{"id":66205,"date":"2020-04-17T19:22:33","date_gmt":"2020-04-17T23:22:33","guid":{"rendered":"https:\/\/www.mytotalretail.com\/post\/?p=66205"},"modified":"2020-04-17T19:22:33","modified_gmt":"2020-04-17T23:22:33","slug":"smart-retailers-are-looking-at-holiday-2020-through-a-viral-lens","status":"publish","type":"post","link":"https:\/\/www.mytotalretail.com\/smart-retailers-are-looking-at-holiday-2020-through-a-viral-lens\/","title":{"rendered":"Smart Retailers Are Looking at Holiday 2020 Through a Viral Lens"},"content":{"rendered":"

The novel coronavirus and the precautions governments and individuals<\/span> are<\/span> tak<\/span>ing<\/span> to protect themselves from infection have already had<\/span> <\/span>a powerful impact on the global economy<\/span>.<\/span> <\/span>T<\/span>hose impacts<\/span> <\/span>are<\/span> likely to extend <\/span>well into this year, <\/span>possibly <\/span>even into the fourth-quarter<\/span> holiday shopping<\/span> period<\/span>. Between disruptions <\/span>to manufacturing and<\/span> supply chains<\/span> and<\/span> shifts in consumer behavior and <\/span>purchase decisions<\/span>, <\/span>the <\/span>retail <\/span>industry <\/span>will <\/span>continue to be hit on both the supply and demand sides<\/span>. <\/span>R<\/span>etailers <\/span>and brands <\/span>won’t\u00a0<\/span>have the luxury of <\/span>wait<\/span>ing to see how long the current <\/span>outbreak <\/span>lasts;<\/span> <\/span>they need to plan <\/span>ahead <\/span>and place their product bets quickly and accurately <\/span>for <\/span>the rest of the year, including <\/span>the<\/span> holiday<\/span>s<\/span>. <\/span>Forward-thinking retailers are already <\/span>prepar<\/span>ing<\/span> for a multitude of scenarios <\/span>by using <\/span>predictive<\/span> analytics<\/span> to <\/span>understan<\/span>d<\/span> <\/span>what<\/span> <\/span>their customers <\/span>really want. They’re\u00a0<\/span>strategizing on the best practices<\/span> to<\/span> accurately make product selection decisions while figuring out how to<\/span> get those products in a timely manner<\/span>.<\/span><\/p>\n

Interdependent Web of Connections<\/span><\/h2>\n

The American economy is dependent on global trade for both raw materials and finished products.<\/span> I<\/span>t<\/span>’<\/span>s well<\/span> <\/span>known <\/span>that the majority of goods sold in<\/span> <\/span>the U<\/span>.<\/span>S<\/span>.<\/span> <\/span>are sourced or manufactured overseas, <\/span>with<\/span> China<\/span> accounting for a particularly large percentage of goods<\/span> sold at retail<\/span>.<\/span> As noted <\/span>in <\/span>a recent Harvard Business Review<\/i> <\/span>article<\/span><\/a>, data from <\/span>Resilinc<\/span>,<\/span> a <\/span>supply chain mapping and risk monitoring company<\/span>,<\/span> show that<\/span> <\/span>the world’s 1,000 largest companies <\/span>or their suppliers <\/span>have over 12,000 facilities, including warehouses and factories, in <\/span>parts of<\/span> <\/span>China, Italy and South Korea<\/span>,<\/span> <\/span>which <\/span>are <\/span>profoundly <\/span>affected by coronavirus quarantines. <\/span>Manufacturing slowdowns, travel restrictions and port closures have <\/span>led to delays in shipments of materials and finished products, and <\/span>now <\/span>thousands of companies are dealing with <\/span>tangled international supply chain<\/span> bottlenecks<\/span>.<\/span><\/p>\n

But<\/span>,<\/span> of course, it<\/span>’<\/span>s not only supply that’s<\/span>\u00a0being<\/span> affected by this new virus and the measures enacted to prevent its spread\u00a0<\/span>— consumer <\/span>demand <\/span>for many items <\/span>is also shifting<\/span>. <\/span>The New York Times<\/i><\/span> reported<\/span><\/a> in February that <\/span>more than half <\/span>the population of China <\/span>was at that point under some degree of residential lockdown<\/span>. <\/span>By mid-March, the entire country of Italy was in lockdown. <\/span>Despite <\/span>consumers’ <\/span>being forced to <\/span>mov<\/span>e<\/span> more and more <\/span>of their <\/span>shopping online, <\/span>self-isolation and quarantine policies, travel restrictions, and<\/span> <\/span>shelter-in-place\/stay-at-home orders <\/span>are already <\/span>deflating<\/span> <\/span>category demand and <\/span>sales for thousands of companies.<\/span> <\/span><\/p>\n

Shoppers <\/span>Are <\/span>Buying Essentials<\/span> When They Do Go Out to Shop<\/span><\/h2>\n

While millennials report the greatest impact on purchase decisions (80 percent, a 48 percent increase from the previous survey), baby boomers now have aligned behavior more with their younger counterparts, with 73 percent saying the same, a 121 percent increase from the prior survey.<\/span> <\/span>Ninety-<\/span>eight<\/span> percent<\/span> of all <\/span>respondents <\/span>believe<\/span> <\/span>the outbreak will somewhat or significantly affect the U<\/span>.<\/span>S<\/span>.<\/span> economy<\/span>. <\/span>While <\/span>all generations <\/span>are changing their shopping habits in the wake of th<\/span>is pandemic<\/span>, shoppers <\/span>of all ages <\/span>are still flocking to brick-and-mortar stores to stock up on <\/span>essentials.<\/span> Target CEO Brian Cornell <\/span>noted,<\/span><\/a> <\/span>“<\/span>W<\/span>e’ve certainly seen a surge in-store traffic as guests begin to stock up on those household essentials <\/span>[and]<\/span> those core food and <\/span>beverage items.”<\/span> According to <\/span>CNN<\/span><\/a>, sales at Costco in February were up 12.4 percent from a year ago, and the company attributed 3 percent of that to an uptick in consumer demand<\/span> for essentials<\/span> from concerns over coronavirus.<\/span><\/p>\n

Looking Ahead<\/span><\/h2>\n
\n
\n

Retail has always been a<\/span>n industry that <\/span>thrives off <\/span>proactive<\/span> thinking<\/span>, and this is a time that absolutely requires it<\/span>. Companies are already facing a time squeeze, with <\/span>summer and fall<\/span> orders and shipments delayed. Those delays <\/span>will have cascading effects over<\/span> the rest of the year<\/span>,<\/span> and retailers and brands will need to significantly speed up their holiday product development, sourcing and shipping operations to ensure that October and November holiday deliveries don’t arrive <\/span>in January.<\/span> <\/span><\/p>\n

Even though some overseas factories are beginning to come back online and some shipping routes are reopening, <\/span>manufacturing delays and <\/span>snarled supply chains will not instantly sort themselves out<\/span> once the outbreak is no longer considered a crisis. Therefore,\u00a0<\/span>companies need to move quickly now<\/span>. <\/span>The Wall Street Journal<\/i><\/span><\/a> recently summed up the thoughts of <\/span>Thomas O’Connor, senior director and research analyst for supply chains at Gartner<\/span>,<\/span> <\/span>this way:<\/span> “<\/span>If <\/span>production in China doesn’t return to normal levels by late April, <\/span>U.<\/span>S. retailers could face challenges stocking up in time for the back-to-school and holiday shopping seasons.”<\/span><\/p>\n

Those<\/span> retailers and<\/span> brands <\/span>that<\/span> can best predict future deman<\/span>d<\/span> <\/span>for particular products, <\/span>and release the right product, at the right price, at the right time, using <\/span>predictive analytic<\/span> <\/span>tools at their disposal, will <\/span>be better positioned\u00a0<\/span>for the rest of the year. <\/span>While <\/span>many<\/span> retailers and brands still rely on physical samples being sent from the manufacturer, and in-store testing which can be time consuming and often costly<\/span>, digitizing the supply chain <\/span>will be critical to success in the new retail reality<\/span>. With today’s retail technology, digital product creation and 3D design are table stakes, and can significantly shorten the supply chain lead time. <\/span>Companies will need to continually <\/span>assess what aspects of their inventory will be most affected by a disrupted supply chain, where they can afford to raise prices, and what products <\/span>they should<\/span> introduce <\/span>at<\/span> a time whe<\/span>n<\/span> many <\/span>consumers <\/span>are preoccupied with safety and security. <\/span><\/p>\n

Retailers that<\/span> tak<\/span>e<\/span> advantage of<\/span> digital product creation and<\/span> data insights that <\/span>take into account<\/span> the preferences and opinions of consumers <\/span>will be better able to<\/span> mitigate the effects the novel coronavirus<\/span> will have on their businesses throughout the rest of the year<\/span>. Although it’s not clear yet exactly what aspects of retail will be most impacted, long-term planning <\/span>that <\/span>incorporates<\/span> the voice of the <\/span>customer <\/span>will <\/span>help <\/span>retailers and brands have a <\/span>more <\/span>successful 2020 holiday season.<\/span><\/p>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

The novel coronavirus and the precautions governments and individuals are taking to protect themselves from infection have already had a powerful impact on the global economy. Those impacts are likely to extend well into this year, possibly even into the fourth-quarter holiday shopping period. Between disruptions to manufacturing and supply chains and shifts in consumer […]<\/p>\n","protected":false},"author":10285,"featured_media":65346,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"coauthors":[121728],"class_list":["post-66205","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-inventory-management","category-merchandising","tag-digital-commerce","tag-digital-merchandising","tag-e-commerce","tag-holiday-planning","tag-inventory-management","tag-merchandising","tag-pricing-analysis","editorial_type-columnsopinions","blog_channel-retail-signals","vertical-retail"],"yoast_head":"\nSmart Retailers Are Looking at Holiday 2020 Through a Viral Lens<\/title>\n<meta name=\"description\" content=\"Retailers and brands won't\u00a0have the luxury of waiting to see how long the current outbreak lasts; they need to plan ahead and place their product bets quickly and accurately for the rest of the year, including the holidays.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.mytotalretail.com\/post\/smart-retailers-are-looking-at-holiday-2020-through-a-viral-lens\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Looking at Holiday 2020 Through a Viral Lens\" \/>\n<meta property=\"og:description\" content=\"Retailers and brands won't\u00a0have the luxury of waiting to see how long the current outbreak lasts; 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Although <\/span>the effects of disruptions in the <\/span>global<\/span> <\/span>supply chain <\/span>may not be immediately <\/span>noticed by <\/span>American <\/span>shoppers<\/span>, a<\/span> <\/span>consumer<\/span> <\/span>study from First Insight<\/span><\/a> found that<\/span> news of the virus is impacting the shopping behavior of 75 percent of respondents, up from 45 percent (a 70 percent increase) when comparing to a <\/span>survey<\/span><\/a> fielded in late February. Women and baby boomers have showed a significant change in purchase behavior. Both groups had been slower to change behavior <\/span>compared to<\/span> their gender and generational counterparts, but are now in greater alignment.<\/span> <\/span>Seventy-one percent of women now say the virus is impacting where and how they shop<\/span>, a 115 percent increase from late February, compared to 67 percent of men (a 76 percent increase). <\/span><\/p>\n