Information is power — when we use it wisely. Far too many retail executives feel overwhelmed by the vast volumes of data their companies collect, which often accumulate into a massive, intimidating Mount Everest.
Yet it’s no coincidence that the most successful retailers are those who invest in big data analysis and artificial intelligence (AI). They astutely know they’re sitting on a jackpot of data, and translating that data into actionable insights can help them make snappy, fact-based decisions to drive efficiency and gain a competitive edge.
The following three retailers use big data and AI to save time and…
2020 was an unprecedented year and left the world in disruption and uncertainty. But, with the social distancing mandates and mandatory home quarantines came the sudden and lasting shift to eCommerce. Let’s look at some numbers that prove the point that retail’s massive digital transformation is here to stay:
And the future tells us a similar story:
Sure, the eCommerce market may not continue its pandemic-paced growth in 2021 but the growth…
Examining the increasingly digital, personalized sportswear market.
As with many retail sectors, the 2020 sportswear faced some unprecedented changes due to Covid-19 — both from customers and the market at large.
For starters, Covid’s impact can be seen in changing customer values. On a surface level, demand for athleisure increased. The pandemic forced stay-at-home orders and work-from-home set-ups that naturally led people to ditch the buttons and collars in favor of comfort. And this comfort frequently manifested in athleisure — what with its multi-purpose functionality and often sleek vibe.
Another value that Covid shone a bright light on has been…
COVID-19 saw a quantum leap in people shopping for consumer packaged goods online. It pushed older buyers online and made “google shopping” an everyday activity. This proclivity towards buying online has become the new normal and will likely not diminish dramatically.
A recent BCG study stated that before the pandemic eCommerce formed just 3% of total sales for the CPG segment. But, in 2020, that same segment experienced a huge spike in sales, with 15% of total revenue being generated from online channels.
Here’s the challenges faced by CPG brands and retailers amidst the changing retail landscape and 6 key trends that are shaping the future of CPG in 2021 and beyond.
This article was first published on Forbes on Oct 7, 2020, and is authored by Intelligence Node CEO Sanjeev Sularia in his capacity as a member of the Forbes Tech Council.
Driven in large part by millennials and Generation Z, the resale, or “recommerce,” market is booming. Currently worth approximately $24 billion, it is projected to reach $51 billion by 2023.
As millennial and Generation Z shoppers gain more buying power, consumers are becoming more passionate than ever before about sustainable commerce. In fact, 73% of millennial consumers said they prefer to purchase from sustainable brands. …
2020 coaxed shoppers to adopt online shopping amidst the pandemic. This popularized eCommerce across all demographics and accelerated the shift to online shopping by years. Food & beverage, grocery, and edible CPG goods too saw a massive uptick in online orders and experienced unprecedented online demand during COVID-19. This trend is definitely here to stay and brands and retailers need to jump on this opportunity to convert the newly birthed online shoppers and make an imprint on the eCommerce ecosystem.
The answer lies in harnessing AI driven technology. While 2020 marked the dawn of a new eCommerce era, 2021 will…
We all know how important competitive pricing is in the online retail sphere. After all, the pricing successes of giants like Walmart, Target, and Best Buy has been documented time and time again.
And while lesser retailers strive for the same success, they rarely invest as much in price management solutions. Instead, they opt for the “tried and true” methodologies of yesteryear. A.k.a. Adhering to long standing traditions and unproven discounts.
… Hardly a formula for success.
Retailers, prepare your eulogies: Traditional merchandise planning is officially dead.
According to Sanjeev Sularia, CEO and Co-Founder of Intelligence Node, digital transformation has rendered dated, intuition-based strategies useless while ushering in a new era of data-driven pricing and assortment planning.
Sanjeev said he and his co-founders saw the change coming in 2012. In response, the team built a massive database of retail products that would empower brands to integrate lifecycle pricing into their merchandising strategies.
“But we wanted to do even more,” Sanjeev said. “We wanted to give retailers and brands a fighting chance — not only to survive in…
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Everyone of us who is well versed with online shopping has at least some time encountered or even purchased a fake or a counterfeit product. Counterfeit products and gray-goods sold through unauthorized supply chains, offer marked down prices and deep discounts and have become a new nightmare for today’s brands and manufacturers. Apart from eating into sales and margins, these products are also responsible for eroding…
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