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.