Today we have more data than ever before on all aspects of our business and tomorrow all indications are that there will only be even more.
At the same time we fortunately also now have access to more powerful and diverse tools than ever before to review, analyze and action these rising datalakes of countless zettabytes which surround us. Among these, my POV is that Cognitive or Artificial/Augmented Intelligence really stand out as the potential game changers.
Digital organizations will survive and thrive based on the ability to effectively harness and drive value from all of this data. And since Planning and Planning professionalshave always been the experts at gathering, analyzing, and actioning data, we are now very well positioned to ride this massive wave of data that will drive digital transformation.
Fall 2015 will forever be known as the time when cognitive came to retail. More simply put in 2015 retail big data got a brain, and from a business perspective retail big data without a brain is more like a big nothing.
Since 2012 I’ve been slowly defining and developing the concept of Matrix Commerce (aka ‘Matrix Retail’) and there’s clearly a need and a role for cognitive in operationalizing the Matrix Commerce vision and turning it into a business reality. The application of cognitive tools to facilitate knowledge workers’ ability to effectively manage the myriad day to day challenges and rapidly exploding sources of relevant retail data is a turning point in this evolution.
Over the past year, like many others working within the Retail Industry in Canada, I’ve grown tired of hearing about all the bad news relative to retailers pulling out, closing down or shrinking their store counts here in Canada.
Other than one major ‘faux pas’ by a discount retailer which doesn’t need to be named yet again, the majority of recent store closures have actually been retailers dealing with unprofitable stores in their chain. And although painful for the individuals and areas where these actions happen, these steps are often necessary to keep the overall chain healthy in the long term.
The great news, and what we should be focusing on instead of the ‘doom and gloom’ of negative reports, is the growing number of new retail entries into Canada and the ongoing industry extensions taking place over the last year. Continue reading…
Are your retail customers finding you less attractive lately? Consider your position on the seven signs shared below and you may decide your retail business needs an omni-channel makeover!
This is not just an idle suggestion we’re making as the omni-channel retail buzz is quickly becoming a roar and with good reason.
Not since the advent of price tags, cash registers and the ubiquitous apparel hanger has there been a retail industry innovation poised to create such major change. Continue reading…
Those in the know in online retail have been leveraging dropship vendors to create expanded ‘endless aisle’ assortments for a number of years now.
Through the ongoing development of the Matrix Retail approach it’s now become apparent a new reality is emerging best described simply as the ‘Endless Store.’
Just as an ‘endless aisle’ expands assortments well beyond the current store and retailer stocked web assortments, creating the ‘Endless Store’ connects and extends the bricks & mortar and virtual environments within which retailers operate. The potential for dramatically improved customer service and functional development of a unified retail customer experience is now within reach of every retailer. Continue reading…
The age of Matrix Retail is already upon us and the only question to ask is will you acknowledge, understand, embrace, engage and tune all of the components of your company’s presence in the retail eco-system?
Or, will you choose to simply ignore them, continue in discrete multi-channel / abomni-channel mode and watch your competitors employ Matrix Retail methods to delight your customers, then dominate, devastate and ultimately destroy your business?
On a more positive note, we hope you opt for the former as the concept of Matrix Retail aims to help you bring about a state of zen awesomeness and retail customer joy as your business prepares to accelerate and break the e-commerce sound barrier.
Depicting something as pervasive and all encompassing as today’s real world digitally enabled retail environment is a tall order (especially for a graphically challenged logistics dude) but the above is my best representation to date of the eight layers of Matrix Retail which need to be enabled, interconnected and then tuned to fully deliver what I call ‘the logistics of customer experience‘. Continue reading…
At a previous NRF Shop.org Summit I saw a keynote address by Jamie Nordstrom on trends he saw coming in the online retail business. During his talk Jamie said there was a new dynamic emerging, people were describing using words like multi-channel and omni-channel. However in his view these words were not fully capturing the changes he saw coming in retail and a new word was needed, ‘maybe polychannel or something like that’.
After the presentation I had a quick meet and greet with Jamie in which I told him how much his presentation had resonated with me based on my past senior department store retail experience at Hudson’s Bay Company. I then said to him that I think I know the word he was looking for to describe the new dynamic and that was Matrix Commerce. His reaction was immediate and visceral ‘Yes, that’s it! Have you trademarked it?’ Continue reading…
What was that noise?
Someone just broke the e-commerce sound barrier!
In the third quarter of 2014 Williams-Sonoma’s e-commerce sales represented 51.5% ($587 million) of total company sales overtaking their store sales ($566 million) for the first time!
Even more importantly this increase is not due to offsetting reductions in store sales with the $566 million in store sales representing an increase of 4.8% year over year for the quarter. Continue reading…