Introduce your customers to Honeywell’s innovative future technologies that will help them skilfully master the challenges of the future. Because the changes in retail are already remarkable – and they have only just begun!
Steve Dennis, a renowned innovation consultant, keynote speaker and author of the bestselling book »Remarkable Retail: How to Win & Keep Customers in the Age of Disruption« has over 30 years of experience in senior leadership roles at Fortune-500-retailers and as a strategic advisor to numerous retail, consumer, luxury and social impact brands. As a Senior Contributor for Forbes, he regularly shares his insights and hosts the successful Remarkable Retail podcast. Learn from him how digital approaches are empowering organisations to shape their future and stay in control of the retail supply chain.
In retail, changes in technology, consumer preferences and competitive dynamics are nothing new. However, the extent and speed of these changes today are remarkable. The growth of digital technologies has rendered established competitive strategies obsolete and enabled new business models.
The increasing fusion of digital and in-store and the 24-hour online world is challenging traditional concepts of location relevance, customer service and product assortment, while the volatile and complex environment demands resilience and agility. Against this background, we look at the need for rapid evolution and, where necessary, radical transformation to shape a promising future in the fast-changing retail sector.
With rapid change and the need for increased innovation in retail, there is a growing gap between the requirements for success and the effectiveness of transformation initiatives. The failure of many traditional retailers emphasises this issue. Successful companies such as Amazon, Apple, Airbnb, Tesla and others have responded early to technology shifts and changing customer preferences by radically transforming their business models.
Effective business transformation requires recognising new opportunities, dealing directly with changes, clearly defining remarkable customer value, designing value propositions based on data and being ready to move with or faster than disruption. This requires a comprehensive approach that takes digital strategies beyond isolated projects and connects people, processes and technologies along the entire retail supply chain to enable continuous improvement.
In a paradoxical digital world, physical experiences are gaining in importance as shopping behaviour is differentiated between »buying« and »shopping«. The »buy« mode is task-orientated. It emphasises search, speed and cost-effective efficiency. The »shopping» mode focuses on emotional involvement and more comprehensive solutions.
In experiential retail, differentiation in product, customer service and shopping environment is crucial to winning against the competition in a world of multiple options and instant access. This requires merging customer interfaces with technology to gain insights into customer preferences, improve workflows and encourage personalised interactions. The result is a remarkable consumer experience that builds long-term loyalty.
In the face of low unemployment, persistent inflation and the threat of recession, operational efficiency is becoming increasingly important in the retail sector: retailers need to achieve more with less. At the same time, the role of brick-and-mortar shops is changing from a pure retail space to a more diverse and hybrid concept. Local shops play a central role in fulfilling online orders and customer service, but this requires the use of new technologies and processes to fulfil customer expectations and control costs.
With the merging of local and digital, order accuracy, stock visibility and the use of modern technologies to improve the shopping experience are becoming increasingly important. Another challenge: in the face of competition for the best talent, retailers need to implement strategies to attract, train and empower their employees. This will improve employee retention and have a positive impact on results.
As the pace of change accelerates, retailers need to invest more in innovation and foster a culture of experimentation. A fundamental reassessment of attitudes to risk is crucial, as traditionally considered approaches can be risky in an exponentially changing world. Innovation leaders accept mistakes as part of the learning journey, which accelerates breakthrough innovation.
Continuous engagement with new and emerging technologies and the introduction of »test and learn« methods are necessary for retailers to better assess risks and opportunities. Utilising strategic industry relationships is also becoming increasingly important. This provides an opportunity to tap into proven expertise and create a broader innovation ecosystem for a resilient future.
Disruption in the retail sector will not slow down. Therefore, accepting changes as inevitable is crucial to stay ahead. Learn more about how to move your customers forward in retail and visit Honeywell’s dedicated retail website:
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