CONTINUED FROM PAGE 57
replenishment,” Doles said. “But these companies also have opportunities lying ahead, in that they can provide more transparency to end customers by sharing sourcing information and/or information on raw materials and prepare for the rise of the secondhand market.” As Terblanche notes, the digital evolution occurring requires a new, environmentally friendly mindset. And while Eric Linxwiler, senior vice president at CBX Software, said “sustainability” means different things to different brands and retailers, “all can agree that supply chain transparency and sustainability are top-of-mind boardroom discussions for the near-term horizon.”
“Retailers will need to prioritize technologies that give them a clear, holistic picture across all aspects of their operations.” — Matt Laukaitis, SAP “For example, we are getting multiple requests for solutions or capabilities in delivering sustainability and quality management (SQMS) systems that will provide efficiency and effectiveness gains in areas of vendor management, audits and assessment management, corrective and preventive action (CAPA) management, document management, training, etc.,” Linxwiler added that many firms are seeking continuous assessments “to identify if a supplier or mill requires requalification, disqualification or continuous monitoring. And further, they want to close the loop on any related corrective and preventive actions to ensure issues uncovered in an assessment are properly addressed.”
RETAIL INNOVATION REPORT
THE NEW RETAIL EXPERIENCE
The acceleration of digitalization processes cuts across all aspects of retailing, indeed, across the entire value chain. But it all aligns with one thing: the customer. And it’s not just about taking a consumer-centric approach, but offering a truly omnichannel shopping experience that is online, in-store, fluid, efficient, mobile, personalized and customized. Gaylene Meyer, vice president of global marketing and communications at Impinj, said retail has been forever changed by 2020. “First, shoppers have so completely embraced these digitally-enabled shopping methods,” Meyer said. “Online shopping has extended to every single retail segment. While I do miss browsing in a few special
shops, I’m also very happy to have all my regular basics show up on my doorstep. I don’t think there is any going back from here. In addition to online shopping, I expect models like Buy Online, Pickup In-Store (BOPIS) and curbside pickup will continue to grow in popularity.” For in-store shopping, the point of sale is poised to be radicalized by RAIN RFID (a battery free version of RFID that is more ubiquitous). “First off, nobody is going to be sad to say goodbye to waiting in a checkout line,” Meyer said. “Luckily there are many innovations happening at the point-ofsale. Because RAIN RFID reads many tagged items simultaneously without line-of-sight, customers don’t need to search for a barcode to scan. This means that retailers can create a touchless, customer-first experience that is simple and intuitive, delivering a faster checkout, shorter lines and a safer shopping trip.” For her part, Melanie Casinelli, chief digital transformation officer at Impact Analytics, said next-gen retail will be defined by data. She thinks “we will continue to see the gap grow between retailers who invest in technology that enable them to use their data and those that do not.” Casinelli said COVID-19 has propelled “that customer who wants what she wants when she wants it. If you cannot service her by using traditional methods of forecasting and data analytics, then the retailer who is using anticipatory forecasting leveraged via AI will jump in.” “Secondly, receipts are continuing to be cut to free up cash,” Casinelli said. “Those retailers utilizing AI will be able to build consumer centric assortments whose inventory investment is optimized from a depth and breadth standpoint. Customers will enter a store and see assortments that speak to them. However, those retailers relying on last year will have a tough time rationalizing their purchases within the context of cut receipts. This will exacerbate buyers using the peanut butter spreading methodology. Everything is bought the same, which leads to significant overstocks and out of stocks.” Sarath Jarugula, president and chief executive officer at RichRelevance, sees innovation driving change this year that more fully aligns the entire value chain from the supply side through to the store shelf. “As the pandemic tailwinds are likely to continue, digital is here to stay and will thrive in 2021,” Jarugula said. “With disruption comes opportunity,