What has Changed in Omnichannel Retail? In 2020: everything.

Rhea-AI Summary

The retail industry has undergone a rapid digital shift due to changing consumer behaviors and increased e-commerce activity. In 2020, online sales experienced a 25% surge over just two weeks in March, with a 14% CAGR growth over four years. Retailers are expanding omnichannel strategies, turning stores into mini-fulfillment centers to meet demand. Innovations like 'buy online and pick up in-store' (BOPIS) are becoming critical for maintaining customer loyalty and safety. Checkpoint Systems has over 50 years of experience offering RFID solutions to enhance inventory accuracy and fulfillment efficiency.

Positive

• Increased online sales by 25% in March 2020.
• 14% CAGR growth in online sales over the past four years.
• Checkpoint's expertise in RFID solutions enhances inventory accuracy.

Negative

• None.

THOROFARE, N.J., Feb. 12, 2021 /PRNewswire/ -- In a blink of an eye, we have seen a great digital shift in the retail industry. From changes in people's buying habits to the transformation in the way retailers engage with and support their customers. The pace of change in 2020 has seen retailers rapidly scale their digital operations, expand delivery capabilities, enter new markets and in some cases introduce new e-commerce opportunities entirely. These changes, coupled with new consumer behaviors, will leave a lasting change on the industry.

The combination of brick-and-mortar with digital shopping – omnichannel – was already accelerating but the pandemic has dramatically accelerated the growth of e-commerce sales. According to McKinsey, online sales had increased by 14% CAGR over the past four years. In the midst of the crisis, online purchasing grew 25% in a two-week period in March¹. 

With online expected to be the fastest-growing channel in 2021, retailers are under greater pressure to scale up their omnichannel offering. As a result, stores are fast becoming mini-fulfillment centers as retailers seek to ensure order fulfillment. Additionally, the events of 2020 have brought "buy online and pick up in-store" (BOPIS) to the fore front with retailers finding new ways to keep their customers safe and their loyalty strong by allowing customers to collect orders from the curbside.

DOWNLOAD NOW: https://checkpointsystems.com/us/reports/what-has-changed-in-omnichannel-retail-in-2020-everything/ 

Checkpoint Systems has been delivering retail solutions for over 50 years. We understand the complexities of the retail market and have implemented our RFID solutions in distribution centers and stores around the globe. Our expertise and solutions make the complex simple.  We have enabled many retailers to achieve high inventory accuracy and to accomplish fast and efficient omnichannel fulfilment. Having the right partner for all aspects of your RFID deployment ensures success and Checkpoint is the only company in the industry that handles everything from the factory to the store. Reach out to our team here or via contact@checkpt.com if you would like to learn more.

¹ https://www.mckinsey.com/industries/retail/our-insights/adapting-to-the-next-normal-in-retail-the-customer-experience-imperative#

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SOURCE Checkpoint Systems, Inc.

FAQ

What is the impact of omnichannel strategies on CKP's business?

Omnichannel strategies are leading retailers to expand their operations, which could positively influence Checkpoint Systems' sales of RFID solutions.

How much did online retail sales grow in 2020?

Online sales grew by 25% over a two-week period in March 2020.

What role does Checkpoint Systems play in the retail digital shift?

Checkpoint Systems provides RFID solutions to help retailers improve inventory management and fulfill omnichannel orders.

What is the expected growth of online sales in 2021?

Online sales are anticipated to be the fastest-growing channel in 2021.