I read a lot about retail from a lot of different sources and recently ran across an interesting presentation, The End of the Retail World as we Know it, and What to do About it. Written by Magnus Ohlsson, founder of Swedish consulting firm MORM, his presentation touches on the hyper-channel trend in retailing and the idea that the race will go to retailers most responsive to change. Ohlsson warns all retailers to prepare themselves for an extended economic downturn by watching cash flows (our CFO would love that), controlling inventory and cutting costs — so basically, evolving and lowering your costs at the same time. Retailing is not for the faint of heart.
And speaking of evolution, here are a few interesting trends of note:
- Retailers are turning e-waste (old cell phones and laptops) into gift cards that can be used at their store. It’s smart business all the way around.
- Retailers are utilizing pop-up locations to augment their traditional fixed locations. Pop-ups keep costs related to new locations to a minimum and afford the flexibility to go where and when the shoppers are.
- Retailers are adopting more cutting-edge technologies like digital endless aisles, which allow customers to quickly see inventories in allof their store locations, increasing the chances of a sale. The more online a retailer is during the in-store experience, the better the chances of attracting and keeping tech-savvy shoppers.
Keep evolving, keep reimagining,