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.
Pilot Company to implement 4R software in its stores to strengthen inventory management across its network.
BERWYN, PA, January 14, 2021 – 4R Systems, Inc., a leading provider of cloud-based machine learning & AI solutions that help retailers optimize their supply chain and merchandising decisions, announced that Pilot Company has selected its machine learning Forecasting and Replenishment Solution. Pilot Company is the largest operator of travel centers in North America, with more than 750 company-owned locations in the United States and Canada.
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.
The retail world of today is very different than it was 20+ years ago (and, yes, I’m old enough to remember). But, like the fashion world, some retail trends are coming full circle and starting to make a comeback (remember thinking bellbottoms would never return?). Retail used to be focused on the customer experience. Do you remember getting excited to go to Woolworth with your grandparents just so you could visit the soda fountain for a grilled cheese and milkshake? Years ago, shopping wasn’t just an ‘in and out’ thing. It was an all-day outing with the whole family. It was an experience.[Read more…]
The holiday shopping season is right around the corner and for many retail owners, this can be a stressful time for many reasons. There are larger crowds, a need for extra staff, the general strain of the holiday hustle and bustle and the guessing game of how much extra inventory you’re going to need in your store to accommodate those crowds. [Read more…]