Currently the VP of Global Strategy, Transformation, Alliances and M&A for Tyco Retail Solutions, a division of Johnson Controls, my guest Amin Shahidi draws on a wealth of experience helping companies in retail, consumer goods, healthcare and other industries deploy transformational initiatives. These days in particular, his team offers expertise through leading-edge technology to help retailers achieve real-time inventory visibility, improving accuracy and operational efficiency.
In this episode, we discuss:
- How retailers looking to evolve their store environment should tie transformation efforts to three key business outcomes:
- Share of mind (brand penetration)
- Share of wallet (revenue growth and profit)
- Operational excellence (including safety/security)
- Where different verticals focus on improving stores:
- Fashion retailers = the in-store experience to improve conversion
- Food and drug = growing wallet/market share over time
- DIY = inventory and keeping shelves stocked appropriately
- How merchants in Asia (particularly Japan and China) are decentralizing decision-making/planning to accelerate innovation with autonomous/frictionless stores.
- Why getting a handle on inventory isn’t only about visibility but also about price/cost and the distribution of inventory to match it with market demand.
- Why just adding a bunch of point-to-point solutions in store may become the “legacy problem” of the future, and why having a true IoT architecture is key.
- How to get started with digital store initiatives by doing a gap analysis of where you are now vs your desired target state, regardless of technology:
- What would you do differently if you had perfect understanding of everything happening in your stores: personnel, assets, customers?
- Why “digital transformation” needs to reach stores and not remain an “enterprise” endeavor only.
- The problem of “curation”:
- No longer can just present inventory (“stack it high and watch it fly”)
- Needing to curate the experience is what has caught retailers off guard
Why 2019 is the year of evolution, not revolution. Retailers who are investing already in the digital store will continue to gain market share over those who wait.