Episoder
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Takeaways
Coresight Research highlights the importance of holiday sales.
Early shopping trends are becoming more prevalent.
Consumers are increasingly deal-seeking this year.
Gift cards remain a popular choice for holiday gifting.
Clothing and accessories are expected to see significant growth.
Walmart continues to dominate the retail landscape.
Black Friday is losing its share of online sales.
Consumers prefer a hybrid shopping approach this year.
Retailers are enhancing their Black Friday strategies.
Cautious spending behaviors are anticipated due to economic factors.
Chapters
00:00 Introduction to Holiday Retail Trends
02:57 Consumer Behavior and Shopping Preferences
06:11 Black Friday Insights and Predictions
12:11 Retailer Strategies for the Holiday Season
18:06 Conclusion and Future Outlook
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Takeaways
The evolution to unified commerce is pivotal for retailers.Consumers prefer to receive their merchandise where they are.Scheduled delivery offers predictability and convenience for shoppers.Retailers should analyze customer delivery preferences to improve service.Labor shortages are impacting holiday shopping and logistics.Gift cards are becoming more popular than ever among consumers.Retailers need to diversify their carrier relationships to enhance delivery options.Leveraging technology is essential for maintaining efficiency in logistics.The holiday shopping season is getting longer each year, starting as early as August.Retailers must adapt to changing consumer behaviors and preferences.Chapters
00:00 Introduction to Retaili$tic and Key Research Releases
04:09 Exploring Last Mile Delivery Options
10:24 Strategies for Winning Last Mile This Holiday Season
Read more about last-mile trends and challenges for the holiday in the new report from Coresight Research.
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Takeaways
The holiday season is expected to differ significantly from previous years.
Online retail sales are projected to increase in the high single digits.
More than 50% of consumers plan to start shopping before November.
Consumers are increasingly value-oriented in their shopping habits.
Two-thirds of sales are expected to occur in physical stores.
Consumers anticipate spending more this holiday season compared to last year.
There is a notable increase in consumers knowing what they want to buy this year.
Deals and promotions are critical for attracting holiday shoppers.
A significant portion of consumers plan to use credit for holiday spending.
The holiday season is expected to be very positive for retailers.
Chapters
00:00 Holiday Season Insights
10:10 Research and Trends for the Holidays
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Takeaways
Groceryshop has ushered in a new era for the industry.
Data monetization is a significant opportunity for grocers.
Supply chain visibility is essential for managing perishables.
Frontline workers require better tools and information.
Innovation in grocery is increasingly being outsourced.
The Grocery Navigator Report offers in-depth sector insights.
Retail media is a growing revenue stream for grocery retailers.
Traditional supermarkets face challenges with an aging customer base.
Consolidation in the grocery market is expected to continue.
Digital channels are reshaping grocery shopping experiences.
Chapters
00:00 Introduction to Grocery Shop Insights
05:05 Exploring The Grocery Navigator Report
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Takeaways
Accurate demand forecasting is crucial for retail success.Food waste is a significant issue, with one-third of food produced wasted.The FRESH framework focuses on food waste reduction and hunger curtailment.Dynamic pricing can help manage inventory and reduce waste.Retailers need to incorporate external data for better forecasting accuracy.Promotions and events significantly impact demand forecasting.Technology is transforming demand forecasting through AI (artificial intelligence) and machine learning.Retailers must adapt to changing consumer preferences and trends.Evaluating demand-forecasting solutions requires understanding market potential and innovation.Chapters
00:00 The Importance of Demand Forecasting
07:03 The Fresh Framework for Food Waste Reduction
13:50 Advancements in Demand-Forecasting Technology
19:51 Evaluating Demand-Forecasting Solutions
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Takeaways
Unified commerce aims to create a seamless retail experience.Designing product assortments is a significant challenge for retailers.Unlocking new growth opportunities is essential for retail success.Building loyalty and brand trust is critical in today's market.AI is transforming the data landscape for retailers.Shoptalk Fall is a new conference format for 2024.Over 140 speakers will share insights at Shoptalk Fall in Chicago.Investor perspectives on AI will provide unique insights.Daily coverage of Shoptalk will be freely available on Coresight.com.Next week, the focus will be on demand forecasting technologyChapters
00:00Introduction to Shoptalk Fall Conference
01:06Unified Commerce: A Seamless Retail Experience
04:43Designing Optimal Product Assortments
06:55Unlocking New Growth Opportunities in Retail
09:32Building Loyalty and Brand Trust
10:30AI and the Changing Data Landscape
17:25Overview of Shoptalk Fall Conference
20:06Key Sessions and Insights from Shoptalk Fall
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Takeaways
Groceryshop is a key event for industry innovation.Sustainability is a major focus, with food waste solutions discussed.The Shark Reef startup pitch showcases innovative technology solutions.Retailers are evolving into significant media platforms.Dynamic pricing and demand forecasting are critical for retailers.Coresight Research provides comprehensive coverage of the Groceryshop event.Understanding consumer behavior is essential for retail success.The conference features a diverse range of speakers and topics.AI applications are transforming the grocery retail landscape.Networking opportunities abound at Groceryshop.Chapters
00:00Introduction to Groceryshop Conference 2024
02:59Key Highlights and Innovations at Groceryshop
05:46Sustainability and Food Waste Solutions
09:07Startup Pitch Competition Overview
11:57Coresight Research's Coverage and Insights for Attendees
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Takeaways
Retail media networks are transforming the advertising landscape.On-platform advertising leverages first-party data for personalization.Dynamic pricing can help manage inventory and reduce waste.Smart carts are becoming essential tools for personalized shopping.Emotion recognition technology can enhance customer engagement.Food as medicine is a growing concept in retail.Subscription models provide predictable revenue for retailers.Data attribution is crucial for effective advertising strategies.Retailers must adapt to consumer price sensitivity in the current economy.Innovative technologies can significantly improve the shopping experience.Chapters
00:00Introduction to Retail Media Networks
03:00On-Platform vs Off-Platform Advertising
05:46The Role of Data in Retail
09:01Innovations in In-Store Technology
11:52Dynamic Pricing and Consumer Sensitivity
14:47The Future of Smart Carts and Personalized Shopping
18:03The Impact of Emotion Recognition Technology
20:46The Intersection of Food and Medicine
24:00Subscription Models and Predictable Revenue
26:53Dynamic Discounts and Inventory Management
30:12The Evolution of Self-Checkout Technology
33:05The Importance of Data Attribution in Advertising
36:09Conclusion and Future Outlook
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Takeaways
Retail media networks allow retailers to monetize their first-party data and shelf space.Building and maintaining a retail media network can be challenging in terms of time, cost, and expertise.Technology solutions and partnerships can help retailers of all sizes create compelling retail media networks.Retail media networks can contribute to revenue uplift and provide a new source of margin for retailers.Chapters
00:00Introduction and Focus on Retail Media Networks
01:26Monetizing First-Party Data and Shelf Space
02:21Lessons from Walmart and Amazon
07:28Challenges and Opportunities in Retail Media Networks
10:20Technology Solutions and Partnerships
14:41Driving Revenue Uplift and Margin
19:12Workshop and Resources for Retailers
20:38Opportunity and Money in Retail Media Networks
22:30Debate and Net New Spend in Retail Media Networks
23:57Conclusion and Next Week's Focus
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Takeaways
Retail media networks provide valuable opportunities for advertisers to reach consumers at their zero moment of truth.Audience fragmentation and ad avoidance technology make it difficult for advertisers to reach a broad audience and deliver their message effectively.Retailers can realize significant margins from their on-site and off-site retail media sales.Measuring the impact of in-store retail media and delivering personalized messaging are ongoing challenges.The future of retail media may involve personalized experiences through digital shelf labels or mobile devices.Chapters
00:00 The Context of Retail Media Networks
03:18 Challenges of Audience Fragmentation and Ad Avoidance Technology
04:41 The Value of Retail Media Networks for Advertisers
07:02 Measuring the Impact of In-Store Retail Media
08:50 Delivering Personalized Messaging in Retail Stores
11:11 The Future of Retail Media
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Takeaways
Increased reliance on AI raises concerns about the potential loss of skills and job elimination or displacement.Cost cutting and aggressive store closures are driven by the belief that AI can replace human talent.Cyber attacks and deepfakes pose significant risks to organizations and individuals.The environmental impact of AI's energy consumption is a growing concern.The erosion of creativity and originality is a potential consequence of excessive reliance on AI.Misinformation and biased decision-making are risks associated with AI-driven data analysis.Reskilling employees and protecting intellectual property are crucial in the AI era.Finding the right balance between AI and human critical thinking is essential for successful risk mitigation.Chapters
00:00Introduction and Overview
01:32Concerns over Skills and Job Elimination
07:14The Risks of Cyber Attacks and Deepfakes
08:40The Environmental Impact of AI's Energy Consumption
12:46The Erosion of Creativity and Originality
14:39The Risks of Misinformation and Biased Decision-Making
15:35Reskilling Employees and Protecting Intellectual Property
16:32Balancing AI and Human Critical Thinking
17:30Closing Remarks
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John Harmon, Associate Director of Technology Research at Coresight Research, discusses how retailers can use loss-prevention technology to thwart the bad guys. Listen now for critical insights on reducing the threat of shrink and staying a step ahead in physical retail. Discover how to bounce back quickly from theft and related incidents to protect against a future event.
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CEO Deborah Weinswig welcomes Natalie Ricks, Board Chair of Rocky Mountain Cannabis for an extended discussion of executive-level considerations when implementing an AI strategy in a major retail operation.
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CEO Deborah Weinswig reflects on how board directors are thinking about AI. Renee Hartman and Charlie Poon dive deep into the risks of AI implementation and the strategies for risk mitigation.
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Takeaways
The Olympics have embraced AI in various aspects of the games, including talent identification, athlete coaching, and referee bias.The AI initiative in the Olympics is human-centric, focusing on enhancing the athlete and spectator experience.Privacy and data protection are important considerations in the implementation of AI in the Olympics.Partnerships with technology companies like Mistral, Omega, Alibaba, and Intel have played a significant role in the success of the AI initiative.The Olympics' AI strategy can serve as a case study for businesses looking to implement AI in their operations. -
Takeaways
Prime Day has become a significant event in the American shopper landscape, with around $14 billion in sales and a 76% increase in volume compared to the previous week.Amazon's advertising business is now more profitable than its merchandising business, making Prime Day an important advertising event.Other retailers, such as Walmart and Target, also benefited from Prime Day by offering their own deals and seeing increased visits from shoppers.The top-selling categories during Prime Day were apparel, consumer electronics, and household essentials. -
Takeaways
Understanding and managing the risks associated with AI implementation is crucial for achieving desired outcomes.Model drift, hallucination, and toxicity are potential risks of AI that need to be monitored and managed.Data cleaning and organization are essential for obtaining accurate and unbiased results from AI models.Companies should establish policies and procedures to ensure the ethical and responsible use of AI.Environmental sustainability and societal impact should be considered when implementing AI.Cybersecurity measures are necessary to protect AI models and data from potential breaches.Setting clear business objectives is key to developing an effective AI strategy.The future of risk mitigation in AI includes ongoing advancements in data management, cybersecurity, and ethical guidelines."With great power comes great responsibility."
"AI models want to get better over time. They want to give you better results over time."
"There's this tendency to get a little over reliant on AI without really testing it and making sure that it's correct."
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There is continued interest in AI and next-gen commerce in the retail industry, with startups in these areas still receiving funding.Startups face challenges in getting traction and convincing retailers to do trials and proof of concepts.Retailers are looking for data-driven insights and actionable insights that they can generate themselves.Returns are a significant issue in e-commerce, and reducing returns is a priority for retailers.Regulation is driving innovation in specific sectors and geographies.Startups should focus on the problem they are solving and make their messaging simple and clear.Instead of doing proof of concepts, startups can offer intro pricing or guarantees to make it easier for retailers to say yes.The relationship between startups and corporates is evolving, with corporates seeking innovation and startups needing to be flexible in their approach.Simplicity and storytelling are important in telling the startup's story and getting recognized in the market.Startups should adopt a test and learn mentality and be open to trying different sales and marketing approaches.
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In-store experiences are still important in the retail industry.AI is redefining retail and customer experiences.Personalization is key to building customer loyalty.Technology is transforming supply chain and sustainability practices.The grocery industry is facing challenges and opportunities.Customer service and employee training are crucial for success.Investing in retail and technology startups is a growing trend.
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Takeaways
AI has the potential to revolutionize the healthcare industry by driving innovation and improving patient outcomes.Data plays a crucial role in retail decision-making, from optimizing in-store displays to measuring the impact of online advertising on offline sales.Sustainability is a growing concern in retail, and AI can be used to make processes more efficient and cost-effective while reducing environmental impact.Engaging employees in the AI implementation process is essential for success, and companies need to find ways to provide useful information without overwhelming their staff.The future of AI in retail holds exciting possibilities, including personalized customer experiences, improved supply chain management, and the integration of AI with demographic shifts. - Se mer
