As June passes we think ‘vacation’. A tropical island is my vacation dream. My northern friends often ask how can I stand the extreme heat of the tropic. The answer to that question is also the highlight of our content this month – I adapt fast. The human body of is highly adaptable. “Our bodies, highly amenable machines that they are, can acclimatize to cold environments and warm environments, alike.” The internet of things (IOT) has been battled by the movie business longer than anyone. VCR, Netflix, Redbox and even YouTube have put the heat on the movie business. The movie business has done a great job “ADAPTING” by cutting locations, changing products and adjusting even things like length of movie and credits all to entice the customer to go to a movie. While many consultants and bloggers write about the end of brick and mortar retail, this is far from certain. I leave you with a quote to think about as you read this month’s cover stories.
Data Profits’ Demand Forecasting Software Solution Key to Retail IOT Survival
Atlanta, June 13, 2017 Data Profits updates their Demand Forecasting & Inventory Replenishment Software to offer additional tools to aid Retailers, Wholesalers, and Distributors with IoT Success and Survival. An April 22, 2017 CNN Money article states that it’s possible more than 8,600 brick-and-mortar stores will close their doors in 2017 (exceeds previous record set in 2008 of 6163 stores). This highlights the need for retailers to become adaptive or die. Retailers, wholesalers, and distributors must change inventory replenishment methodologies and software to adapt to quicker customer demand requirements. The IoT has changed the way people shop as well as customer expectations. “If a business does not adapt their replenishment to faster reaction times, they risk losing their customer, and ultimately their business,” said Stuart Dunkin, CEO Data Profits.
“It is not the strongest of the species that survives, not the most intelligent that survives. It is the one that is the most adaptable to change.” – Charles Darwin
Are Brick Stores Really the Dinosaurs of Retail?
When will the asteroid IoT (internet of things) change the retail landscape into a permanent waste land? Some claim retail brick stores are a dinosaur waiting for the big asteroid IoT to hit and end it all. Many say retail is at the end of its days and point out how giants like Sears are almost extinct. Writers and consultants highlight how the IoT is tearing away at the basic ‘how to make money in retail’ assumptions. I cannot count the number of columns written that say retail stores are the showroom for Amazon and eBay. There are hundreds of software companies that ‘claim’ to have the magic mobile solution to solve the showroom crisis and meet the IoT threats. Don’t see that working out so well either…
Can you find new ideas to improve your inventory replenishment and / or supply chain in under three minutes? Do you find training materials and great ideas shared on the web by your software and other supply chain companies? Does your software support site provide a full offering of concepts and ideas that utilize support documents, template checklists, white board animation, and slide shares to support their product and your business? Read More
There’s a lot of buzz surrounding the Internet of Things (IoT). With Nest Labs’ line of household connected devices and Amazon’s new Dash Button for reordering groceries, customers are getting used to more and more connectedness in their day-to-day lives. Retailers too are trying out ways to be not only more connected to customers but also to connect disparate parts of their business operations by adding connectivity to everyday things. RFID chips in packaging can track inventory from source to customer and provide all kinds of valuable data, as well as lower shrinkage. Digital signage and shelf tags saves labor and reduces pricing errors. With all the new and exciting things that the Internet of Things can bring to retail, it’s shocking how behind the times most inventory planning and replenishment software is.