Oliver helps retailers to change and transform their operating models. He's the host of the Retail Transformation Show podcast and founder of the RetailTransformation.Live virtual event
Retail Transformation Briefing – 24th April
|
The passion in the retail industry is hugely infectious. We all partake in shopping as customers, and the industry is an enormous employer. Frontline colleagues are passionate about products and serving customers. Supply chain experts are passionate about getting global and local logistics clicking. Technologists are passionate about making shopping experiences seamless and simplifying operations. There is passion across the organisation and expertise in every aspect imaginable. It's this collective passion that makes the magic of the retail industry. So it's fitting to have this theme of magic at the Retail Technology Show which kicks off in London very shortly (today, 24th and tomorrow, 25th). And I'm especially looking forward to connecting with the people that make the magic of retail happen. So if you're going, it would be great to connect. I'm very excited to be holding book signings for "Driving Retail Transformation: How to Navigate Disruption and Change", so do come and say hello. Please do bring your copy to have it signed, or you can get one at the show. I'm proud to be teaming up with great companies that drive innovations and improvements across the industry. So join me:
If you're looking for bulk copies of the book to help your organisation or team make meaningful change, reach out to me as there are bulk discounts available, as well as options to work together through workshops and training sessions to bring this to life. Will I see you at the show? Retail transformation news headlines👟 JD Sports is looking to accelerate growth in the US and is looking to acquire US-based Hibbett Sports. The deal is worth an estimated $1.1bn and is likely to complete later this year. JD Sports has been expanding through acquisitions of international brands and retailers. This move would significantly expand their US footprint and authenticity. ⛔ In the US, shopping mall DC-USA has introduced a new policy, banning unsupervised under 18s. The reasoning isn’t entirely clear but it seems to be to prevent groups of minors and may be in response to anti-social behaviour or rising shrink rates. The mall includes high-profile retailers like Target, Best Buy and others. ♻️ Sportswear brand Asics has launched a sneaker designed to feed the circular economy. At the end of life, customers are requested to bring the show back to the brand so it can be deconstructed and remanufactured. The circular economy is a popular goal, but realising it with old products feeding into new products can be a difficult flow to realise. This is a new initiative that looks to close that loop. I believe there needs to be a stronger call to action to encourage customers to return the shoe which also represents an excellent opportunity to upgrade to a new pair (or, even better, a refurbished pair) in the future. 📦 M&S is offering customers the chance to post in their pre-loved clothing. The trial is in partnership with charity, Oxfam, and includes free postage of used products. Oxfam will process the donations and will triage them into resale, reuse or recycle categories. This is not the first time that M&S has launched a proposition like this and it suggests to me that it’s hard to get customer culture to naturally seek a suitable end of life destination for fashion. However, in the UK, research seems to suggest there is a surplus of pre-loved clothing and a shortage of customers to buy it. 🔍 In France, the government is mandating that retailers need to publicise shrinkflation. When pack size reduces and when the price does not come down by a corresponding amount, this will need to be highlighted for two months. This move is in response to the significant reduction in value that customers are noticing. ⚡ And finally, DIY retailer B&Q is introducing two new energy-saving hubs. With support from a government-backed group, the proposition fits inside an existing store and aims to educate and inspire customers to cut energy usage, including home surveys. This is a great initiative that helps benefit the customer, the retailer and the planet! However, with seemingly limited funding, it may only benefit a small proportion of customers and colleagues. Great ideas like that need to be expanded through aspects like roadshows and leaning into omnichannel more. New podcast episode: Cutting edge solutions to counter shrink - #291Dive into the dynamic world of shrink solutions to combat one of the industry’s major challenges, the rapidly increasing levels of unknown loss and theft. As retail evolves, so does the challenge of managing shrink and minimising theft; from advanced detection technologies to innovative on-floor strategies, each solution offers a unique angle on preventing loss. This episode is your guide to transforming shrink management into an opportunity for growth and innovation. Whether you’re combating opportunistic shoplifting or organised crime, learn how tailored and localised approaches can revolutionise your retail environment. Listen to episode 291 of the Retail Transformation Show and:
Also, check out these recent episodes: #290: Segmenting shrink to uncover the real challenge #289: Igniting a start-up spark in big business #288: How our own brain blocks meaningful work If you're at the Retail Technology Show, I hope to see you there. Or if not, then remember - keep transforming better, Oliver |
Oliver Banks of OB&Co
Oliver helps retailers to change and transform their operating models. He's the host of the Retail Transformation Show podcast and founder of the RetailTransformation.Live virtual event
Hi Reader, On the surface, retail seems so simple. "It's only putting tins of beans on the shelf" was one quip that I recall hearing multiple times. But it's the combination of breadth and depth, alongside a huge number of highly volatile variables, that make great retailing both complex and complicated. And when it comes to transformation, it seems like there are a million things that get in the way of meaningful initiatives and the journey of change is never simple. So when companies manage...
Hi Reader, "Imagine you’re on a TV game show. The host challenges you to list as many retail technology opportunities as possible in 30 seconds. Ready, set, go! From mobile apps to robotics, from Big Data to the latest payment tech. We can’t forget AI or the metaverse either, perhaps the most iconic examples of tech hype. But with all of these concepts, a genuine challenge emerges: how to choose meaningful changes amidst the plethora of tempting innovative ideas." The above is from my recent...
Hi Reader, Frozen food specialist Iceland is launching a customer-driven election manifesto ahead of the political elections later in the year. Executive Chair Richard Walker wants to give customers a voice and will supply the findings and recommendations to all political parties. The initiative will be informed by a small customer panel that meets regularly and a larger survey of Iceland customers. It's a really interesting initiative to help propel consumer views. And it got me thinking. A...