We’re excited to announce the release of our Q1 benchmark report, featuring the latest insights and trends in the retail industry.
We’ll be diving into the data and highlighting key findings that will help you better understand consumer behavior and make informed decisions for your business.
Plus, we’ll be sharing the most recent retail traffic trends to keep you up-to-date on the industry’s performance.
THIS WEEK’S HIGHLIGHTS
- Bad customer experiences: Where customers are drawing the line.
Computer vision: How computer vision is transforming inventory management.
Q1 2023 Benchmark Report: Click HERE to see how your store compares to the industry average.
FOOT TRAFFIC INDEX
FOOT TRAFFIC TRENDS
Industry insights so you can convert your foot traffic into more sales.
Computer Vision transforms inventory management
Computer vision is an AI field that uses cameras and images to help computers recognize and process objects, generating real-time data. This data can be analyzed to improve sales and enhance customer experience.
Retailers can optimize human resources and improve inventory management by implementing computer vision technology. This technology can aid in inventory tracking, prevent misplaced items, and reduce associated costs. Computer vision can also be utilized for inventory auditing and to improve forecasting accuracy, leading to a reduction in overstocking.
RIS’s 29th Annual Retail Study found that more than 40% of retailers plan to adopt computer vision technology in the next two years.
Click HERE to learn more about the future of inventory management.
Traffic jams vs. bad customer experience
As I think most of us can agree, sitting in traffic jams can be about as unbearable as it gets, especially after a long day.
As it turns out, people have very strong feelings about traffic jams. Although most people hate traffic jams more than most things, 60%, of consumers would rather sit in a traffic jam than have a poor customer experience, according to a Telus International survey.
The survey also found that nearly 48% of consumers believe that customer experiences should get significantly faster, followed by 43% saying interactions should become more personalized and 36% saying there should be more self-serve or automated options,” Maria Pardee, chief commercial officer at Telus International, said in the release.
Retail Snippets.
State of Retail: NRF releases their State of Retail 2023.
One hit wonders: 3 pandemic retail tech trends that have lost their luster.
Bed Bath & the great Beyond: How the home goods giantwent bankrupt.
Random Irrelevance
The last disc: UK blocks Microsoft’s $69 billion takeover of Activision Blizzard.
Grounded: SpaceX Starship grounded indefinitely By FAA after explosion.
Natures thread: How good is secondhand apparel for the planet, really?