How can you keep up with it?
When it comes to keeping up with the pace of change in retail and retail technology, I often feel like Wile E. Coyote in pursuit of the Roadrunner.
Left in the dust on a mesa of countless articles, links, videos, podcasts, and everything that, in good conscience, you ought to consume.
And as a result, a step away from being blind-sided by market transitions that have the impact of a flying anvil from above.
Fortunately, every now and then, I find a smart, deeply-researched mega-guide to the future.
One is the superb 65-page report The Store of the Future: Reimagining Retail in the E-Commerce Era by Matthew Fassler (and colleagues) at Goldman Sachs.
Full transparency: I’m not a client of Matt’s. The reason for this shout-out is all about expertise and quality; there’s so much solid, data-smart sense in this report that my print copy is deeply dog-eared and highlighted.
(Yes, I go old-school when I find myself referring to a document time and time again.)
Retail is Not Dead – It’s Changing
The theme is sounded from the first paragraphs with hammer-like clarity: retail is not dead; it’s changing. And it’s changing because of the ongoing share shift to e-commerce.
And there are two big sub-themes:
The store of the future is not about “experiences” and shiny objects in the store. It’s about operating either as an optimized logistics machine (and thus, with ultra-convenient shopping options), or an optimized showroom.
Choose one. Make it happen with and through technology.
And, it’s about an ever-deeper relationship with the shopper, achieved through the acquisition and analysis of high-quality data.
All enabled by technology.
It’s the future. And it’s unfolding right now.