CART Weekly Report 4/18/19
CART, Advancing Retail
Gary’s Take: The ‘Store of the Future’ article showcases just how fast retail is evolving, driven by the exponential growth of computer processing power which, in turn, drives growing use of AI. Few people, retail execs included, truly appreciate how fast technology is moving and the implications of that for the future. Mixed reality capabilities are coming on fast that will truly meld the physical and digital worlds of shopping and enable retailers to deliver exciting new services, information, and experiences. The big 'but’ here is that retailers need to figure out how to move faster to keep pace with innovation!
Gary’s Take: The opportunity to collect shopper data within the physical store is exploding as facial recognition, mobile tracking, and other capabilities flood into the market. Government is taking notice with Congress considering getting involved because of data confidentiality and privacy issues. This topic came up last week when I guest lectured at Georgetown University’s McDonough School of Business. Our discussion focused on the fact that technology is moving far too fast for 'reactive’ government regulation to be effective and the fact that many politicians and people in government are not up to speed on technology - as was all too evident in the Facebook and other tech hearings Congress held this past year. The retail industry needs to be cognizant of these issues and work to build protections around data and create a compelling value proposition for shoppers to participate and share their data.
Gary’s Take: Great call-out from RFG’s study that retailers need to focus on customer digital engagement. Retailers largely don’t understand how fast things are moving and the need for the personalization and relevancy made possible through digital engagement.
Sterling’s Take: It’s a great chance for all parties to learn — Walmart learns about a kids subscription model and KIDBOX opens their offering to a new audience. If all goes well, it wouldn’t surprise me to see Walmart take the next step and invest or buy them. It’d only be natural to look at extensions into other demographics from there.
Sterling’s Take: I’m already seeing pockets of livestream sales from influencers in the US. And it’s definitely growing. Only the biggest and/or most focused retailers will have opportunity to build their own platforms. Others will have to take advantage of the existing platforms and associated costs. It’s just like any of these other new channels and new technologies — even if it’s a bit early, it pays to test, trial and learn. Keeping one foot in current operations and the other in what’s newly possible keeps any organization viable over the long term.
FEATURED BLOG OF THE WEEK:
3 TYPES OF RETAIL EXECUTION DATA: WHAT THEY ARE AND WHY THEY MATTER by Mat Brogie is part of the founding team, and CEO of Repsly, Inc.
COMMERCE IN THE CONSUMER AGE: HOW HUMANITY AND TECHNOLOGY COME TOGETHER TO CREATE A NEW VISION FOR RETAIL - Criteo Commerce Forum May 9th, 2019
- Questions? Contact Retail and eCommerce Committee Event Co-Chair, Sterling Hawkins via email: email@example.com
DISRUPTIVE LEADERSHIP & THE SELFCARE REVOLUTION, Boston Immersion Event
- Apply to present at Retail Tomorrow Labs: Boston - Applications due June 15th, 2019
SPRING 2019 RETAIL INNOVATION PITCH EVENT, hosted virtually on May 23, 2019
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About the Author
CART is Advancing Retail by connecting the industry to innovation. Retailers, wholesalers and brands utilize CART to find, research and connect with solutions appropriate for their businesses. Solution providers use CART as a go-to-market tool that connects them directly to their target retail audience, all the way into the brick and mortar store itself. CART has unparalleled insight into what’s next in retail and shares this information regularly through multiple channels.