SML RFID has announced the release of the first half of its two-part “The State of Retail in a Post Pandemic Era” report, which finds that more than a third of retailers feel confident in their ability to grow within the next year, but that recovery from the COVID-19 pandemic remains a concern. The report, which analyzes responses from more than 500 independent senior decision-makers representing apparel retailers in the United States and the United Kingdom, examines the pandemic’s impacts on the apparel retail industry, as well as the general sentiment regarding growth prospects and the challenges in bouncing back.
According to SML, the past 18 months have posed a significant challenge for the retail sector due to the coronavirus outbreak. As the report explains, companies were forced to adapt to shifting consumer demands as in-store operations temporarily ground to a halt and as e-commerce became the primary sales channel. Those surveyed for the study deemed recovering from the pandemic to be the most significant obstacle, SML reports, with 38 percent of respondents citing this as their greatest challenge.
Despite the setbacks that the industry has faced, the study indicates, retailers remain optimistic about the future and have adapted to the need to fulfill online demand. The report finds that two out of every five retail decision-makers (42 percent) consider online home delivery to have been their primary sales channel throughout the past year. On the other hand, the company notes, they recognize that improvements need to be made in terms of delivering quality customer service in a post-pandemic environment. Forty-three percent cited real-time visibility into stock levels as among the most critical factors in delivering a better customer experience.
“The impacts and changes that have come about from the pandemic on retail are clear to see by now,” said Dean Frew, SML Group’s chief technology officer and senior VP of RFID solutions. “However, as recovery from COVID-19 continues, it’s important that retailers continue to strive to understand the ever-changing needs of their customers and invest in the solutions that help to provide the best customer experience and returns for shareholders possible.”
“As retailers look to find the balance between in-store and online operations, it is clear there is still work to be done in developing a seamless omnichannel approach,” Frew said. “By investing in the right technology, such as item-level radio frequency identification, retailers can have a near-perfect view of inventory to drive better enterprise decisions, processes and ultimately be able to provide a better service to consumers.”
During the recent RFID Journal LIVE! conference and exhibition, Jason Plummer, a solutions consultant at SML Group, discussed how retailers are using item-level RFID to transform new-era retailing. You can view Plummer’s presentation here. Frew spoke earlier this year at the RFID Journal Digital Summit, addressing why item-level RFID is essential for “buy online, pickup in store” (BOPIS) retail models, and that presentation can be viewed here.