Retail is going through a great time of reflection, disruption, and change. The new book by Emmanuel Sacredot – Retail. New Retail Strategies and Perspectives – Offers Interesting Reflections and Angles
We interviewed Emmanuel Sacredot (He is also the author of many articles) on the occasion of his new book that tackles the issue of retail in a completely strategic key to being able to compete with the new paradigms of digitalization, computing and above all sustainability.
Retail seems like a nice concept to me. what does that mean?
In the sense used, retailer this means Re-conceptualizing a new form and function. What I wanted to express with this concept is the principle of evolution, development and renewal. The context of the current and future retail sector is very dynamic and requires a moment of reflection. Post-pandemic, digitalization and sustainability are three phenomena that require important thinking about how we will compete to find a new balance between the human-machine environment. The pandemic has given a strong acceleration to the other two phenomena that already exist, (Editor: Digitization and Sustainability). The opportunity for the future of retail, compared to the way we know it today, is to find new consequential and functional configurations of processes that are driven by computing, digitalization and sustainability. The central fact is that these macro trends will force fundamental changes in the way of competition and retail will have to adapt by finding a new strategic and operating position. The main idea of retail is specifically to rethink and reformulate the retail formula along these lines of strategic planning.
What are the supporting elements?
The most important element is that a retailer must become, in addition to being a manufacturer and distributor of products and services as well. Data collector and generator. For example, in this sense, the value of the company will also be functional in the ability to collect, organize and process data in the interest of its strategic position. From a simple sales channel, the retailer bears the burden of collecting data to bring it back into circulation and to include it in key decision-making processes. This apparently tactical function should become the first step in the new production cycle as it feeds the analytical and predictive function of adaptation and supply-to-demand. In this way, the principle of customer focus must be fulfilled. Secondly the other An essential step is to amend the ruling. New numbers relevant to creating these new operations are Chief Digital Officer, Chief Information Officer, Chief Sustainability Officer, as well as Chief Marketing Officer. To make these choices, the board will have to expand its knowledge and skills so that it can promote and publicize new issues. The CEO’s agenda needs to be updated and expanded with these new topics that touch the strategic priorities of R&D, innovation, diversity and diversification and obviously the core themes of brand, product, distribution and supply chain.
In order to “reset” this strategy, where should we begin?
My suggestion is Re-starting from evolutionary symbols that, in fact, show the spirit of change. The keywords you selected are: Harmonious, synchronous, circular, connected, creative, engaging, collaborative, responsible, transparent, human and analytical. To be very practical, I have identified three important pillars (Areas of Action). Rethink: Rethink to deliver new business models and offer more valuable business. The main approach is to ‘be transversal’, i.e. touch, intersect and participate in other revenue models as well. Technology and sustainability will be the main drivers that will have to guide the rethinking. Reload: Reload the presentation and oversee the market and sales channels with fully integrated and synchronous hybrid logic including different technologies that will expand the retail formula that will start from digital. Bringing humanity back: Re-emerge with a renewed, direct-to-consumer approach to creating a lasting and stable relationship. Logic is the exclusive custodian of the relationship with the consumer, without mediation and in a holistic spirit of highly personalized customer service.
Can you explain these concepts better?
The turning point is the development of the overall goals. If the first goal is to define a revised retail, commercial and brand strategy, it is more appropriate and more relevant to Present times and future eventsYou have to think about guiding the decision-making process. Data and Analytics Strategic Governance – Through an organized and processed collection of information and data coming from the market, which are able to cross individual consumers at least with individual purchases. In addition to finding apps and Digital and technological configurations More coherent and achievable in the shortest possible time. Also, standardize the organization to a high نسبة One Between the brand and the consumer, adapting the organization to the new change in direction and starting the trial and implementation phase of the new business model. All with great respect and responsibility for the environmental impact.
What are the advantages from a retailer’s point of view?
More detection and analysis Timely preferences, expectations and behaviors and enhance sales assistance. Enhanced historical evaluations, in At presentand predictive and predictive operations, demand, consumption, sales and reporting. Consider the sales function most related to Interpersonal skills And my test for the individual clash point. Personalize the show Product and customer service (reduce returns, handle complaints, etc.). Inventory and product catalog management on the supply side but also on the supply chain and logistics. Increased transparency regarding product origin, respect for diversity and environmental impacts.
Are retail companies today going in this direction?
Certainly some are ahead of others. Source Politecnico di Milano In 2021, only 16% of the company has a comprehensive multi-channel approach. Source V-Finance Only 40% of listed Italian companies (ed. 376) produced non-financial documents. Solving the strategic “dilemma” (do’s and don’ts) and understanding these elements is a priority to reshape the company’s market strategy. Product strategy remains the “mother of all strategic and operational levers” that a company puts in place. Building a successful business must begin with designing a robust product that uses raw materials and processes that respond to the underlying logic of sustainability. The ‘dilemma’ specifically lies in the reconfiguration as strong discontinuation and structural change in relation to the former may be necessary. It may not be enough to learn how to do what we already know better and more efficiently, but real frontiers will face challenges that require a new competitive model of thought and action.
His article makes it clear that there will be another development. What do you mean by NeoRetail and what is the relationship to the metaverse?
my idea – NeoRetail – It could be the foreseeable new era of retail in the future which will see a strong legacy with the past, but will develop a new competitive arena inhabited by a generation that is highly computerized, digitized and guided by principles of environmental and social sustainability. Basically, there are development paths to watch and I have highlighted three trend lines. 1) Physicalization of commercial time and place. New highly immersive multi-dimensional technologies, combining multiple applications, will represent the context in which the purchasing procedure is materialized in relation to the physical essence of a particular place and moment. Time and space become infinite, and where is she and the when It does not affect purchases and consumption. 2) Brand reality. New immersive, virtual and viral digital solutions in which brands, products, stories, identities, services, vendors and factories will together build new features of reality that are equivalent to physical reality, but in reality they will only be together. 3) sharing. Previous trends need a renewed and more collaborative executive spirit Empowerment – The company’s functions elevate the level of simple cooperation to a more effective partnership that links different disciplines, knowledge and skills. The metaverse It’s the way that most represents these trends best. Its success will consist in demonstrating the true potential of sales conversion and becoming a performance sales coordination: if not viewed in this way, it will become a communication tool.
Are there interesting examples in practice?
Specifically on the metaverse there are interesting examples of early attempts. In other words, there is a nation that has to remain in control and it shows a very interesting tendency for technological innovation applied to retail: I’m referring to South Korea. In the book I devoted a section to Some of the best strategic companies (Apple, Nike, Amazon, Patagonia and Maison / 0) Try to represent the best. However, the important contribution was made by some experts who wrote some motivating lessons. Luca Bedoglia Deals with new methods of retail training in the future. David Castleferro Describes new developments and prospects for CRM. Marco de Carli He talks about new retail innovation patterns and new retail models and concepts. Francesco Fidel It tells us about empowerment and how a conscious community builds an excellent customer experience. Jaya Rankati It talks about the human + robot relationship and perfect integration. Stefano Sacchi It deals with the topic of sustainability from the point of view of honesty, profit and heart. Finally, I deal with the topic of blockchain and the potential benefits in retail. In addition to these aspects, it is necessary to quote an introduction Barbara Simino and input Francesco Massara Which makes interesting contributions about the general aspects of retailing in the future.