Study Finds That Top Performing Mid-Market Companies Invest 285% More in Cybersecurity
Corsica Technologies has released an illuminating study that sheds light on the current landscape of technology outsourcing in midmarket companies. Conducted by IHL Group, a renowned market research firm, the study delves deep into the challenges faced by midmarket organizations and the strategic solutions they deploy to meet their technology needs.
3DLOOK Announces Innovative Partner Ecosystem to Revolutionize Fashion Retail and E-commerce
3DLOOK, a leader in AI-powered mobile body scanning and virtual try-on solutions, is proud to announce the launch of its new Partner Ecosystem.
Is AI the Next Frontier for Macy’s New CMO?
IHL Sees Potential for $7.5 Billion in AI-Driven Business Gains Through 2029 — Will Macy's new CMO Take This On?
MURTEC Executive Summit Day 2 Recap: Real-World AI, Robotics, and Collaborative Ideation
MURTEC Executive Summit Day 2, at The Charleston Place, touched on a range of real-life use cases for bleeding edge tech, culminating in an incredible collaborative session.
Study: AI will have a $580 billion impact on Amazon and Walmart
Two retailers will account for close to 40% of an expected windfall from radical industry transformation caused by artificial intelligence (AI). According to the new Retail AI Readiness Index from analyst firm IHL Group, the top 212 North American public retailers and restaurants could see over $1.5 trillion in additional financial impact through 2029. Amazon and Walmart are expected to account for more than $580 billion, or 38.5% of the total.
Top 10 Contactless Trends to Watch in 2022
As it did with many other aspects of retail, COVID-19 gave a major boost to touchless technology applications — and enthusiasm for these solutions will continue even after the pandemic has waned, according to Greg Buzek, Founder and President of IHL Group. “The desire is still there to do touchless, but for different reasons than COVID safety,” he said during a presentation at the 2021 retailX conference in Chicago. “Retailers had wanted to do this before as a way to save on labor costs.”
7 retail industry predictions for 2024
This annual predictions process — collecting tons of information from various sources to arrive at projections for how the retail industry is likely to fare in the year ahead — could be upended if artificial intelligence keeps improving.
Agilence Unveils New Inventory Module to Improve Retail Stock Clarity
New analytic module combines inventory and sales data to help retailers detect shrink and improve customer experience to combat $1.77 billion inventory distortion problem
Best Data Wins: How Most Profitable Retailers Are Deploying Advanced Analytics at Rate 3x Faster Than Competitors
The fastest growing and most profitable retailers are deploying advanced analytics at rates over 3x faster than competitors Retailers have always been data rich and knowledge poor. The best performing retailers can now leverage advanced AI/ML to make the changes for better sales and profitability.” — Greg Buzek, President IHL Group
Bodega Aurrerá already sells McDonald’s: this is offered by Mama Lucha
A IHL Group store study entitled “Unified Commerce”, opted for the following figures: 30 percent of the retailers interviewed assured that they have optimized their omnichannel services, to allow consumers to buy online and return in store; 28 percent invested in their stores, to make shipments from these points to online orders and 27 percent invested in an omnichannel system that allows buying online, picking up in store or taking the product to the store, so that the consumer Pick up your order there.
Checkout Preferences, SAP at NRF, and More
Looks like it’s time to make the check-out process frictionless and easier. As retailers such as Wegmans, Walmart and Costco are rethinking self-checkout, new research commissioned by Avery Dennison showed “an inflection point in consumers’ shopping behavior,” with 37 percent of respondents polled in the U.S. and the U.K. saying “they would switch to a retailer that offers full check-out free stores.”
Four Major Hits and One Miss from NRF 2024
Once again, the ritual that is the January National Retail Federation Big Show is upon us. Over 40,000 people, 6200+ brands, 1000+ exhibitors, from 100+ countries participated in the NRF 2024 edition. My retail innovation leadership activities stretched out over five days logging over 75,000 steps or to be more exact 32.62 walking miles.
GK Announces GK Engage, a Highly Personalized Loyalty Solution for Any Retail Touch Point Including Mobile Devices and Point-of-Sale
GK today announced its latest solution, GK Engage, a modern, comprehensive and AI-powered loyalty program for every omnichannel retail touch point. This solution empowers retailers to create highly contextualized and personalized outreach including messaging, discounts and rewards that improve customer lifetime value and enrich a retailer’s competitive differentiation.
Is AI the Next Frontier for Macy’s New CMO?
It’s safe to say that it’s only a matter of time before artificial intelligence-powered marketing makes its debut at Macy’s, and new research from IHL Group shows the retailer is poised to rake in $7.5 billion in additional business gains through 2029 due to its AI readiness.
Is This the End of Retail's Just-In-Time Inventory?
If there is one thing that has come out of COVID and resulting events since for retailers is that that the current retail supply chain is broken. For the last 25 years retailers moved from a resilient mixed supply chain with manufacturers domestic and abroad to one that is as much as 75-90% reliant for finished goods from oversees and has over 90% exposure to raw materials from overseas (even local farms require fertilizer).
Rethinking Grocery: Why Smart Grocers Are “Checking Out” Autonomous Stores
A RETHINK Retail special report on the innovations in the world of frictionless shopping
1 in 5 Items Consumers Want Is Out of Stock at Local Stores
IHL Group research finds continuing labor, supplier issues leading to $349B in total sales losses
Address supply chain issues with cloud computing
Is there anything you need out of stock? From bicycle parts to the single chip needed to complete a new car or truck, supply chain disruptions have killed many companies and affected consumers who use them.
AI in Retail: Optimizing Operations from Supply Chains to Employee Scheduling
The newest generation of artificial intelligence (AI) would seem to be tailor-made for the behind-the-scenes operational complexity of today’s retail organization — and in many ways it is. Generative AI-powered solutions’ ability to ingest non-linear, non-numerical types of data, including images, audio and video, is a strong fit for the multi-touch-point nature of commerce today.
GUEST COMMENT Stock location location location: The benefits of virtual inventory catalogues
The last few years have transformed consumer shopping habits, making omnichannel retail strategy a priority for retailers. Indeed, with today’s customers expecting the same high standards of delivery they’ve experienced online across multiple touchpoints, brands are responding to this demand by selling from more places than ever before.
Study: Generative AI will have $9 trillion impact on retail
The numbers are in, and generative artificial intelligence (AI) is poised to have a major impact on retail. Generative AI will have a financial impact of $9.2 trillion through 2029 on retail, according to a new forecast from research analyst firm IHL Group. Generative AI, which is based on machine learning (ML), can create new content and ideas, including conversations, stories, images, videos, and music.
The Robot That Will Help Giant Eagle Spot Empty Grocery Shelves
Out-of-stock conditions cost retailers almost $1T a year—here’s how one grocery chain is planning to use autonomous robots to address the problem
ToolsGroup-IHL Group 2022 Retail Inventory Study Shows Diminishing Customer Loyalty Due to Out-of-Stock Concerns
ToolsGroup, a global leader in AI-driven retail and supply chain planning and optimization software, in collaboration with IHL Group, a global research and advisory firm for the retail and hospitality industries, today released a study on the role of inventory in consumer loyalty and what retailers can do to win and keep customers.
Why Inventory Distortion Costs Retailers Trillions
Inventory distortion due to out-of-stocks and overstocks is projected to cost retailers $1.77 trillion worldwide this year, according to a report from IHL Group.
Convenience Think Tank Finds AI Is 'All About Data Integrity'
Generative artificial intelligence (AI) can provide effective data analysis and tangible results for convenience retailing, according to the newest "Vision Report" from the Convenience Technology Vision Group (CTVG).
Is AI the Next Frontier for Macy’s New CMO?
IHL Sees Potential for $7.5 Billion in AI-Driven Business Gains Through 2029 — Will Macy's new CMO Take This On?
Is it Time for RFID to Shine?
Even though RFID has proven its value numerous times, retailer adoption has never truly reached its peak. However, with retailers feeling more pressure to streamline omnichannel fulfillment, supply chain visibility has risen to the top of the priority list. And RFID is key to achieving this visibility.
More Stores Open Than Close for First Time in Five Years
More retailers are expected to open more physical stores than closing them for the first time in five years, according to an analysis of more than 900 chains by IHL Group, a research and advisory company, reports The Wall Street Journal.
RetailROI SuperSaturday Event Raises Almost $400,000 to Help Vulnerable Children
Over 220 retail leaders recently met at Microsoft’s New York headquarters to network for a great cause. The RetailROI SuperSaturday event – held annually at NRF – raised $384,000, which will go towards helping orphans and children in the foster care system.
The Heart of Retail Evolves/Store Experience Study 2024
From opening stores to investing in remodels, retailers continue to demonstrate that a physical store presence is still the heart of retail. That brick-and-mortar heart is evolving right along with the ever-changing omnichannel retail experience, as retailers embrace technologies that make their operations more efficient and profitable, overcoming the plethora of obstacles placed before them.
2022 Holiday Outlook: Expert Perspectives on the New ‘Next Normal’
Everyone wants to know what the 2022 holiday season will bring, so Retail TouchPoints consulted 16 of the retail industry’s savviest analysts and experts, from leading firms including Accenture, Publicis Sapient, Euromonitor International, Kearney and IHL Services.
Consumer Research: How Retailers Win Customer Loyalty in an Omnichannel World
Retailers already know the importance of optimizing inventory. Yet almost one in three customers still report stockouts when utilizing click-and-collect or BOPIS.
CTVG examines generative AI and retailing in latest report
CTVG’s December 6, 2023 quarterly virtual meeting focused on the transformative impact of artificial intelligence (AI) on the retail landscape with an exclusive presentation by Greg Buzek, founder and president of IHL Group, in discussion with CTVG members.
First Insight to cover operating costs for Retail Orphan Initiative (RetailROI) fundraiser
First Insight is donating $50,000 to the Retail Orphan Initiative (Retail ROI).
IHL Study: Inventory Distortion Will Cost Retailers $1.77 Trillion in 2023
Inventory distortion, whether it’s out-of-stocks or overstocks, are a huge and costly challenge for retailers and suppliers, and too often a source of great inconvenience to consumers. A recent study by IHL Group projects that the global cost of inventory distortion in 2023 will be $1.77 trillion — bigger than the combined retail GDP of all of Latin America. But as ghastly as this figure is, it is down by $172 billion from 2022.
Retail and Hospitality Research Firm IHL Group Partners With Content Catalyst to Launch New Platform for Data and Research Reports
IHL Group, an advisory and research firm covering the global retail and hospitality sectors, has partnered with technology provider Content Catalyst, to launch an interactive platform for subscribers using flagship content delivery service, Publish Interactive.
Retail losses reach $1.77 trillion worldwide
The global retail industry has suffered a projected $1.77 trillion in losses, even despite billions in improvements, according to a new study, which also found that the rapid growth of theft and organized retail crime has overshadowed systems and process gains in the U.S. and Canada.
The AI-Disruptive Future of Retail
The past two weeks have been truly inspirational in regards to activities of continuous learning as well as sharing knowledge that helps us all have a brighter retail future. The first week was the keynote delivery of my latest edition on ‘The Disruptive Future of Retail’ presentation.
These 2 Retailers Are Projected to See Biggest Financial Impact From Generative AI
As discussed at Progressive Grocer’s recent GroceryTech event, generative artificial intelligence (AI) is the next frontier, technologically speaking. The new Retail AI Readiness Index from analyst firm IHL Group further delves into the impacts of AI/machine learning and generative AI on transforming retail.
Down to Business: Livestream shopping arrives in the U.S.
In a different decade, celebrity chef, talk show host and Glens Falls native Rachael Ray might have appeared on a home-shopping TV channel to promote her various product lines. Last month, she was cooking and philosophizing online while hawking a new cookbook/memoir from her Warren County home in the latest iteration of the phenomenon, livestream shopping.
Five crucial retail strategies for 2024
Retail success in 2024 will rely on being proactive. Leaders will need to identify and move on winning strategies in areas such as health and wellness, new technologies, customer experiences and value initiatives.
NRF 2023: Retail Pro Prism resolves bottlenecks and rebuilds customer relationships for retailers
As digital operations increasingly overlap with core retail operations in the store for options like Click and Collect and store fulfillment, retailers need more accuracy and flexibility from their technology.
RetailROI Raises $210K with First Virtual Event
Since 2011, the Retail Orphan Initiative (RetailROI) has worked with the retail industry to raise funds to help vulnerable children worldwide. In that time, the organization has mobilized more than $4 million to help more than 229,000 children. Its annual event has been held in New York City on the Saturday prior to the NRF Big Show, bringing together retail executives and solution providers with a variety of charities and people who have benefitted from the group’s work.
RetailROI ‘Super Saturday’ features diverse lineup, tech education
Celebrating its 15th year, RetailROI is once again bringing together retail thinkers for in-depth discussions on retail technology. In addition, Darryl McDaniels, better known as “DMC” from pioneering New York City rap group Run DMC, will deliver the keynote address.
Study: Generative AI will have $9 trillion impact on retail
Generative AI will have a financial impact of $9.2 trillion through 2029 on retail, according to a new forecast from research analyst firm IHL Group. Generative AI, which is based on machine learning (ML), can create new content and ideas, including conversations, stories, images, videos, and music.
Asia-Pacific retailers see 39% surge in easy returns, urging tech solutions
With returns impacting retailers globally to the tune of $1.8 trillion, according to the IHL Group, the need for technological solutions to streamline the returns process has never been more pronounced.
Best Buy and other retailers started 2024 by closing stores. They're not done, analysts say
When the COVID-19 pandemic disrupted the lives of consumers across the U.S., retailers faced a grim reality: store closures. While some are bouncing back — and in some places quicker than others — analysts say that store closures aren’t done yet.
From Electric Cars to Customer Journeys: Talking Retail with IHL’s Jerry Sheldon
One of the things I love about working in retail technology PR is the chance to develop friendships with so many of the clients, editors and analysts we work with at Ketner Group.
Inventory is Everything, Especially in Omnichannel Grocery
“Retailers need to have a single view of their inventory across channels and then that data has to be up-to-date and accurate,” said Greg Buzek, President of IHL Group. “RFID is the killer app for this for most products and this can be augmented by the use of computer-vision. Retailers who were already using RFID saw 83% higher sales growth and 80% higher profits in 2022 in our research.”
Managing inventory for the next external disruption
If I look at my household as a business, and strive like any enterprise to make sure my expenses don’t exceed my revenue, what mindset do I adopt post-pandemic for filling my kitchen pantry: just-in-time or just-in-case?
New Las Vegas business startups are positive economic sign
According to a study quoted in REALTOR Magazine: "Store openings are outnumbering closings for the first time in four years, according to an analysis of more than 900 chains by the IHL Group, a research firm. Overall, retailers are opening 4,361 more brick-and-mortar stores in 2021 than they closed."
Over 70% of APAC Retailers, India Included, Recognize Store Shrinkage as Major Challenge
Zebra Technologies Corporation recently announced the findings of its 16th Annual Global Shopper Study which confirmed retailers are feeling the omnichannel squeeze, particularly with managing online returns and reducing shrink caused by theft, fraud and other contributing factors.
Retailers That Use AI Enjoy Over 2X Sales Growth And Nearly 3X Profit Growth Compared To Competitors
It is no longer a question of if AI/ML is making a difference. The data shows it is clearly a differentiator that will continue to deliver results and help leading retailers lap their competition.” - Greg Buzek - President of IHL Group
The Potential of Generative AI in Convenience Retailing
CTVG recently addressed the topic of generative AI in the convenience retail market in its most recent Vision Report. CTVG’s December quarterly virtual meeting focused on the transformative impact of artificial intelligence on the retail landscape with an exclusive presentation by Greg Buzek, founder and president of IHL Group, in discussion with CTVG members.
The Rise of Next-Gen Retail: Shifts in Shopping Center Design
As reported by the Wall Street Journal in November, retailers were on track to open more stores than they closed in 2021 for the first time since 2017, based on an analysis of more than 900 chains by IHL Group.
Aptos Engage: Transformation Around the New Normal
Last month I had the opportunity to attend Aptos Engage. Like most of the retail technology user conferences this year, the event was held virtually, with the hope that next year the event would be in person. I happen to have a long history with Aptos. When I first entered retail as an analyst almost 17 years ago, Aptos was then NSB Group, and it was a leader in the POS space. And while the Aptos of today is very different from the NSB Group of that time, so many of those core competencies remain, not the least of which is expertise in the POS and mPOS space.
Consumers Say 1 in 5 Items They Want To Buy Is Out-of-Stock at Their Local Retailer
The disconnect between what consumers want to buy at their local stores and what they actually do buy continues to drive discontent according to new research from analyst firm IHL Group. The total cost to retailers for Inventory Distortion (combined cost of overstocks and out-of-stocks) amounts to $349b in lost sales for US and Canadian retailers in 2022.
IHL: Leading retailers have distinct IT spending plans for 2024
According to a new study from data from analyst firm IHL Group, retailers with 2023 sales growth greater than 10% are planning to increase their IT spend in 2024 by 16.2%, more than four times the 3.6% IT spend growth planned by average performing retailers.
Influentials: Top Movers and Shakers in Retail 2020
There has never been a time where the retail industry needed influencers more. As retail’s landscape and shoppers’ habits evolve at breakneck speed, adaption is impossible without innovative technology and knowledgeable leaders tirelessly working to guide the industry on a new path to the future.
Loyalty- and tech-driven strategies key to effective returns management
The persistent challenge of reverse logistics has been an ongoing dilemma for retailers, a situation now exacerbated by the rise in online shopping. However, some retailers still choose to shelve this concern, resulting in a disorganised or dysfunctional returns management system.
Out-of-Stocks Cost Grocery Retailers Billions
Labor shortages and economic uncertainty have made managing out-of-stocks an important challenge for grocers to consider. Out-of-stocks are costing North American food retailers 5.9% of their total retail sales—better than their global peers, but still leaving billions of dollars on the table, according to IHL Group’s Grocery Out-of-Stocks—Big Problems, Key Solutions.
Podcast: Why out of stocks are becoming a real problem
Are your shelves stocked? And if not, why not? That’s the question we’re exploring today with Greg Buzek of global research and advisory firm IHL Group, which just released new research around global retail sales.
Remodeling Retail: Store Experience Study 2023
The annual “Store Experience Study” represents the 20th year of collaboration between RIS News and IHL Group. As such, it brings the retail industry the definitive study that examines trends for the coming year in terms of technological advances that impact retail operations, growth plans, budgets, and planned technology purchases for 2023 and beyond.
The pandemic changed how consumers shop
Multiple factors have affected the retail environment, and largely changed the way that consumers shop. This is according to a new global consumer retail study from Intel and IHL Group that speaks to the changing retail experience while highlighting technologies that can help improve a dynamic retail marketplace.
Top 10 Contactless Trends to Watch in 2022
As it did with many other aspects of retail, COVID-19 gave a major boost to touchless technology applications — and enthusiasm for these solutions will continue even after the pandemic has waned, according to Greg Buzek, Founder and President of IHL Group. “The desire is still there to do touchless, but for different reasons than COVID safety,” he said during a presentation at the 2021 retailX conference in Chicago. “Retailers had wanted to do this before as a way to save on labor costs.”
AI + Cloud + Data + Trust, Salesforce’s Formula for Winning Big
Salesforce Connections 2023, a premier two-day event held last week in Chicago, brought together more than 10,000 attendees. With a strong emphasis on the central theme of AI, particularly in relation to customer experience enhancement and trust. The conference aimed to address the growing concerns surrounding trust in AI, a topic often overlooked or treated with superficiality in these early days of ChatGPT.
America's retailers are dealing with a tangled mess
The supply chain snarls that followed the pandemic have been mostly unsnarled. Inflation has fallen far below its 2022 peak. And the economy continues to hum, with the recession forecasts that dominated last year well in the rearview mirror.
E-Commerce Needs Real Store Locations Now More Than Ever
Retailers this year are expected to open more stores than they close for the first time since 2017, according to an analysis of more than 900 chains by IHL Group, a research and advisory company. Most of the growth is coming from mass merchants, food, drugs and convenience chains.
GK Continues To Grow Exponentially in North America, Presents New Loyalty Solution at NRF 2024
GK Software, a global leader in comprehensive retail applications for real-time omnichannel business systems, reports a very successful year, with growth in North America reaching new heights.
IHL: The three drivers of retail technology purchases are…
Retailers are expected to continue increasing their spending on technology in 2023. According to a new study from analyst firm IHL Group, “Building an Insurmountable Lead – How Technology is Separating Leading Retailers from Competitors,” successful retailers will make strategic investments in technologies to extend the lead against their competitors in 2023.
Industry Thought Leaders Opine on Grocery 2023
With so much change in the grocery industry over the past few years it is importantto take a moment to evaluate the year that was and prepare yourself for asuccessful future
Retailers in Apac to focus on improving returns management
Omnichannel shopping is here to stay, with nearly eight in 10 shoppers in Asia Pacific favouring a blend of online and in-store shopping. The ease of making returns is the leading reason shoppers choose to shop in stores, according to Zebra Technologies’ 16th Annual Global Shopper Study. However, the increase in returns has impacted retailers globally, growing to US$1.8 trillion according to the IHL Group.
The True Cost of Errors in E-commerce: Hidden Expenses Exposed
E-commerce, the art of buying and selling goods and services online, has become an integral part of our lives. From everyday essentials to luxury items, e-commerce offers a world of choices at our fingertips. But, hidden beneath the glossy facade of digital storefronts lies a complex web of challenges, with accuracy being paramount. In this post, we’ll delve into the often-overlooked costs of errors in e-commerce, shedding light on the hidden expenses that can cripple businesses.
US holiday shoppers fund a revival for bricks-and-mortar stores
For every retailer that closed a store in 2019, five more opened in 2021, according to research and advisory firm IHL Group
Who Is Leading in GenAI Readiness and Projected Business Impact?
It’s undeniable that GenAI is have a major impact across industries, especially since OpenAI introduced ChatGPT last November. But what does that mean in terms of dollars and cents? Research firm IHL Group has taken a stab at the collective impact of AI, GenAI and machine learning on the retail and restaurant sectors through 2029 in its new report: $1.5 trillion, with a “T.” Worldwide, IHL estimates, that figure is $9.2 trillion.