General Merchandise

ABOUT THE INDUSTRY

General Merchandise

The General Merchandised industry, so called the retail industry, is one of significant complexity. The pace at which it moves are heavily influenced by shifting consumer behavior and merchant innovation. Due to the rapidly changing market conditions, teams and departments within organizations have to constantly evaluate, assess, and alter strategies to meet and surpass the growing expectations of an ever-evolving consumer with the right product and exceptional service.

In fact, the COVID-19 global pandemic has imposed certain forcing functions on the segment which impact its present and future. Industry experts and analysts predicted that significant issues and challenges that have been created by the pandemic, including disruptions to the global supply chain, the sharp rise of ecommerce, a shortage of retail talent and escalating inflation will continue to persist.

The challenges that have been brought about by the pandemic have given rise to an altered and somewhat chaotic environment. Both retailers and consumers have been impacted by rising costs. As a result, exploring and discovering better and more efficient and cost-effective ways of doing things become the top priority to businesses.

Recent Statistic

North America was the largest region in the global department stores & other general merchandise stores market, accounting for 43% of the market in 2020.

The market is expected to reach $2175.97 billion in 2025 at a compound annual growth rate of 6%.

General merchandise stores generated $6,580 million in March 2020.

​​For in-store purchases, 82% of smartphone users consult their phones.

An estimated 95% of all purchases are done through E-commerce and its sales are forecasted to grow 20.3% in 2022.

In 2021, digital acceleration (88%), supply chain resilience (78%), health and safety (78%), and cost structure realignment (72%) are the top investment priorities for retail executives.

merch-stats

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FUTURE OF ECOMMERCE

Digital Transformation In General Merchandise

The digitization that has occurred as a result of social lockdowns and business restrictions is forcing changes in the general merchandise industry and, in fact, throughout the world. It has been a revolution in innovation that has altered the way we communicate, interact, and share information.

Retailers and brands have seen a rapid rise in ecommerce sales and automation, which has resulted in a convenient and enjoyable experience for the consumer. Canadian consumers are inspired to shop and engage with their favourite brands and retailers in new ways because of recent development in technology. In addition, Canadian retailers are nearing the completion of an omnichannel experience for their customers thanks in part to current and ongoing technology usage.

A lot of retailers and brands are exploring and assessing the use of technologies like augmented reality in the way of virtual fitting rooms and mobile apps so consumers can interact with the products from the comfort of their home. In search of efficiencies and enhancements to retail operations, many throughout the industry are looking to automation as a viable means to help them achieve their objectives more efficiently. There are a lot of opportunities inherent in the usage of technologies within the general merchandise industry and the significant potential to completely transform the industry.

01. Lockdowns and modified consumer behaviours have contributed to a new definition of convenience in consumer purchases. Large brands that are already undergoing digital transformation were able to stay ahead of consumer shopping patterns by increasing their online shopping options, boosting self-service features, and using omnichannel communication to reach more customers. 

Ecommerce and online shopping does not necessarily omit the operation of brick-and-mortar stores. It rather facilitates and complements in-store shopping experience. A lot of less-traditional outlets like CVS and other general merchandise stores have partnered with delivery service companies such as Doordash in order to provide better distribution and customer experience. Customers also have the options to check stock of certain products in their local store online and have them delivered or proceed with in-store pickup. Taking an omnichannel approach gives customers the 24/7 shopping experience they’re looking for and differentiates retailers in an era of stiff competition.

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02. Recent events have shown just how vulnerable global supply networks are. Since the general merchandise industry heavily relies on global product supply and distribution, there is an increasing need for improved supply chain insights for better prediction and decision-making in case of crisis and undesirable events. Knowledge-based systems have long improved supply chain management, and adding AI to the mix allows knowledge to be used to revolutionize the retail experience.

Most AI-powered management systems operate on the basis of data collection and analysis in order to provide proper outputs to businesses and customers. Digital solutions can increase data visibility and make informed sales projections that consider various supply chain elements simutaneosly. Companies are starting to integrate data between business systems such as their ecommerce platform, CRM, BI, and ERP to provide customers with insights into their supply chain before they place their order. With increased information flows, businesses can make informed decisions and inform customers of their order status.

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03. The increasing demand for better quality of life has shifted convenience to the center customer experience.The less time customers spend on researching and purchasing a product, the more time they have for other important tasks. As a result, voice commerce has been explored recently as a way to help customers shop without the need to physically interact with their device.

Voice commands and responsiveness of virtual assistants like Siri, Google Assistant, and Alexa are improving all the time. By 2025, smart home gadgets are estimated to be utilized in more than 77 million households in the United States. In the general merchandise industry, their capacity to assist clients has vastly enhanced. The process of ordering things from home using your voice, with or without a screen to aid customers visually, has a lot of nuances to be explored.

Connect with us to learn how we can transform your business
There are a lot of opportunities inherent in the usage of technologies within the general merchandise industry and the significant potential to completely transform the industry.

How we can help your business

Our aim is to combine smart design thinking and innovative use of technology to create a compelling digital experience for your business and users on every platform.

01

Web Design and Development

We build responsive websites that work just as good as they look.

02

Live Chat and Customer Engagement Tools

We help you improve customer engagement with AI-powered live chat services.

03

Analytics and Insight

We use data to drive personalization and increase growth so you can make timely critical decisions.

04

Marketing Automation

We build automated systems that strategically target customers across multiple channels.

05

Customer and Order Management

We create a seamless approach to ordering products and services and produce processes that work in every aspect of the customer journey.

06

Video Production

We produce engaging video content that increase understanding of your products/services.

Many different paths lead to digital transformation and each organization’s journey will be unique. Our services covers many more areas. Connect with us on how we can digitally transform your business.
Stepping up innovation through digital transformation has become a top priority for top leading companies in this ever changing digital age.

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