Everywhere we hear about the mobile commerce, you may think this can be last lap of the traditional stores.
We are in the era of Digital world of traditional commerce and e-commerce are immersing. We are going to experience the impact of digitization on traditional retailers, the shopping experience, as well as the use of data to meet customers’ needs.
I should say the death of the store has been greatly exaggerated. There will be a transformation of retail dinosaurs, but not an end to it. You could step back and connect dots and say, “The world’s going to have e-commerce only” and that “stores are dead,” but we don’t see that future at all—in part because I don’t think consumers want that future. I know most people like to shop and they like the serendipity of stores. Shopping is as much about entertainment and engagement as it is about utility.
I think stores are going to become as much distribution and fulfillment centers as they are full-fledged shopping experiences. I think that stores and malls are going to be highly technology enabled. Think of today—the square footage in a store needs to attract people in the door, it needs to have the right inventory at the right time, and it needs to have high service levels. That’s a very expensive model, and it’s a very inefficient model.
Small Data
It’s NOT about big data, it’s about very small data. Big data is useless. Big data is about big data sets that represent large groups of people and large behaviors. But in the world that I mentioned before, it’s about me connecting with you, my business connecting with you. You don’t want to be part of a big data set; you’re just looking to buy a shirt.
And that’s about small data. That’s about understanding insights that I can glean about you that don’t feel intrusive, don’t feel creepy, and don’t feel artificial—but feel natural. That, to me, is the future. There are glimmers of success there. I wouldn’t say the industry has arrived. For all the rhetoric about data, it’s a work in progress, but a critically important work in progress.
Live Love 'n Laugh
BaLa
Do the job which you love you will have situation to taste happiness and sorrow still you won't regret after years.
