The realization of the retail omni market has changed the rules in the retail market place and retailers must realize that this has change the factors that drive these retailers success. A key to achieving and maintaining success in this omni market is the realization that the factors are continuously changing as a result of changing consumer lifestyles. Consumer lifestyles have always been a success factor for retailers and the difference now is the impact of technology on the velocity and types of changes. Technology has allowed consumers to take control of their shopping and purchasing to support their needs at the moment of their purchase. There is a very large influence in shopping and purchasing driven by consumer instant gratification and retailers must take steps to develop and improve their abilities to meet these demands.
I think that probably the most influential impact and factor in the retail omni market is the instant gratification effect and demands of the consumers. Amazon and other online retailers have had a great impact on driving this focus or need for instant gratification in consumers and now the increase of millennials in the market place has added technology and the virtual capabilities to this drive for instant gratification. Comfort in technology and curiosity with the ability to combine technologies to meet their demands has allowed millennials to make a huge impact on the market place. The comfort in gaming and the virtual aspects of technologies have allowed millennials to lead the way in reshaping shopping and purchasing.
This may not have impacted the retail market place had it only involved millennials, the tipping factor in these changes and velocity of continued change is the acceptance and embrace of these capabilities by consumers at large. Social networking and Internet based retailers such as Amazon have only spread the news and as a result encouraged the adoption of these capabilities by consumers at large. Now Amazon is spreading into the brick and mortar, physical, market with its focus on imaginative methods to blend virtual and physical shopping to further spread and encourage adoption of the omni market capabilities.
Omni market retail is a freight train moving through the retail market place that is fueled by a combination of consumer demands and Internet retailer drive to creatively encourage and meet these demands. This drive is changing the retail market place just as catalog retail changed retail in the early 20th century. Amazon and these Internet retailers are driving this change and the legacy retailers must adapt or expire. This omni market has reached a change velocity now that will only increase the rate of failure.
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?