There is an age-old adage that suggests that “he who hesitates is lost.” For as long as I can remember, this simply did not seem applicable to the retail industry. Sure, there were always a few who stuck their necks out with visions of grandeur and a goal of forging ahead of the competition; however,
It’s time for retailers — and their brand partners — to stop “trying harder” and start “trying differently.” Based on a report released by Coresight Research, “Retail Merchandising: Unveiling Hidden Gaps and Inefficiencies,” a lack of planogram compliance and ineffective localization continues to complicate the merchandising process. The proliferation of shopping channels, more digitally adept
According to a study released earlier this year by Kline and Co., “Cosmetics and Toiletries USA,” the U.S. beauty and personal care market surpassed $85 billion in retail sales in 2021, a rise of $7 billion from 2019 sales levels. This marks the sector’s strongest performance within the last 10 years, with no signs of
As customer expectations transform, supply chain issues remain, cost pressures rise and workforce challenges linger, retail drug stores must continue their rapid change and transformation. The aftermath of the COVID-19 pandemic has greatly accelerated this necessary evolution. During this time of reinvention across the industry, I’m reminded of the old real estate adage, “Location, location,
The use of technology has been expanding across retail for years — however, its pervasiveness was accelerated by the COVID-19 pandemic. The integration of technology within the retail ecosystem has become the new normal. This article highlights five technological advancements that have changed the shape of health care delivery and the retail supply chain forever.
In recent months, big data has been an often-discussed topic among business leaders as they consider ways to adjust their businesses to contend with the effects of the pandemic, which continues to shape shopping behavior. Across the retail industry, companies are still struggling to put data-driven strategies into action. In November 2020, Exasol published research
Product transparency is fast-becoming an industry standard — across virtually every channel. This visibility throughout the supply chain supports consumer preferences for locally sourced and/or ethically produced product, and allows manufacturers and distributors to proactively update progression and status as well as minimize disruption and mitigate customer risk. As it relates to transparency across the
In Dr. Seuss’ (Theodor Geisel’s) last major book, Oh, the Places You’ll Go!, he put forth advice for recent graduates from almost any school: You have brains in your head. You have feet in your shoes. You can steer yourself. Any direction you choose. And you’re on your own. And you know what you know.
At the same time mindsets have shifted toward taking care of one’s personal health and wellness, the natural space has expanded and a variety of purported “better for you” and “free from” products have emerged in food, health, beauty, wellness and other lifestyle categories. As this trend toward self-care becomes a focus of more consumers,
New categories can develop when product innovation meets a consumer’s unmet need in a way that no existing category has provided. Retailers that adopt a new category or subcategory early can gain an edge over their competitors. Emerging retail categories disrupt and change the retail market. There are innovative retail categories that include virtual reality
The aftermath of mergers and acquisitions or other industry “disruptions” can be unsettling, to say the least. The dust is often kicked up, and the traditional foundation feels shaky at best. A June 2014 article by McKinsey & Co., “How U.S. health care companies can thrive amid disruption,” states that the volume of M&A deal
Putting patients increasingly in control of their well-being and health care outcomes has truly come of age. It is through technology that the ability to automatically monitor, track and report a health condition has become attainable, and this is another positive step toward equipping consumers to be in charge of their health. This technology will
