The Supply Side: Hybrid shopping experience ‘is not going to go away’

by Kim Souza (ksouza@talkbusiness.net)

Five years ago, omnichannel — multiple methods to reach consumers — was a retailer’s choice. Still, following a pandemic that changed the landscape for many economic sectors, the hybrid shopping model has become table stakes.

Rick West, CEO of Field Agent, a research and retail data collection firm in Fayetteville, said omnichannel retail is here to stay, and retailers have to make room for omnichannel and the hybrid shopping experience because customers expect it.

“Specifically, from the retailer perspective, the omnichannel experience will shift again in 2024,” West said.

He said shoppers want every option and to be served efficiently whether shopping online, in physical stores or some combination of both. He said that in 2022 and 2023, many top retailers moved their staff from front checkout lanes to accommodate online pickup and delivery. West said retailers saw that as temporary, and many still needed to change their backrooms.

The Supply Side: Hybrid shopping experience ‘is not going to go away’

The Supply Side: Retail cargo theft escalated 57% in 2023

by Kim Souza (ksouza@talkbusiness.net)
With retailers working to reduce theft in stores, the problem continues to grow in the supply chain as cargo thefts escalated 57% last year, according to CargoNet, a subsidiary of data analytics firm Verisk. The problem involves theft from containers, parked trucks and hijacked trucks.

CargoNet maintains a database of incidents and works with members to recover stolen items. It estimates the value of stolen goods at nearly $130 million among those reported incidents, but the number is likely much higher because reporting is not mandatory. The number of reported thefts per month is around 220, up from around 100 in 2014, according to CargoNet.

There was a 41% increase in theft incidents in the first 20 weeks of 2023. CargoNet said thefts increased 68% year over year in the fourth quarter.

The Supply Side: Retail cargo theft escalated 57% in 2023

The Supply Side: Walmart Connect targets $6B in ad revenue by 2025

by Kim Souza (ksouza@talkbusiness.net)

With more than 4,700 retail U.S. stores, Walmart has 139 million customers each week in stores and online. Walmart is leveraging its scale to entice advertisers who can bundle in-store and online advertising with Walmart Connect, the retail giant’s internal agency.

Shoppers nationwide can see more third-party ads on screens in Walmart self-checkout lanes and the TV wall at the back of the store. Radio ads are also part of the offering with Walmart Radio, played in stores and demo spaces where employees can give out sample items. These in-store marketing efforts can be married with several advertising options for brands on Walmart.com and its social media partners like TikTok and Facebook.

Walmart has been ramping up in-store ads using its approximately 170,000 digital screens in its stores and 30-second radio spots that the retailer can use to target a specific store or region. Walmart also sells demo stations where samples are handed out for everything from cereal bars to pizza bites and yogurt. QR codes at the demo tables allow shoppers to access online shopping options, meal ideas and seasonal information.

The Supply Side: Walmart Connect targets $6B in ad revenue by 2025

The Supply Side: RFID advances coming to retail sector, supply chain

by Kim Souza (ksouza@talkbusiness.net)

Radio-frequency identification (RFID) is going two-dimensional (2D) with enhanced capabilities in the supply chain. While RFID is not new and widely used in retail, 2D adds more transparency and provides customers with more information about the product.

Mike Graen, with Collation LLC, has been involved with RFID for 20 years working in the supplier community with Procter & Gamble and Walmart on various RFID iterations. He said this time is different because tag costs are lower, and the technology now offers more granularity when item tags are serialized with a unique identification number like a car’s vehicle identification number (VIN).

He said the industry is moving toward 2D barcodes that can carry more information. The 2D barcode also provides a single standardized way to meet supply chain needs and evolving consumer requirements.

The Supply Side: RFID advances coming to retail sector, supply chain

The Supply Side: More retailers focusing on healthcare in 2023

by Kim Souza (ksouza@talkbusiness.net)

Retailers seem to agree that one sector that’s ripe for disruption is healthcare. Multiple companies are making moves to fill the gaps they see by investing in providing health and wellness services for their customers.

Scott Benedict, an executive at Rogers marketing agency WhyteSpyder, said healthcare is another battleground for retailers given the continued state of disarray in the sector. He said healthcare services are traffic drivers and also a way for retailers to provide solutions that their customers need and appreciate.

“There is a halo effect that can result from the pharmacy and health and wellness services provided by retailers,” Benedict said. “It can take time to profit from these services themselves, but with the customer loyalty you can build and trip occurrence, you can add to the profits and eventually support an extra revenue stream.”

https://talkbusiness.net/2023/02/the-supply-side-more-retailers-focusing-on-healthcare-in-2023/