Dopamine production via the lens of the 3Ds: Discounts, Discovery & Delight.
From the WWD Summit, 2017.
Dopamine production via the lens of the 3Ds: Discounts, Discovery & Delight.
From the WWD Summit, 2017.
The world’s leading experts studied the challenge, identified the opportunity, and – sparing no expense – built the solution. It was perfect. It performed as expected. And, it was useless.
Lately, the term “disruption” is often used, and misused. In the business community, disruption is used to describe economic transformations, changes to consumer path-to-purchase, shifts toward digital consumption, the “retail apocalypse,” and jobs lost.
At our factory in Central America, disruption takes on a deeper meaning.
This video is about disruption, innovation, and leveraging historical expertise…
Last week in Las Vegas, during the largest fashion industry trade show, MAGIC/PROJECT, I delivered the keynote presentation for the YMA Fashion Scholarship Fund and UBM Advanstar. It was entitled, “Disruption is the Mother of Invention.”
At the end of my presentation a woman stood up to ask a question. Actually, she made a statement.
“I own a fashion retail store,” she exclaimed. “I’m a good merchant, it’s a good store. It’s been in business a long time. Customers shop my store with their smartphone in their hand… and then they buy the item on Amazon Prime.”
She cried out, “it’s not right. It’s not fair.”
And then she said,
“What do I do?”
My answer was “textbook,” when the last thing needed was a textbook. Continue reading “What I Should Have Said, But Didn’t”
Take a deep breath…
UBS Financial estimates that for every 1 percent increase in eCommerce penetration to total retail sales (excluding food & gas), 9,000 retail stores would need to close in order to maintain current levels of sales per physical store.
This would be the equivalent to shutting down seven Toys ‘R’ Us chains.
Many analysts continue to predict that, this year, Amazon will become the largest retailer of apparel in the United States.
Top apparel retailers are ranked as Walmart, Amazon, Target, Macy’s, Kohl’s, The TJX Companies, Gap, Costco Wholesale, Nordstrom, Ross Stores, and JCPenney.
Continue reading “Department Stores & Apparel: The Future is Blurry”
Americans spent 22 BILLION minutes on Amazon shopping platforms in December 2017 alone. More than the next nine platforms combined.
Interestingly, there is a large gap between time spent and dollars spent on mobile vs. desktop devices: while Americans spent nearly two thirds of their online shopping time on smartphones or tablets in Q4 2017, more than 75 percent of e-commerce dollars were spent on desktop devices. This indicates that many people browse products on their mobile devices, but prefer the convenience of a larger screen and keyboard to complete the checkout process.
#retail #ecommerce #shopping #smartphones #tablets #checkout #mobiledevices eBay Walmart Kohl’s Target Macy’s
Data and chart from Statista Global comScore, Inc.
Choosing the right innovation model for your company is all about context.
This article from Boston Consulting Group well articulates the need to evaluate industry context, your culture and core competencies as they relate to innovation.
Industry context matters because only a subset of models can succeed in most industries. Some models are better suited to—and increase shareholder value in—certain industries and sectors than others. For example, four models drive TSR premiums in consumer retail:
Read the BCG article, Which Innovation Model is Right for You?
#alibaba and their “new retail” model, intended as a “seamless engagement between the online and offline world,” a retail ecosystem that blends online and offline channels in a unified way that features the consumer at the center, in new and unexpected ways…
“No company can afford to stand still” – we sat down with David J. Katz – a LinkedIn Top Voice in Retail – to discuss how technology is changing consumer demands and pushing companies into creating better experiences.
Topics include: Robotics, Retail, Ecommerce, Technology, Fashion, and Jeff Goldblum.
Grab some popcorn, and a notebook.
Continue reading ““Leadership is Not a Destination” – FutureCommerce Podcast”