Consumers are changing the retail marketplace with demands to meet their lifestyle requirements and the growth of millennials in the market has increased the velocity of this change. There is no longer a separation in the usage between the channels and the millennials have been the key force in driving these changes. The demands and the consumer capabilities to utilize technology supports these demands as a retail omni market that consumers use to enhance shopping and purchasing in a manner that fits in with their changing lifestyles. Millennials have added the push to greater virtual interactions as a result of their comfort in technology and the consumer market is embracing these changes as a means to support the changes in their lifestyle.
This retail omni market will drive significant disruption into the legacy retailers as they scramble to define and strategy and change their culture to support the demands of the omni market. This requires a change in the view of the technology and the utilization including significant change to support increased communications and collaboration not only between retailers and consumers but also between retailers, consumers and the extended supply chain partners. This change requires a control tower mechanism to coordinate and sort the communication demands of this retail omni market to ensure efficient engagement across the participants.
This also requires a control tower mechanism to control and direct data requirements to support the communication demands. There are way too many moving parts now in the retail repertoire that require monitoring and direction to provide value and these types of pieces and parts is only going to increase as the retail omni market changes and grows. The retailers success in this omni market will hinge on their ability to embrace new technologies, partners and capabilities in the same breakneck pace that consumers are embracing them. This cannot hope to be managed in a command and control environment, it requires and adaptive collaboration environment with a huge dose of big data collection and analysis to coordinate and direct.
The retail omni market is the coming together of the virtual and the physical market in a manner that supports the continuously changing consumer lifestyle demands in an ever increasing velocity. This is Moore’s law in the retail market and just as the improvements in transistor capabilities doubled every two years, in the case of the retail omni market the rate of consumer demands to meet the changing lifestyles seems to double at least every two years. This requires a flexible and robust foundation to integrate and guide change that is best supported through a control tower strategy bringing together technology and data to provide guidance.
And now for the audience participation portion of the show…
ECommerce will have wide ranging impacts on both the retail and manufacturing sectors. How can you focus these abilities to improve the consumer's experience? Improving the consumer’s experience will require a re-evaluation of the sales channels, the manufacturing channels and practices and the supply chain channels and practices from the raw materials to the consumers’ homes. In order to ensure and maintain success in this new reality you must harness the tools and capabilities in many new areas. How can you support these continuously changing requirements?