Session Notes
Session Notes
Title
Omnichannel Retailing: How to Stay Resilient in this Unpredictable Retail Environment
Speaker
Nancy Bedwell, VP of Category Management and Insights, Reynolds Consumer Brands
Takeaways
The multichannel retail environment changed to omnichannel. Channels, platforms, and industries are blurring. Everything has become interconnected.
The GAFA effect (Google, Amazon, Facebook, Apple) transformed retail. Online retail made up 6% of the retail market in 2012. By 2020, it will make up 17% of the market. Many stores have not been able to compete against the online retailers, such as category specialists like Borders and Toys R Us.
There is an opportunity to break down the existing barriers and prosper in the age of inclusive commerce.
How to stay resilient
Find the right people to lead the way
- Hire creators, risk takers, and idea people.
- Move them around departments and get them involved.
Plan on a period of trial and error
- What works today won’t work tomorrow
Turn disruption into opportunity
- Take the opportunity to impress your customer, re-educate your teams, rid yourself of silos, and improve your processes
Find partners in unusual places
- Share best practices
- Your competitors need to become your “frenemies”
- Go to industry events and ask questions
Read everyday
- Create a time dedicated to reading
- Ask your team members to be subject matter experts in an area and share back with other team members
Customize your solutions for your customers
- One size no longer fits all
- Help both the winners and the losers
Title
Omnichannel Retailing: How to Stay Resilient in this Unpredictable Retail Environment
Speaker
Nancy Bedwell, VP of Category Management and Insights, Reynolds Consumer Brands
Takeaways
The multichannel retail environment changed to omnichannel. Channels, platforms, and industries are blurring. Everything has become interconnected.
The GAFA effect (Google, Amazon, Facebook, Apple) transformed retail. Online retail made up 6% of the retail market in 2012. By 2020, it will make up 17% of the market. Many stores have not been able to compete against the online retailers, such as category specialists like Borders and Toys R Us.
There is an opportunity to break down the existing barriers and prosper in the age of inclusive commerce.
How to stay resilient
Find the right people to lead the way
- Hire creators, risk takers, and idea people.
- Move them around departments and get them involved.
Plan on a period of trial and error
- What works today won’t work tomorrow
Turn disruption into opportunity
- Take the opportunity to impress your customer, re-educate your teams, rid yourself of silos, and improve your processes
Find partners in unusual places
- Share best practices
- Your competitors need to become your “frenemies”
- Go to industry events and ask questions
Read everyday
- Create a time dedicated to reading
- Ask your team members to be subject matter experts in an area and share back with other team members
Customize your solutions for your customers
- One size no longer fits all
- Help both the winners and the losers