Tuesday, April 21, 2020

Word of the Day: retail apocalypse

 
Word of the Day WhatIs.com
Daily updates on the latest technology terms | April 21, 2020
retail apocalypse

Retail apocalypse is a term used by the media to describe how a shift in consumer spending patterns is impacting the traditional brick-and-mortar retail store business model.

 

The number of struggling and bankrupt retailers in the United States that have been affected by changing spending habits has prompted predictions of the demise of in-store shopping and inspired the contentious label "apocalypse," which connotes widespread disaster and destruction.

Before the internet, department stores like Macy's were able to draw large numbers of customers to centralized, indoor shopping locations. In the past decade, however, these same retail giants have struggled to remain profitable as mobile computing devices have become commonplace and consumer shopping patterns have shifted increasingly online.

Economists have blamed this shift on what's often referred to as the Amazon effect. The label is an acknowledgement of Amazon's early and continuing domination of online sales, which has driven much of the disruption in retail. In response, retailers have focused attention on how to differentiate their customers' in-store experience from their online experience and how to make online and in-store shopping experiences complement each other.

 

Today, most retail sellers embrace a multichannel strategy. Pop-up stores that are promoted through social media, as well as the BOPUS purchasing model, are two good examples of how retailers are successfully responding to changing shopping patterns and keeping retail sales healthy.

 

Continue reading about the retail apocalypse...

Today's Takeaway

 

"Amazon has conditioned consumers to get goods as quickly as possible, which has affected the global supply chain industry from top to bottom, including inventory management and logistics." - Jim O'Donnell

Today's Buzzwords

 

smart mirror
Digital displays that show the customer what a particular garment will look like on them are changing retail.

demand signals
Microsoft explains why data generated by retail customer activity should be used as the primary demand signal for predicting retail sales.

retail biometrics
Did you know that facial recognition software can help connect loyalty and credit card use to specific customers in a store?

e-stock room

E-stock rooms are one reason people who make both in-store and on-line purchases have become Lucky Brand's most profitable customers.

Tech Trivia

 

According to the Baymard Institute, more than 80% of e-commerce _________ are abandoned before checkout on mobile devices.

a. shopping carts

b. coupons

Answer

Stay in Touch

 

Thank you for reading! For feedback about any of our definitions or to suggest a new definition (or learning resource) please contact us at: editor@whatIs.com

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