Today's retailers walk a tightrope of defending yesterday's strengths versus innovating for tomorrow. Future success lies in finding ways to be increasing relevant for consumers who have become channel agnostic.
Topic: Customer Experience
A product centric heritage has perpetuated a focus on purchases. Winning is no longer just about the sale today, but how to reduce the overall customer effort and making it easy to do business across time and place.
The “passenger economy” created by the convergence of autonomous vehicles and ride-hailing will be worth $7 trillion a year by 2050. In USA, consumers spend 1.2 billion hours per week driving to the mall, finding parking, wondering around aisles, checking out and driving home. Smart Car Innovation.
To grow subscriptions and ecommerce volume in general, retailers must do more than deliver the last mile. Home delivery is NOT a highly valued convenience if the customer has to worry about time slots, access or theft.
Retailers can never afford to be complacent. However, Amazon is not the only model of success. The rest of retail would do well to study the critical success factors of those who are thriving today in spite of Amazon's growth.
The rules of retailing "are being rewritten in this time of transformative change. Innovation, integration, and automation will be required to reinvigorate commerce, profoundly impacting the way retailers do business now, and in the future. Global Top 250 retailers, welcome to the disruptive future.
Rising consumer expectations are creating unprecedented demands disrupting traditional retail. CEOs not only must deliver quarterly profit, but also cope with a new reality - "the future ain't what it used to be".
ideo, personalization, and emerging technologies will transform the retail industry to new levels. Look "below the surface" and leverage these trends in defining your successful future of retail.
An annual tradition is to walk the floor observing the technology themes, speaking to lots of retailers and industry friends, and creating my own personal list of the foundational ideas that are evolving the retail industry. From 20+ observations, here are top 10.