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While businesses don’t often use the term “big data” anymore, the concept has not disappeared. The analysis of large amounts of data to mine a variety of insights and actions still provides the strongest guideposts when building a strategic direction. Many companies still struggle with this, whether it’s because of lack of resources or time,
There was a brief moment in the pandemic, while stores were shuttered and online commerce was soaring, when retailers started to wonder what kind of role the physical store still had to play. Three years on, we can say definitively that stores remain key to the retail industry’s future. The data speaks for itself. Over
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,
The rise of Artificial Intelligence (AI) has ushered in a new era for e-commerce, redefining how we search for products, reshaping the foundational building blocks of success in e-commerce and transforming retailer experiences. From revolutionizing product search behavior to making time-consuming tasks such as item taxonomy and collecting nutritional information obsolete, AI’s transformative capabilities are
There is a massive conversation in the retail industry today about “integrated joint business planning” as retail and media converge. In reality, retail as media means there are two different business plans that bend in different directions that need to come together — the joint media plan and the joint business plan (JBP). These plans
In today’s fast-paced and evolving marketplace, pharmacies and drug stores have become an integral part of consumers’ lives. More than a place to fill prescriptions, these stores are trusted hubs for convenience and wellness today more than ever, post-pandemic. But there is increased competition for convenience and prescriptions outside of the traditional drug store channel,
NEW YORK — That Agile Innovation Series focuses on why organizations must constantly evolve and innovate with an agile mindset to remain viable in today’s dynamic world. Throughout the series, Trey Holder, accelerate360’s chief business officer and president of distribution and logistics, explores the current business environment through interviews with leaders in a variety of
BROOKLYN, N.Y. — Applied Biological Laboratories, a New York-based biotechnology company, launched Biovanta in 2020. Biovanta is said to be proven superior to other leading products at controlling upper respiratory inflammation. “Biovanta harnesses the power of nature and science to deliver the latest breakthrough in respiratory health,” says Joseph Juliano, vice president of sales and
Consumer preferences evolve every single day. But the drug store experience hasn’t kept up. Picking up a prescription is the same as it was a decade ago. But why? Is the retail pharmacy stuck? Consider this: More than 50% of the companies on the Fortune 500 list 20 years ago no longer exist. Failure is
One of the hottest trends in retail and advertising is the emergence of retail media networks. Retailers large and small are scrambling to convert their stores and digital properties into a portfolio of sellable advertising units in a quest to grab a piece of the $41 billion (2022) retail media market. This creates an important
In today’s landscape, retail pharmacies only account for 2% of the $100 billion dollar ad spend from brand- and vendor-funded retail media, according to WPP media company GroupM. Retail media creates first-party data opportunities for any brand who wants to target high-intent shoppers in a privacy-compliant advertising ecosystem, including on physical retail shelves, TV screens
As pharmacy retailers continue to find their footing in a post-COVID world, it’s important that they look at the changing trends in health care and what consumers expect in their care. Consumers got used to telehealth visits and tracking their own health with their personal devices, so pharmacy retailers must be cognizant of this as
There was a time when likely the only electronic or digital display of any kind that could be found in a pharmacy or drug store was the sign indicating the name of the business above the entrance. Today, things are very different. As the ubiquity of digital signs has continued to grow, drug store chains
WSL Strategic Retail has long advised that to see the future of retail, you have to follow the shopper. And today, many of those shoppers are following someone in very small shoes. Generation Alpha, the oldest members of whom are just now approaching 14, have outsized influence as consumers, in spite of the fact that
