The retail sector is under strain. According to Deloitte, the industry is facing stagnant growth with a CAGR of 1.5% to 3.5%. A big part of this challenge? Shifts in pace, pressure, competition, and changing shopper expectations. Walk into any mid-sized retail outlet today, and you’ll see: Long queues frustrating shoppers. Customers now don’t just […]
Retail theft is not a new problem. However, it’s rapidly growing and evolving, especially since the pandemic. According to estimates, Canadian retailers have lost $9.1 billion to theft in 2024, an 82% increase from 2018. U.S. retailers’ median inventory shrinkage percentage is 1.4%, up from 1% in 2018. Experts estimate that as many as 33% […]
The 2024 holiday season is right here, spelling optimistic times for retailers. Deloitte’s Holiday Retail Survey projects an 8% growth in this year’s US holiday sales. As for Canada, sales increase is expected to hit a 32% rise, per JLL’s Holiday Shopping Survey Report. Clearly, the upcoming season marks a prime time loaded with retail […]
It’s peak shopping season. A loyal customer logs into your online store, hoping to buy a product they’ve been eyeing for weeks. They’d seen it at your store earlier but wanted to do some research before committing. Now is the perfect time, and they’re ready to purchase. They add to the cart and hit checkout. […]
We live in highly competitive retail times. Retailers are investing heavily in lead generation, paying an average of $34 for a retail lead. Yet, this isn’t translating into revenues as expected. Research suggests that the average conversion rate for a retail lead is as low as 3%. Understanding the why is essential to ensure this […]
Efficiency in warehouse and inventory management operations can make or break your retail business. However, research suggests that most retailers do not get the best of it. According to data, US-based retailers sit on approximately $1.43 in inventory for each $1 of sales. This overstocking translates into issues like capital blockages, increased costs for managing […]
Given how competitive the retail world has become post-pandemic, the current times demand leveraging every possible advantage point to establish business competitiveness. This applies to both brick-and-mortar shops and eCommerce websites. Implementing a feature-rich ERP software tailored for retail steps here as a transformative tool for retailers looking to grow. A retail-business-oriented ERP helps to […]
Today’s retail landscape is evolving rapidly and has turned massively competitive. One way for retailers to remain relevant and profitable is by optimizing the customer’s in-store shopping experience. Smooth checkouts are integral to experiential retail, and 90 percent of shoppers say a smooth checkout process significantly impacts their shopping experience. While cashier-staffed checkouts have been […]
Employee theft is a significant threat in the retail industry. According to the Retail Council, an estimated 566,000 cases of employee theft go undetected each year in Canada. In 2022, the average shrink rate in retail rose to 1.6%, up from 1.4% the previous year, with external and in-house theft accounting for 65% of this […]
Online retail is growing remarkably. Global e-commerce sales accounted for 19% of retail sales in 2019. This number is expected to rise to 25% by 2026. But does this mean brick-and-mortar stores are on the path of embracing obsolescence? Not exactly. The general prediction for the future of brick-and-mortar was a doomsday scenario for retail […]