Heads up, Thought Leaders, In Episode 54, we want to comment on three thought-provoking articles related to RetailTech, addressing subscribers’ requests. This news will have long-term implications for many digital acceleration initiatives.
Let’s start.
RetailTechs are reinventing themselves to respond to the Next Normal
ModernRetail posted an article commenting on a recent trend of many Retailers to change their last mile support strategy: some are closing their pick-up-only stores, and others are stopping their trials based on home delivery using Robots.
Why is this relevant?
I think an essential innovation in RetailTechs was possible due to the Customer’s need to be served during the confinement of the New Normal. Some Retailers thought technology was good enough to create a permanent behavior change, and customers will continue using these modes in the next Normal.
Market dynamics change daily, and it is essential to listen to the customer in real-time and adjust accordingly.
Even though technology is important as an enabler, the Customer is King.
An important lesson: an effective digital transformation initiative should listen in real-time to customers and adapt to these changes accordingly.
Amazon is closing eight of their Go convenience Stores in the US
Retail Technology Innovation Hub posted an article commenting on Amazon’s decision to close Go Convenience stores in the US.
Why is this relevant?
I want to comment on this article apart from the first one because I want to mention a different lesson learned.
Amazon is the kind of trial: let’s learn by doing it. It is also the king of enabling business models with technology and process optimization.
But, there is always a but; they listen to customers and learn from experience.
Sometimes technology is available, but affordability is an issue.
A lesson learned to SIs and customers. It seems more straightforward to justify operational efficiency in the back office than in the front office: focusing on what you can control is often a more effective path.
Retailers are creating RetailTechs Accelerator Program.
MystartupWorld posted an article commenting on L’Occitane MENA and Chalhoub Group announcing a RetailTech Acceleration Program.
Why is this relevant?
It is well known that Software Companies, such as Microsoft, Google, and Amazon, have Accelerator programs to learn and capitalize on Innovation coming from Entrepreneurs. We often talk about Microsoft and OpenAI ChatGPT current news. The most recent article was Ep49
It is also well known that Energy Companies do the same; I regularly attend these events in Houston, hosted by ExxonMobil, Aramco, and Halliburton, among others.
But this action led by a Retailer may show a new trend of business accelerators: segmentation by Industry verticals and sponsored by Industry leaders.
This may become a secret ingredient in many Digital Transformation Programs: Including specialized Industry Segment solutions as composable applications in IT Enterprise Platforms.
Food for thought. Must read.
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