Strategic Pricing for Fashion Retailers in Times of Uncertainty
As fashion retailers are reopening around the globe and getting back to business, the need for more strategic pricing capabilities to improve the bottom line is becoming a clear need versus a want. After dealing with several months of uncertainty, the importance of technology to…
Fashion Retailers Could Be Left Paying the Price If They Don’t Take Advantage of AI
Setting the right price has always been a complex question for fashion retailers. On the one hand, a high price will risk losing customers – according to McKinsey, customers will not return to a retailer if prices are more than 30% higher than competitors. Whereas a…
The New Associate
There will be a new generation of associates entering the workforce post-COVID-19. Organizations need to be prepared for their changing expectations so they can continue to engage and retain their employees. This generation of workers understands and values technology.
COVID-19 Month-Over-Month Survey Comparison: Consumer Trends and Their Impact on Retail Supply Chains
Not surprisingly, the results show that overall consumer spending has decreased while online shopping sees steady growth; however, there are also notable takeaways for grocery delivery services based on additional questions that were added this month. Read on for the full results:
Crisis Response Part 3: Getting Back to Business
In the current environment, how will organizations balance out the financial impact on their businesses and maintain their brand, while adapting to the new norms of work and keeping in mind the health and safety of their associates? To get the business back on its feet, we can consider the following:
Greater Importance of Retailer and Supplier Collaboration
The new normal in planning needs to incorporate some traditional planning processes, but with changes to go-to-market. There should be a greater understanding of consumer confidence, manufacturing location, contingency planning, diversity in the supply chain, and leveraging not just data, but insights on how the consumer responds to purchase consumption.
How the COVID-19 Crisis Will Continue to Affect Retail Supply Chain Thinking
Supply chain management professionals have seen a lot over our careers. From a retail supply chain management perspective, it was a matter of understanding which throttles to slow down and when to speed things back up as the recovery took hold. There is some value to looking at how our supply chain thinking will fundamentally change in the months to come:
Crisis Response: Dealing with Here and Now with Your Workforce
Organizations have been battling store closures, panic buying and much more due to the COVID-19 pandemic. Managing employees’ safety and health, stock levels, supply chain disruption, store recovery, and customer service during this crisis has become a herculean task. Many organizations have had to close their doors either by choice or by regulations. This will have both an immediate and longer-term impact.
COVID-19 Survey: Consumer Trends and Their Impact on Retail Supply Chains
As the world adjusts to a new set of norms in response to the COVID-19 crisis, the phrase “business as usual” continues to take on new meaning for the economy, organizations, consumers, and the supply chains that support their daily demands.
What Retailers Need to Consider to Come Out Ahead from Times of Uncertainty
During times of distress, nothing brings comfort like returning to basics and simplicity. As the impacts of the COVID-19 continue to evolve, consumers are faced with unprecedented disruptions to these basics while retailers are scrambling to understand impacts on their supply chain. The one constant, though, in all the chaos: retailers remain focused on servicing customers and keeping their employees working.