The rapid spread of the COVID-19 crisis has brought with it dire consequences. The disruption to daily life has been astonishing. Schools are closed, employees are working remotely, and overall economic uncertainty exists as the world wrestles with a new normal. Unfortunately, businesses are closing rapidly as states enforce “stay at home” orders as part of the strategy to fight the pandemic. In March alone, some 1.4 million employees were laid off in the United States. During this time of restricted travel and social distancing, without physical customers, how will businesses survive? In any case, necessity is the mother of invention. So, through the power of technology and big data, sectors such as retail, healthcare, and education are ramping up their digital transformation efforts and discovering ways to survive and thrive in the future.
According to a recent study by Adobe analyzing over one trillion transactions and 100 million products, overall US ecommerce daily sales have risen by 25% in the first ten days of March, driven by a 100% increase in online grocery purchases. Other select commodities have skyrocketed in sales. Virus protection category products, for example, surged by 807%, while toilet paper online sales have also spiked by 231%. Computers and monitors also observed a 40% increase in average daily sales.
Data Driven Retail Solution to Maximize Profits
With such a rapid increase in electronic logistics, how can online retailers hope to keep up with demand, especially given the current economic uncertainty? The answer is information. The truth is retail stores have a huge repository of data (or information). They can use it to emerge as the new winners in the marketplace.
Correctly managing the data a company already possesses allows it to keep an eye on the market trends and watch for further possible disruptions to its supply chain. The tech industry has the ability to work with its business partners in overdrive to ensure they can leverage data virtualization to reroute logistics across manufacturing locations, distribution centers, and retail locations. Analytics platforms are ensuring data science gives organizations the capability to make more insightful decisions, improve processes, optimize supply chain and become more cost-effective. As a consequence, businesses are streamlined and higher customer satisfaction is achieved.
Customers today understand their needs and compare products before buying. As a result, retailers are using this knowledge to optimize costs and provide more alternatives to their potential customers. For this, they depend on data integration solutions. Data-driven retail solution tools can monitor a 360-degree view of digital activities performed by customers and provide insight in buying patterns, giving businesses the ability to create a more personalized shopping experience. What’s more, any organization with a reputable tech partner schooled in the business of data management at its side is not alone in this fight.
Covid-19 has hit the economy like a Tsunami. As a ripple effect, a global recession is predicted with uncertainty in the near future. The good news? Technology has the ability to give organizations an upper hand to face the threat. Take advantage of the technological advancements available to consumers all over the globe. All too often businesses gather mountains of data but never explore its full potential. They store it, protect it, occasionally refer to it, but at best are only scratching the surface of its potential. Don’t be like “these businesses.”
Instead, utilize your data to create smarter intelligence regarding your customers and operations, create better collaboration among your team members, and increase workflow efficiency. While every business is different, each entity, large or small, has the power to use big data in effective ways. Put your data to use for you now. Retail in general might face a long slog but you can turn the tables for your business.
Does the current environment have you looking for ways to improve, scale or increase current productivity and processes? Those who can predict market conditions and use every available asset will emerge as the true survivors. Vorro can help. With over a decade of experience in transforming millions of transactions in online retail, we promise full data security and rapid deployment. Take advantage now and start building for the future. Speak with the data integration specialist at Vorro.
Billy Waldrop is the Chief Operations Officer for Vorro, Inc. Billy has dedicated his career to managing and developing complex systems for the manufacturing and healthcare industries. He spent 10 years at the Mayo Clinic, where he supervised and directed teams responsible for the development and support of critical Patient Financial Services systems. He holds an MBA and a B.S. in Professional Management, along with many certifications from the Mayo Clinic.
