Bits of retail news, sifted through to find the most important ones.
AI in retail
Consulting firm BRP reports that 45% of retailers are expecting to use AI technology in the next 3 years. The bigger fish are, of course, doing it already with Walmart trying out its ‘Next-Gen’ stores in 2 new locations and Amazon making moves towards setting up Amazon Go in UK.
Ecommerce advantages shrink as world adjusts
One of the best indicators that a change has matured is when the early adopter advantages disappear. It’s not a secret that Amazon’s sales tax exemption gave it a huge edge over competitors. An edge that is now gone. Retailers selling in China will be losing a similar edge as China moves to close legal loopholes that allowed companies like Walmart and Costco to circumvent regulatory fees by selling online (an ‘alternate’ market that has an estimated share of $60-billion).
Retail Jobs in Decline
The retail apocalypse is changing what it means to be a teenager - Business Insider
Working in retail stores was long considered a rite of passage for many teenagers. But many teens are now finding it…www.businessinsider.sg
The loss of jobs at a mass scale is not a joke. It is changing life as we know it, be it teenagers who can’t find retail jobs in the summer or towns that are losing revenue and community because of surging online sales. But these losses needn’t be the end of the story. Other sectors like construction and logistics are adding jobs. Now the only thing needed is retraining, information and education for job-hunters…who’s going to do it?
GAP is good, now we wait for Best Buy
Gap stocked climbed after the company’s Q1 earnings beat analysts forecasts. Next in line — Best Buy.
Gap fends off retail apocalypse, climbs on earnings beat — Business Insider
Gap Inc. ‘s stock climbed 6% to $24.57 a share after the company reported first-quarter profit that beat analyst…www.businessinsider.sg
This week on The Ecommerce Intelligencer: