Buzzworthy Insights – Digitization of Business Processes
Digitization of Business Processes
Retailers are still recovering from the pandemic and while they have survived many challenging times before, an era of digitization will allow better handling of disrupting events. According to a recent Samsara study, 95% of respondents agreed that digitizing their operations improves their ability to weather disruptions, and 99% have seen increased net profit from such investments. Getting started early on implementation is crucial, Connected Operations Leaders are 2x more likely to exceed revenue goals, when compared to respondents in the beginning stage of digitization. More specifically to AI and automation, 90% of respondents have implemented AI and automation technologies or plan to by 2023. In regard to employee retention, 90% expect to increase employee retention as a result of AI and automation adoption, and 95% that have already implemented report it has led to increased retention. (View source)
How Consumers are Addressing Inflation
According to a new study from Numerator, 95% of Americans have reported that inflation has impacted their finances. The same percentage of respondents indicate they are taking steps to combat these rising prices. Consumers note that the most popular responses to price inflation are stocking up on sale items (51%) and searching for coupons and promotions (50%). Surprisingly, despite concerns, 55% of all respondents report a somewhat or very positive outlook for the future. (View source)
Hourly Retail Employees Wants
Hourly employees are feeling the strain of limited change. According to a new Legion Technologies study, on a scale of -100 to 100, hourly employees reported a -7 for loyalty and satisfaction but don’t fret, a majority (57.6%) have no plans to leave their position in the next 12 months. Unsurprisingly, this number changes dramatically within the ages 18 – 24 as 75% are looking for a job immediately or within the next 12 months. Besides pay, the incentives most likely to persuade hourly employees from leaving are greater recognition and rewards (58%), followed by picking up extra shifts and swapping shifts (56%). (View source)
Global Gift Card Optimization
Supply chain chaos, coupled with the pandemic, forced many retailers around the globe to reevaluate how they would fulfill the need for gifts around holiday times, the solution – gift cards. According to Blackhawk Network, the global gift card market is projected to reach $1.4 trillion by 2026, growing at a CAGR of 11% between 2020 and 2026. Recent research from NAPCO highlights how three regions studied (US, UK, and Australia) excelled in gift card program trends. For the US, in-store availability and tidy fixtures performed the strongest, with optimization of the omnichannel experience being the biggest improvement needed. UK merchants excelled with mobile gift card programs and need improvement with site search and landing pages. Australia provided the greatest desktop gift card purchasing experience, improving mobile efforts, and developing apps was noted as the greatest areas of improvement. (View source)
Out-of-Home Advertising Effectiveness
Since the introduction of Apple’s new data privacy changes, retailers have been scrambling to improve ad targeting. New research from OneScreen.ai indicates that out-of-home (OOH) advertising has seen great acknowledgement (billboards, bus shelters, benches, etc.). Post pandemic, 77% of consumers indicate they are noticing their physical surroundings more now than before the pandemic, and 70% are noticing OOH ads on road trips. In 2021, 80% of respondents indicated they made a purchase after seeing an OOH ad, 77% said they frequently learn about new brands and/or products from these ads, and 86% could recall a brand or product name from an OOH ad they saw within the past six months. (View source)
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