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.
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.
As 2020 comes to a close, many retailers and consumers alike are looking forward to next year. There’s still one more opportunity to close out the year on a positive note: the holidays! Before the pandemic, retailers had decades of accurate data to pull from to create more precise holiday forecasts. Obviously, this year has been a bit more challenging.
With the holiday shopping season nearly upon us, many retailers are wondering how this year’s numbers will compare to prior years. Since 2020 has been such an anomaly, it is hard to forecast exactly what will occur. Many retail industry experts are still unsure of what will happen during this holiday shopping season, especially during what are normally high traffic shopping days like Black Friday 1.
Retailers Can Learn Valuable Lessons from the World’s Tallest Skyscrapers
When visiting New York or another major city for the first time, the number and size of all the skyscrapers are without question one of the most notable elements. The term skyscraper literally means to erase or block out the sky. These are massive buildings by any account. Undoubtedly, skyscrapers are an impressive feat of modern engineering. However, they wouldn’t be possible without a strong foundation.
Like skyscrapers, retail businesses must also be built on a strong foundation in order to stand firm against the elements. We aren’t talking about physical buildings in this sense, but rather the right solutions which empower retailers to make profitable decisions. In other words, we are talking about the foundation of a profitable supply chain: a profitable demand planning solution.