The retail industry has faced many changes in the last 12 months, much like any other industry. The global pandemic has infused the majority of industries with technological advancements or the adoption of new technological software, which are changing the retail game.
From online fitting or changing rooms, delayed deliveries for weeks at a time, personalized shopping experiences based on our preferences to mergers of fashion brands and retailers, we have seen it all up close.
Let’s go through the state of the retail industry in the last week of the second month.
What’s new in the digital retail world
Taking it to the bank: Ikea bought a whopping 49 % stake in financial services partner, Ikano Bank. The plan behind this purchase is to offer more consumer banking services in-store and online. (Fintech Futures)
Limited social: A new social network called Clubhouse has taken the world by storm in the last month, despite being launched in 2020. Clubhouse creates a place where people can meet up to host, listen to, and in some cases, join conversations within the app's community. However, Clubhouse is not for everyone, meaning invite-only by a user who has already registered on the app. (Business Today)
The success of giants: They say that some of the best business ideas are born out of crises, which is proving to be a reality for nine major companies, which have launched new corporate ventures during the global pandemic. Companies such as Shopify, Google, PepsiCo, L'Oreal, Heinz, and others have been busy responding to changes in their customer's new habits with corporate innovations. (Sifted)
The new opportunity: E-commerce rates are growing and opening room for new delivery challenges in Latin America. To solve issues in the growing e-commerce Latin market, Hernandez, president, and CEO of international business-to-consumer shipping firm SkyPostal, Inc., says private delivery opportunities are on the rise, with better data management and shipment insights. (PRWEB)
Experts say: According to experts the global post-COVID-19 SCM market size is forecasted to grow from USD 23.2 billion in 2020 to USD 41.7 billion by 2026, which is a 10,3 % growth in total in six years. (Globe News Wire)
For a more comprehensive view of the changing face of retail and the way, technology powers its transformation, visit our Retail Reloaded series!