Sustainability tools for the retail omni market include both technology tools in addition to social networking and collaboration tools. These tools are much different than a tool list that would have been produced ten years ago and this clearly shows the difference in the retail omni market brought about by the combination of technology and the millennial generation. The focus on social networking and collaboration tools in this omni marketplace require a change in the retail leadership culture in order to utilize, embrace and finally integrate these tools in the retail omni market so that these retailers can improve consumer collaboration and most importantly develop a relationship with the consumers in a medium and manner that more and more of the customers are have been demanding and building on their own to meet their changing lifestyle demands.
The tools that have been embraced by consumer include Twitter, SnapChat, Amazon, Siri, Alexa and Google in their drive to support their lifestyle. Consumers are at least two steps ahead of retailers in their incorporation of social and AI tools usage in their shopping and purchasing and while retailers have been focused on operational capabilities. In addition to this, these tools that are in common use by consumers are not the leading edge tools, the real challenge in front of the retailers is how to engage with consumers to identify the leading edge tools that will be changing the retail omni market in a year. The change in tools required of retailers now is to improve collaboration with consumers in the development of these tools. Retailers need to change their culture to focus on the leading edge of consumer demands through the collaboration and engagement of these consumers.
It is for these reasons that I believe the most important sustainability tools for the retail omni market are related to collaboration and consumer engagement. The velocity of change in the retail market now has increased to the point now where retailer cannot afford to wait for other to develop the operational capabilities because it will be too late for these copycat retailers to catch up. You can see from the retail market leaders this focus on consumer collaboration and engagement and this is the secret to their success.
Retail leaders are now technology focused, leading edge cultures that are continuously changing and driving change into their operational capabilities based on the collaborative input from consumers. This focus on consumer collaboration allows the leaders to support the velocity and actually drive the velocity of change in the market. This is the greatest change to the retail omni market and this is also the change that is driving the disruption. The greatest lesson for retailers now is that they cannot afford to wait for the changes to be accepted and embraced by consumers before implementing simply because by the time the operation change is embraced by consumers the leaders are already implementing the next group of changing in the retail omni market. The difference in the current environment is that the the market itself has become an area of experimentation and this change in strategy has itself increased the velocity of change.
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?