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On top of that, even smaller retailers must address the multi-channel reality of today’s shopping environment. Increasingly tech-savvy customers comparisonshop not just against competitors, but even against a retailer’s other sales channels. The post How to Forecast Demand in Retail (2020) appeared first on Retalon.
Consumers can find the same products across the globe, and now, consumers can comparisonshop online and find the lowest priced goods in seconds. – Promotions, event and markdowns. These days, such strategies are essentially non-starters. You’re only going to hurt your profits by playing the price reduction game.
Major retailers survived 2020 by transforming how they got their products into customers’ hands. Instead of only shipping to customers’ homes, retailers let online customers shop from their local and online store’s inventory and pick up their orders from their closest brick-and-mortar location the same day.
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