Preparing For The Unknown: Black Friday 2020

  • “Retailers must employ a strategy that is differentiated, supported by an agile technology platform that allows them to easily experiment, fail cheap, and measure results accurately.
  • eMarketer reports that U.S. click-and-collect e-commerce sales are expected to grow to $58.52 billion, up 60.4% from its initial forecast.
  • Indeed, the ROI on retail AI is expected to reach $340 billion by 2022 — from personalized marketing efforts, dynamic pricing and improved loyalty programs that maximize customer value.”

Unprecedented Decline: One-Fifth Of All American Department Stores Have Closed Since 2018

  • “In numbers compiled for this story, new research shows that since 2018 approximately 22% of all the department stores in the country have closed or will close before the end of the year.
  • This represents 798 individual department stores, including entire companies that have gone out of business, companies in chapter 11 bankruptcy proceedings who have announced closings and on-going retailers who have closed, or will close, selected units.”

Data Drop: eCommerce Numbers Steal Relevance

  • “While last week’s 16 percent overall spending drop lit up the headlines and scored high on the drama factor, it’s the eCommerce numbers – up 8.4 percent during the same period – that could hold the most importance for the future.
  • Our research shows that 32.8 percent of consumers are shopping for retail items just as often as they did before the pandemic, only now they are doing so online. This compares to 12.8 percent and 16.1 percent who have made similar changes to their grocery shopping and restaurant ordering routines, respectively.”

4 views on the future of retail and the shopping experience

Natasha Mascarenhas says retailers will need to find new ways to sell aspirational products — and what was once cringe-worthy might now be considered innovative.

Devin Coldewey sees businesses adopting a slew of creative digital services to prepare for the future and empower them without Amazon’s platform.

Autonomous retail startup Standard Cognition acquires competitor Checkout Technologies

“As cashiers across the country take precautions to limit interactions with customers in the midst of the COVID-19 pandemic, it’s hard to think of a better time for the rollout of an Amazon Go vision of autonomous retail.

Standard Cognition CEO Jordan Fisher has been building towards that future for the past several years. His startup has raised over $86 million”