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Technology Revolution: The Future of Now

The Future of Retail and Technology: How Many Happy Returns?

Technology Revolution: The Future of Now

Bonnie D Graham

News, Business News, Technology

4.9112 Ratings

🗓️ 25 May 2022

⏱️ 55 minutes

🧾️ Download transcript

Summary

The Buzz 1: Retailers expect 17.8% or $158 billion of merchandise sold during the 2022 holiday season will be returned, according to National Retail Federation. [digitalcommerce360.com] The Buzz 2: Retail returns jumped to an average of 16.6% in 2021 versus 10.6% in 2020, according to a survey by the National Retail Federation and Appriss Retail. That adds up to more than $761 billion of merchandise…in unwanted purchases that come back to retailers’ stores and warehouses and become a headache for companies that must decide whether they can resell those items, get them written off by the manufacturer or if they must take the loss. The average rate of returns for online purchases was 20.8% — up from 18.1% in 2020. [cnbc.com] The Buzz 3: Retail in the Age of Instinct. Trends shaping CPG and retail organizations include 'Optimized Reality': CPG and retail companies are using data and digital technologies to tailor experiences, services, products, and promotions to the individual and shift from maximizing supply chains to personalizing demand chains. [www.genpact.com] We’ll ask Praful Karanth, Victoria Wieck, Matt Laukaitis, Navjit Bhasin and Oliver Stocks for their take on The Future of Retail and Technology: How Many Happy Returns?

Transcript

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0:00.0

Where does yesterday's future, which is already here, ready here, really here, meet today's future, which is about to happen, and tomorrow's future, which could be just minutes away?

0:15.9

Welcome to technology revolution, the future of now.

0:27.0

Where host Bonnie D. Graham asks savvy futurists for their predictions about the tech-driven trends that are shaping our future right now. Here's your host who will take us into the future

0:33.2

of now. Bonnie D. Graham. Thank you, Ryan Treasurer. Bonnie D. in the house. Happy to be here. Wow, we got a topic for you. I know it's going to impact.

0:42.3

It's going to resonate with our listeners, our viewers all over the world.

0:45.3

First, I want my guest to wave hello to LinkedIn and they want to watch you. And I have a very engaged panel. We have a full house. I wish we were playing poker because we've got a full house. I said that. I don't play poker. Full house today. We've got five speakers and the topic is interesting. So let me just start out with a little personal note here. I bought something. I like it.

1:11.7

I love it. No, it's day two. I hate it. I'm not sure. Does it fit? Do I want to keep it? Do I want to

1:16.6

return it? Return it. Sure, it's easy. I bought on Amazon. I'll run over to calls. I drop it off.

1:21.7

I show them the QR code. It's so easy to return things. Our topic today is the future of retail and technology.

1:28.8

How many happy returns?

1:30.9

And you know that's a play on words because when you have a birthday or anniversary,

1:34.5

people say many happy returns of the day.

1:36.9

Well, this is the bane of the existence of the retail world.

1:40.8

So we're going to talk about that today.

1:42.9

Let me give you a couple of statistics and then I'll

1:44.8

have my esteemed panelists share their bios and then we'll do the opening quotes and then we'll have our

1:49.4

predictions. So retailers expect 17.8% or 158 billion. That's with a B like the first letter of my name,

1:57.6

a merchandise sold during the 2022 holiday season, we're not even there yet,

2:01.8

will be returned according to the National Retail Federation, known as the NRF.

2:07.2

Emily Grayson, who is a director of operations at a women's apparel brand, I've never heard of,

2:12.0

a retailer named Tucker Nuck said, and this is a quote from digital commerce 360.com,

2:17.3

she said, returns were just the bane

...

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