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.
Today’s consumers place a high value on convenience. In fact, some stats show up to “97% of consumers have abandoned a purchase because the service wasn’t convenient enough.” Retailers and businesses today know the importance of offering more convenient omnichannel fulfillment methods, such as BOPIS (buy online pick up in-store) and curbside. Accelerated by the pandemic in 2020, more businesses today are looking for ways to improve, or fully implement, online order fulfillment in their locations.
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.
With 2020 finally behind us, the future for retail is looking bright. Despite a global pandemic, total retail sales still performed well in 2020. The National Retail Federation (NRF) recently announced early findings show a 6.7 percent increase in retail sales from 2019 to $4.06 trillion, and they expect total retail sales to exceed $4.33 trillion in 2021. The BEA also reported consumer spending was up 2.4 percent already in January 2021, which is a great sign for overall economic growth.
To say COVID-19 was devastating for retail and convenience is an understatement. Supply chains weren’t just disrupted; they were thrown into complete chaos. The waves from the supply and demand ripple effects quickly grew, wreaking havoc on the already fragile infrastructure that is the modern-day global supply chain.
While the timeline for when supply chains will return to normal is uncertain, what we do know is that retailers, c-store operators, CPG, and brands have to continue adapting in order to move forward.
4R Systems President & CEO, Mark Garland, sat down with Jared Brown, the Senior Analyst at Aubuchon Hardware. Mark asked Jared some questions about Aubuchon Hardware, a large privately owned hardware retailer in the northeast united states.
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4R Systems introduced its 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.