first, beating product and pricing.
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Get an Aerial View with Clustering Analysis

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Recently, 4R Systems introduced the all-new 4R Navigator – a suite of machine learning-powered analytics services designed to help retailers solve critical business challenges. 4R Navigator consists of four scientifically designed solutions that provide actionable insights with very fast results, and without the typical overhead costs. These solutions can be deployed and provide quick – but substantial – wins in as little as 3-6 weeks.

We already explored SKU Rationalization and how it can help you navigate your assortment. To better comprehend what clustering is, it’s best to get an aerial view of your organization so you can see the bigger picture.
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3 Ways to Increase Profits from Online Sales

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In a time of record-breaking online sales, now is the perfect time to evaluate online retail sales strategies. However, online shopping is obviously not new and certain customer expectations must be met. If your online retail store isn’t measuring up to expectations, online consumers will shop elsewhere for the products they want. Here are three ways you can increase profits from your online sales.
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Elevate Your Assortment to Capture More Sales from Online Traffic

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Online shopping has grown steadily over the past few years. One study found that “online sales grew by 15.1 percent in 2019 and accounted for 51.1 percent of all retail growth last year.” This year, more consumers than ever have shifted to online shopping as part of their regular routine. According to a recent report, “42 percent of consumers are using digital channels to engage in activities more often than they did before.” The U.S. Census Bureau also reported first quarter eCommerce sales to be up 2.4 percent ($160.3 billion) from the fourth quarter of 2019.

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