As the pandemic transformed how and where consumers shop and buy, this year will be defined by the efficiency, effectiveness and responsiveness of a brand or merchant's entire value chain. Today the customer journey can start anywhere—on a mobile device, on a website, in a physical store or on social media.
Moreover, today's retail landscape is increasingly seasonless. This requires having product development strategies and processes that can reduce lead times from months to three or four weeks. It also demands PLM processes that eliminate the need for physical prototypes. It requires product development operations that not only take into account the trends of the moment, but also the availability of fiber and fabric to meet those trends.
The new retail landscape also requires changes to the in-store experience. Due to behavioral shifts brought on by the pandemic, curbside pick-up, contactless and cashless transactions as well as options such as "buy now, pay later" are likely here to stay.
A similar demand for ethically and sustainably sourced products is pushing the industry to become more responsible as well.
Ultimately, all of this require investments in technology and innovation.
Download the 2021 Retail Innovation report—brought to you by editors and reporters from across Fairchild Media Group, which includes WWD, Sourcing Journal, Footwear News and Beauty Inc—for insights into the solutions, strategies and tactics transforming retail.
Key takeaways include:
Please provide the following information: