With shoppers finding much of what they want online, the future of the brick-and-mortar store can seem bleak. Such major retailers as J.C. Penney, Lowe’s, Gap and Family Dollar, among many others, have announced plans to close at least some stores across the United States this year.
Within the last decade, the subscription box market has taken off. Everything from groceries to makeup products are being shipped around the world to those who subscribe to these trending vendors. Between 2014 and 2018 alone, subscription box services grew by 890%. Just what sparked that extreme growth? Amir Elaguizy, a co-founder of global subscription box marketplace Cratejoy, discusses three key trends that popularized the services:
Without capitalizing on modern technology, the supply chain is inefficient and a company unable to compete favorably. It can even be worse with rising consumer demands and expectations. With increased awareness among the consumers, there is demand for faster turnarounds. As such, the industry requires Artificial Intelligence (AI) to improve visibility and facilitate efficiency. AI is changing various things in the supply chain.
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