This document discusses the changing landscape of retail and the key role of technology. It notes that retail has become more complex with the rise of online shopping and increased customer expectations around convenience. Retailers now face challenges like offering omnichannel experiences, managing large amounts of customer data, and integrating new technologies into stores. The document argues that technology is driving changes in retail and that retailers must deliver consistent experiences across online and offline channels using scalable systems and integrated data.
Things used to be simple. Shoppers used to go to the local shop, speak to a shop assistant, and make a purchase. Shop opening hours were clearly set, and a if a product wasn’t available you would need to wait for a new delivery. Options were limited, and there wasn’t much competition.
Before looking forward it’s important to know where you are now and where you used to be.
Consumer expectations are very much in line with this thinking – 83% of those we surveyed for our Retail Without Limits publication felt that the convergence of commerce was important, and that retailers should invest in tech to blur the lines, to deliver to them better experiences.
25% wanted associates to recognize shoppers and their purchase histories and do in-store personalization – a giant jump from a few years ago, and a sign that the fears of “minority report” retailing are slowly going away.
And lastly 59% say that in the last year retailers have delivered on some of there promises, as the nearly 60% report their own personal use of tech to shop increased over the last year.
Customers want to use exciting innovative products, but they need an exciting environment to use them where experts can offer advice. FabCafe 3D-printing cafe in Tokyo (Pictured) is one of a growing number of 3D printing cafes around the world that offer services, sell products, and relax in the café while their products are printed. The appeal is more than just coffee, it’s an environment where they can seek advice and be inspired.
Humans can become friends with computer games heroes
High quality Virtual Reality is still expensive to achieve at home, so destinationVR experiences are becoming a huge part of the game industry, in the East these are often integrated into existing Internet or Gaming Cafes, while in Western cities these experiences are often pop-ups or expos. http://www.iamvr1.com/an-inside-look-at-the-exploding-world-of-chinas-vr-cafes/
Scanning an image or product to bring enhanced content on a mobile device
Wedgewood were innovators. The Apple of their day
This is one of the very first purpose built stores, and was in May Fair in london – the super posh bit, to establish their brand
They were the first company in the world to introduce mail order
They were the first to use celebrity endorsement by gifting the queen a full set of Wedgewood for banquets.
This design was really innovative, with fancy pillars, big cabinets, a counter at the back where people can ask for expert advice.
https://austenonly.com/2009/12/02/jane-austen-and-london-wedgwoods-showrooms/
Ok so perhaps physically it’s not changed that much but behind the scenes it’s different.
Anything, anytime is a trend that is prevalent in all major retailing trends.
As you will be aware, the very nature of business has changed dramatically over the past decade. Couple this with the unprecedented change we are seeing in our every-day lives. Disruption is all around us.
What was seen as strategic can now be viewed as inflexible. Consider the Target Operating Model (ToM) . By it’s very nature, the ToM positioned an ‘end-state’. Given the ever-changing nature of the industry, an end-state model would be rapidly out-of-date. Business strategy is continually evolving and, with it, the support functions of the business must adapt to this change.
Innovation in technology is driving a higher level of expectation from customers – both internal and external.
Emerging technologies (consider Blockchain, AI, Machine Learning, Big Data and Internet of Things [IoT]). These conversations are no longer the reserve of the IT and Analyst community – the Board is becoming increasingly aware of how these can disrupt and enable.
As mentioned, in order to support this continual change, the support functions within the business (namely Finance) must continue to innovate and evolve. It is no longer enough to be efficient in terms of timeliness, Finance must continue to add value in terms of greater transparency, business insight and greater levels of control and governance.
Successful Finance Leaders and organisations are responding so lets have a brief look at the changes we are seeing:
Organizations are moving from:
a focus on a single target operating model to a recognition that multiple flexible business models are required for success
Not just being efficient but also being agile, responding to and anticipating change
From control and compliance (which remains imperative) to control compliance and innovation – leveraging new ways of meeting finance and business goals
Not just managing more data than ever before but creating and sharing meaningful insights to the leadership and across the organization
Moving from labour-intensive transactional processing to the automation of routine processes releasing the finance professionals to focus on achieving the organizations objectives
Doing away with the notion of a cost centre to transforming the back office functions into value generators
Ending the constraints that disparate systems generate by replacing them with an IT platform that frees the business to succeed
However the number one demand from consumers remains transparency, at 70% of those responding. This still remains the primary challenge for retailers, who still experience data silos, and poor collaboration throughout their enterprises, and these are the kinds of solutions that need prioritization.