Retail It’s Time To Run (Not Hide) Towards Your Future

While hurricanes and earthquakes overwhelm the headlines, an old friend the local retail store, continues on a long, predictable death spiral. The story is getting back page coverage.

We are only 3 months away from the holiday season, historically the most lucrative moment for retail. The news suggests a not so happy holiday season. Toy’s R Us files Chapter 11 bankruptcy and Macy’s closes yet another 15% of its retail stores. This year has brought the closing of well-loved retail brands such as The Limited, Wet Seal and RadioShack. Wall Street is betting that things are going to get worse.

Two thirds of Macy’s market value has vanished over the past 2 years, JC Penney is down 90% from 2012. So what’s happening? The shift in consumer behavior is the clear ‘killer’ of this once flourishing part of the economy. It’s Amazon. It’s about the way we live and how technology has changed our expectations with retail and the local store.

Nearly a third of consumers’ product searches now begin on Amazon. That traffic once belonged to Google and Bing. Consumers claim broad product selection and product information drive them to Amazon first when they are shopping.

So Why is Amazon Going to Bricks & Mortar?

Our behavior has given Amazon superpowers: detailed insights about our searching and buying habits. Because search data is foundational to their business they are able to know the exact products that are of interest in each local town. They can control their inventory and stock only those items people will purchase in that exact location. They are winning the war on inventory because precision data is driving their business.

Simply put, ‘old school’ retail is dying by tying up capital and real estate to keep 1000’s of SKUs on hand. They don’t have the information readily available to focus only on the selections that people want, on the days, hours and minutes they want it.

But something equally important is a play in the physical store for Amazon: real-time Market Research. Amazon is using it’s physical stores as a fantastic laboratory. These stores help them to showcase new gadgets, build loyalty and most important, experiment with new retail technologies. Robots, sensors and new payment models are all part of their experimentation.

And So The Wars Begin

A month ago Walmart announced a new alliance with Google. They both have motivations to do this deal. The two companies said the partnership was less about how online shopping is done today, but where it is going in the future. Walmart customers will shop by speaking to Google Home, the company’s voice-controlled speaker or by using the Google Assistant, the artificially intelligent software assistant found in smartphones running Google’s Android software.

Walmart’s Marc Lore, the president and CEO of Walmart U.S. eCommerce says it will use its 4,700 U.S. stores and its fulfillment network “to create customer experiences that don’t currently exist within voice shopping anywhere else, including choosing to pick up an order in store (often for a discount) or using voice shopping to purchase fresh groceries across the country.”

They are testing, watching and working with customers using new technology and so should you.

So What Should You Do Now?

It’s interesting to follow the movements of the digital giants like Amazon and Google. However the time has come for a ‘discover-pilot-test-market’ plan for your own business. You know these new technologies are coming. The big guys are getting your customers accustomed to new behaviors. It’s time you had a plan for the future. There are 100’s of Startups already in your market working with new tech. They are launching faster, better business model approaches capturing the latest retail trends like self service. You can work with these startups now and not take on the direct risk or expense as you learn.

How do you find and engage with Startups who can help you?  A lean approach to this is the best way forward. Lean means fast, without spending a lot of budget. You have to test many possibilities before you come up with the solution that will fit your business. Take a look at our Fast Track services.  This is an example of what can be accomplished in just 12 weeks. First we define the most pressing problems to solve, then we scout for the best startup partners, run a pitch competition and finalize your program with a plan for a pilot program.

It’s clear, sitting still right now means certain death. Although we can’t control calamities like hurricanes or earthquakes, this is one where you can take steps now to change the course for your future business.

84 thoughts on “Retail It’s Time To Run (Not Hide) Towards Your Future

  1. I every time used to read article in news papers
    but now as I am a user of internet thus from now I am using net for
    posts, thanks to web.

  2. Hello, this weekend is good designed for me, for the reason that this occasion i
    am reading this wonderful informative piece of writing here at my residence.

    Feel free to visit my web site :: Monster FX7

  3. Wow, superb blog layout! How long have you ever been running a blog for?
    you make running a blog look easy. The whole look of your web site is great, as well
    as the content![X-N-E-W-L-I-N-S-P-I-N-X]I just couldn’t
    leave your site before suggesting that I extremely loved the standard info an individual supply to your visitors?
    Is gonna be back incessantly in order to investigate cross-check new posts.

    My blog: chengdian.cc

  4. Hello there, simply turned into alert to your weblog
    thru Google, and located that it is really informative. I am going to
    watch out for brussels. I’ll be grateful when you continue
    this in future. Many other folks will likely be benefited from your writing.
    Cheers!

    my web-site – donkhamin.go.th

  5. Great goods from you, man. I’ve understand your stuff previous to and you are just extremely
    excellent. I really like what you’ve acquired here,
    certainly like what you are saying and the way in which
    you say it. You make it entertaining and you still care for to keep
    it wise. I can’t wait to read far more from you. This is
    really a wonderful site.

    Here is my blog post … Waylon

  6. Do you have a spam issue on this site; I also am a blogger, and
    I was wondering your situation; we have developed
    some nice practices and we are looking to trade techniques
    with others, why not shoot me an email if interested.

    Also visit my webpage … Nuubu

  7. I simply could not go away your website prior to suggesting that I
    actually enjoyed the standard information an individual provide in your visitors?

    Is gonna be back ceaselessly in order to check up on new
    posts

    Feel free to visit my blog post – Tri-Bol Testo Pills

  8. My coder is trying to convince me to move to .net from PHP.

    I have always disliked the idea because of the costs.

    But he’s tryiong none the less. I’ve been using WordPress on numerous websites for
    about a year and am nervous about switching to another platform.
    I have heard fantastic things about blogengine.net.
    Is there a way I can import all my wordpress posts
    into it? Any help would be greatly appreciated!

    Also visit my webpage: Tri-Bol Testo

  9. Great blog you have got here.. It’s difficult to find high quality writing
    like yours these days. I seriously appreciate individuals like you!
    Take care!!

    My web site … Tri-Bol

  10. You actually make it appear really easy
    along with your presentation but I to find this matter to
    be actually one thing that I feel I’d never understand.
    It seems too complicated and very vast for me. I’m having
    a look forward for your next put up, I’ll attempt to get the hold of it!

    Check out my website; ReMind Solution Pills

  11. Howdy! This post couldn’t be written any better! Reading through this post reminds me of my old room mate!
    He always kept chatting about this. I will forward this article to him.
    Fairly certain he will have a good read. Thank you for sharing!

  12. Nice post. I was checking constantly this blog and I’m impressed!

    Extremely helpful information specially the remaining phase 🙂 I take care of such information much.

    I was seeking this particular information for a very lengthy time.
    Thank you and good luck.

    My blog: Breeze Max Review

  13. I got this site from my buddy who informed me about this site and now this time I am browsing this web page and reading very informative
    articles at this time.

    Also visit my web-site Rhino Spark

  14. Write more, thats all I have to say. Literally, it seems as
    though you relied on the video to make your point.

    You definitely know what youre talking about,
    why throw away your intelligence on just posting
    videos to your site when you could be giving us something informative to read?

    My page: marchegabonais.com

  15. Having read this I believed it was very informative.
    I appreciate you taking the time and energy
    to put this informative article together. I once again find myself personally
    spending way too much time both reading and commenting.

    But so what, it was still worth it!

    Here is my site: Slimingo Keto Reviews

  16. Hey there! Someone in my Facebook group shared this website with us so I came to check it out.

    I’m definitely enjoying the information. I’m book-marking and will be tweeting this to my followers!

    Outstanding blog and outstanding design and style.

    Also visit my web site :: Xoth Keto BHB Review

  17. Asking questions are genuinely fastidious thing
    if you are not understanding something entirely,
    except this article provides fastidious understanding even.

Leave a Reply

Your email address will not be published. Required fields are marked *