ScanSource’s RetailVision Virtual Event Drives Optimism for the Future of Retail Space
ScanSource’s first-ever RetailVision recently wrapped up, and partners are raving about the exclusive, educational content and insight they received during the one-of-a-kind virtual event. ScanSource’s virtual booth was ripe with displays of the best-selling solutions that are most relevant in today’s evolving retail landscape, and attending partners enjoyed access to a special selection of curated content and thought leadership articles from industry-leading suppliers and ScanSource subject matter experts.
Perhaps the highlight of RetailVision was a keynote presentation from retail industry expert Tony D’Onofrio, CEO of consulting firm TD Insights, and a widely recognized global influencer in the retail, security, and emerging tech spaces.
In his nearly one-hour, information-packed presentation, Tony focused on several main facets of the retail industry, as well as the biggest opportunities in the space. He covered everything from the major impact of the pandemic on essential and non-essential retailers and the enormous growth of e-commerce, to the retail recovery coming out of the pandemic and the post-pandemic future of the $30 trillion retail empire. Tony explained that, prior to the pandemic, the retail apocalypse was already happening in the apparel and footwear sectors, as well as department stores. This year, the pandemic increased closings in those sectors by 39% and 15%, respectively. As a result, there has been a major spike in e-commerce. In fact, as Tony explained, e-commerce sales in the USA grew 31.8% from the previous quarter, or 44.5% YOY, and 2020 online sales already surpassed the total of 2019 sales in early October, well before the start of the 2020 holiday shopping season.
While these stats might seem to indicate a rather bleak future for brick and mortar, Tony’s research painted a more optimistic picture. Generally, the majority of retailers who have been winning in 2020 were already investing in digital transformation prior to the pandemic. Most of these were larger, big box retailers with more capital. However, many of the smaller retailers have seemingly fared well in catching up with the trends. The pandemic has simply accelerated digital trends that were already in motion. Tony shared with the partner audience that he does not believe e-commerce will “eat” the physical retail market. In fact, some of his most recent findings proved the love that we, as shoppers, have for our stores. Approximately 80% of Americans report that they miss the social interaction of physical stores, while 81.5% of shoppers in the UK and 82.3% of shoppers in France are looking forward to returning to a more normal physical shopping experience.
Tony went on to explain the massive opportunities that he’s seeing in the retail space, including the importance of boosting customer experience, digital transformation insights to keep up with shifting customer expectations, the growth of the smart store, and what he thinks is the overall formula for retail success. What’s really exciting is the fact that all of the opportunities he presented are directly linked to the products and solutions ScanSource and our partners provide to their end-user retail customers.
Did you miss RetailVision? Want to view Tony’s full keynote presentation? No worries! All of this great content is available through November 25, 2020. Simply click here, register for instant access to the ScanSource virtual booth and exhibit, and join the hundreds of partners that have already tuned in to boost their retail success!