Countless headlines shouted about 2020 retail sales impacts, but how dramatic have those impacts been? What does a 30% increase in growth mean to business operations? Have things begun to stabilize or normalize? What are retailers and consumer products companies that supply those retailers doing to adjust? Based on US Census data and other industry sources, the charts below provide a visual representation of 2020 retail sales and information on what to expect going forward.
The panic buying and consumer demand shifts ravaged demand forecasts, leaving most CPG companies reverting to manual intervention to fix their stock issues. While unavoidable in the beginning, this event highlights the shortcomings of many forecasting methodologies: a basic assumption that demand is steady and slowly changes. Consumption sensing takes a new approach by creating a "conversation with the consumer" to predict consumer demand and identify shifts for near, mid, and long term forecasting and planning.
As the economy slowly begins to open, retailers must prudently plan on what to do with their inventory as their stores reopen and demand returns. In this video, David Barach, VP of Marketing and Pricing Analytics, demonstrates antuit.ai’s Retail Inventory Simulator as a follow-up from his previous Webinar: Retailers, COVID-19, and the Future – Part 1.
E-commerce is exploding during COVID-19, but it’s more than a pure shift to online buying. It’s the reflection of the environment that consumers find themselves in. Fluctuating demand patterns will continue, and businesses must start being able to sense and plan for it if they want to come out ahead. Learn what changed and what others are doing in this short video.