Hindsight is 2020, but the future is clear.
2020 brought an avalanche of change and disruption. eCommerce volumes effectively doubled. Parcel carriers are still struggling to keep up. More retail stores will close than ever before. And, despite all of this, consumer expectations for free, fast, and convenient delivery continue to increase.
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What does the future hold for the retail and supply chain industries?
No one was ready for 2020, but now it's time to prepare for the next phase of disruption: Adjusting to the new normal. Seven industry leaders weigh in on what’s to come in 2021.
Hindsight is 2020. Foresight is 2021.
Hear from Director of MIT Center for Transportation and Logistics Yossi Sheffi, Slalom's Strategy & Supply Chain leader Harshad Kanvinde, and FLEXE CEO Karl Siebrecht in the webinar Hindsight is 2020 and the Future of Logistics. They discuss how the industry changed in 2020 and what the new normal means for retailers and brands.
“Learn from the people further down the path ... make their hindsight your foresight”
In 2020, supply chains were put to the test as omnichannel retail accelerated and more sales moved online. Take a look at some of the most impactful statistics of the year and what it means to look ahead and be ready.
Survey reveals the impact of COVID-19 on logistics providers
COVID-19 has impacted every business. Some for better; some for worse. For logistics providers, the biggest impacts have been around labor, capacity constraints, and future planning.
Evolving beyond supply chain disruption: Entering the new normal
Find out what industry experts and professionals think about COVID-19, what it means for the supply chain industry, and how to move forward amidst so much uncertainty.
This year alone ...
Non-essential store sales dropped by 60% in 2020
Avoiding crowds, comfort of shopping from home, free shipping and delivery, around the clock availability, and price shopping are the top reasons why.
10-years' growth in 10 weeks
eCommerce sales saw the same rate of growth in 10 weeks as the previous 10 years. That growth, as well as increased consumer demands for fast, free shipping, has exposed the need for businesses to quickly scale and adapt their logistics networks.
5: The number of years COVID-19 accelerated online shopping
Retailers and brands were unprepared for the massive, overnight growth in online shopping. For some, inventory was stuck on ships, others couldn't keep up with eCommerce volumes, and then there were those who failed to innovate at all.
14,000 retail stores have closed so far in 2020
2020 will be a record-breaking year for store closures with more than 14,000 locations closing, which is more than DOUBLE the closures in 2008 at the height of the Great Recession.
How will you move forward in 2020? With flexibility.
2020 made two things very clear:
- Consumer expectations for free, fast, and convenient delivery were already high before the pandemic. Now they're even higher. Retailers and brands need to deliver compelling promises, in any environment, to build resilience in their operations and keep customers loyal.
- Supporting omnichannel operations isn't a nice-to-have, it's a must-have, because omnichannel is the future of retail. And, it arrived early. For enterprise-class retailers and brands, that means having flexible logistics networks that can grow and adapt as the market demands.
The future of logistics is about speed & choice
Customer-centric logistics
Meet customers where they are: Position inventory closer to end consumers to shorten delivery times and cut costs.
Faster, nimbler response times
Respond to changing market conditions: Create a dynamic logistics network that is flexible enough to mitigate disruptions when they occur.
Stronger supply chain resilience
Build a customer-centric strategy: Incorporate flexible, technology-first solutions that make the future of logistics possible.
Ready to build a customer-centric network?
Get in touch! We love helping our customers build dynamic, flexible networks that meet demand and improve their customer experiences.
Resources
Hindsight Is 2020 and the Future of Logistics (Part Two)
Hindsight Is 2020 and the Future of Logistics (Part One)
Webinar: Hindsight is 2020 and the Future of Logistics
2021 Retail and Logistics Predictions: Hindsight is 2020, Foresight is 2021
Tectonic Shifts in Consumer Behavior
The year’s biggest hits: Top 10 blogs of 2020
