We track the benefits of automation, and this human error caught my eye. An employee at Citigroup incorrectly typed in a refund amount, and it nearly cost the bank $81 trillion. The bank spotted this error and stopped it. The bank replied that it's adding more automation to its processes to avoid such mistakes.
While the stakes aren't as high for our indie stores, each day we see our 1,500 indie retailers manually entering product data into their POS and online stores.
The Wall St. Journal shares this weekend that Walmart has automated 50% of its fulfillment process, bringing down fulfillment costs by 40%. This 40% in savings will thereafter be used as a pricing advantage against indie stores (and retailers of any size).
Walmart, like Amazon, is spending billions of dollars to accomplish this. The goal is to spend $1b today to save $1m tomorrow on labor and sell $1m more tomorrow. Long term, these numbers snowball and are in
...Read more of postYour Shop Local Store has a new feature: A registrant can now add their monogram or engraving information to an item's listing on their registry.
Previously, registrants could not add monogram details directly to the item's listing on the registry. Instead, they had to leave a comment on the item or add a note at the top of their registry. With this new feature, items eligible for monogramming or engraving will now display a "Monogramming or Engraving: + Add"
...Read more of postWhile at Best Buy to buy a Philips Hue light strip, I did some quick research on how product makers and digital service providers explain their benefits and pricing.
See Best Buys membership program here:
https://www.bestbuy.com/site/best-buy-membership/best-buy-membership-total/pcmcat1629315977983.c?id=pcmcat1629315977983