WHY IT MATTERS: Digital Transformation
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Tech trends from @Bain&Company posits that #Technology Is Reshaping the Global Economy

Tech trends from @Bain&Company posits that #Technology Is Reshaping the Global Economy | WHY IT MATTERS: Digital Transformation | Scoop.it

Technology has emerged as the primary disruptor and value creator across all sectors.

Farid Mheir's insight:

WHY IT MATTERS: this tech trends is different than other "lists" in that it analyses a number of topics and provides useful data trends to understand the issues. Well done and very useful. I highlight the change in buying behaviour in the chart I extracted (buyers know what they want more than in the past but sellers have yet to adapt to this new normal) - but I guarantee the report has a bunch more. 

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Expected 2030 in-store journey: What Retail Could Look Like In 2030

Expected 2030 in-store journey: What Retail Could Look Like In 2030 | WHY IT MATTERS: Digital Transformation | Scoop.it

With new tech-enabled features, the store of the future will be able to provide a more frictionless and personalized experience that meaningfully engages shoppers. The following infographic visualizes the expected 2030 in-store journey for a customer named Rachel. Here are some of the technologies and innovations that will impact each step of her shopping experience.

Farid Mheir's insight:

WHY IT MATTERS: 2 of 2 interesting visualizations in this short post - unfortunately the full report is for members only ;-(

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The Store Of The Future: What Retail Could Look Like In 2030

The Store Of The Future: What Retail Could Look Like In 2030 | WHY IT MATTERS: Digital Transformation | Scoop.it

From shopper emotion detection to in-store robotic warehouses, we highlight the technologies and trends bringing retail stores into the future.

Farid Mheir's insight:

WHY IT MATTERS: 1 of 2 interesting visualizations in this short post - unfortunately the full report is for members only ;-(

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Gartner quadrant on digital commerce highlights 17 out of 140 solutions (!) it tracks & continues to position legacy solutions as leaders (SAP, SFDC) #eCommerce #retailTech

Gartner quadrant on digital commerce highlights 17 out of 140 solutions (!) it tracks & continues to position legacy solutions as leaders (SAP, SFDC) #eCommerce #retailTech | WHY IT MATTERS: Digital Transformation | Scoop.it

Investments in digital commerce continue to grow as companies adapt to new business models and sales processes prompted by the COVID-19 pandemic. This research evaluates the viability of 17 digital commerce platform vendors to help application leaders make informed decisions.

Farid Mheir's insight:

WHY IT MATTERS: eCommerce growth continues, especially regarding B2B (see market overview, as usual it contains good insights). I always question the tool selection (17 over 140 solution gartner says it tracks) so read with huge grain of salt. Legacy solutions with serious technical limitations show up in leader quadrant (sap, salesforce), and niche solutions are positioned because I assume they have market penetration. So use other sources when selecting eCommerce solution but questions vendors in the quadrant on the PROs and CONs gartner highlights.

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Understand How To Choose Vendors Within The New Rules of #eCommerce using @Forrester FIRE framework

Understand How To Choose Vendors Within The New Rules of #eCommerce using @Forrester FIRE framework | WHY IT MATTERS: Digital Transformation | Scoop.it

This report answers questions about navigating vendor and tech selection and internal change management to use commerce technologies for efficiency, agility, and growth.

Farid Mheir's insight:

WHY IT MATTERS: an interesting guide to help select the right tools and solutions in a world of rapidly evolving solutions.

RAAS1's comment, September 5, 4:13 PM
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The future of the $1.5 trillion #wellness market via @McKinsey

The future of the $1.5 trillion #wellness market via @McKinsey | WHY IT MATTERS: Digital Transformation | Scoop.it

The shift to digital channels is happening at the speed of “a decade in days.” Our research suggests that the change will be sticky: a majority of consumer categories will continue to project more growth in e-commerce than in other channels over the next several years.

Farid Mheir's insight:

WHY IT MATTERS: digital impacts all industries including those are more dependant on "relations" like wellness.

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Amazon anti-matter: How Primark makes money selling $3.50 T-shirts #slowFashion #noEcommerce #onlyPhysicalStores via @TheEconomist

Amazon anti-matter: How Primark makes money selling $3.50 T-shirts #slowFashion #noEcommerce #onlyPhysicalStores via @TheEconomist | WHY IT MATTERS: Digital Transformation | Scoop.it

Where Primark has strayed furthest from the fashion pack is in its refusal to sell anything online, which it sees as unfeasible at its price points. That has kept margins plump as the company avoided a wodge of spending on developing apps and fulfilment capabilities. The lack of an online presence meant that Primark lost up to 100% of sales as the pandemic shut shops around the world. Extended closures, especially in Britain, home to about half of its 380 outlets, cost it £3bn in sales and perhaps £1bn in profit.

Farid Mheir's insight:

WHY IT MATTERS: much interesting short read from TheEconomist about Primark which sells dirt cheap apparel at rock bottom prices without any eCommerce and relying exclusively on physical store. The inverse of Amazon!

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Gartner Magic Quadrant for #Cloud #ERP for Product-Centric Enterprises highlights an important fact: as technology matures the solutions tend to specialize per industry - when will this happen with...

Gartner Magic Quadrant for #Cloud #ERP for Product-Centric Enterprises highlights an important fact: as technology matures the solutions tend to specialize per industry - when will this happen with... | WHY IT MATTERS: Digital Transformation | Scoop.it

The ERP for product-centric enterprises market is accelerating its transition to cloud deployment models. ERP application leaders should use this Magic Quadrant to evaluate cloud ERP application suites as part of a composable ERP strategy.

Farid Mheir's insight:

WHY IT MATTERS: interesting to see that software solutions that reach maturity - such as ERPs - have a tendency to specialize. This quadrant highlights leaders in a specific market (product centric enterprises). I wonder when we will start to see the same with eCommerce... Not that specialized solutions don't exist but that the industry remains so immature that companies are in their first or second versions of eCommerce and thus gravitate to generalist solutions like shopify, magento, etc.

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Warby Parkey IPO filing provides useful data insights into #eCommerce and #retail costs and margins - basically 40% gross margin is the absolute minimum

Warby Parkey IPO filing provides useful data insights into #eCommerce and #retail costs and margins - basically 40% gross margin is the absolute minimum | WHY IT MATTERS: Digital Transformation | Scoop.it
At Warby Parker, we are customer-first and channel-agnostic. We aim to meet the customer wherever and whenever they want to shop, whether that’s online, in store, or even at home. Glasses are an incredibly personal accessory; as customers look toward purchasing their next pair, we find that there is significant interplay across online and offline channels—browsing online might lead to a visit in one of our more than 145 stores and end with a purchase via our e-commerce app.
A customer journey that starts in store can end with a purchase online and vice versa, with more than 70% of our customers interacting with our website or mobile app before placing an order. While we allocate resources and set priorities to scale all of our channels, we define channel mix within the context of our business as the channel in which the customer places their order. We define our channel mix as the percentage of sales that are completed between our two channels, which are either: (1) e-commerce, either through our website or mobile app (considered “e-commerce channel”) and (2) in our retail stores (considered “retail channel”). Our e-commerce channel serves to complement our retail footprint and offers additional convenience to our customers, which leads to a significant amount of interplay between the channels in a customer’s journey.
Farid Mheir's insight:

WHY IT MATTERS: interesting the information you can find in an IPO prospectus about the costs, the margins and the other realities of running and retail business. 20% acquisition costs + 20% sales & service costs appear to be very good benchmarks for retailers doing back of the envelope cost calculations. So you need at least 40% gross margin to expect to turn a profit when selling online and in-store.

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Info people willing to share depends on products you sell via @Activate #ecommerce #marketplace #retail

Info people willing to share depends on products you sell via @Activate #ecommerce #marketplace #retail | WHY IT MATTERS: Digital Transformation | Scoop.it

Consumers are more willing to share personal data in exchange for better item recommendations when shopping within product categories that feature more complex and customizable items

Farid Mheir's insight:

WHY IT MATTERS: seems you can get away asking for very personal info if it is perceived as useful in the shopping process.

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The #omnichannel age is here and it's expensive - you need strong margins to survive in this #ecommerce + physical store world | WHY IT MATTERS: Digital Transformation | Scoop.it

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Farid Mheir's insight:

WHY IT MATTERS: everything in this article rings true, from the high cost of omnichannel and especially returns, to the opportunities that remain of having a physical store. The conclusion: you have to change processes, resource allocation and technology to make omnichannel work.

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11 Essential Marketplace Best Practices from large retailers who've done it #eCommerce @Gartner @Mirakl

11 Essential Marketplace Best Practices from large retailers who've done it #eCommerce @Gartner @Mirakl | WHY IT MATTERS: Digital Transformation | Scoop.it

Download the definitive guide to enterprise marketplace success, as told by the leading organizations that exemplify them.

Farid Mheir's insight:

WHY IT MATTERS: always good to know from those who've been there before. Remember this is an infomercial from Mirakl so sprinkle with lots of salt before reading and making decisions based on this report ;-)

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11 Imperatives When Building an Enterprise Marketplace  @Gartner @Mirakl #eCommerce 

11 Imperatives When Building an Enterprise Marketplace  @Gartner @Mirakl #eCommerce  | WHY IT MATTERS: Digital Transformation | Scoop.it

In this report, Gartner explains the role of marketplace solutions and describes 11 technical and operational imperatives for organizations to consider.

Farid Mheir's insight:

WHY IT MATTERS: marketplaces are the new way to eCommerce. They are the same but yet so different. This is a good starting place to know why.

Jules Johnson's curator insight, September 7, 2:23 AM

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Visual search is holy grail for eCommerce: show a picture of a product and get recommendations - Facebook has been testing #grokNet with mitigated results #AI

Visual search is holy grail for eCommerce: show a picture of a product and get recommendations - Facebook has been testing #grokNet with mitigated results #AI | WHY IT MATTERS: Digital Transformation | Scoop.it

Our latest AI advancements represent fundamental building blocks that could power entirely new future shopping experiences.

  • Facebook AI is on a quest to build the world’s largest shoppable social media platform, where billions of items can be bought and sold in one place.

  • As a key milestone toward this goal, we’re sharing details on how we’ve improved and expanded GrokNet, our breakthrough product recognition system. Now, it’s powering new applications on Facebook, like product tagging and showing visually similar products. Soon, we’ll bring visual search to Instagram so that people find similar products just by tapping on an image.

  • We’re also diving into our latest advancements, which provide a deeper, more nuanced understanding of product attributes and multimodal signals. These advancements collectively represent fundamental building blocks that could power entirely new shopping innovations of the future.

Farid Mheir's insight:

WHY IT MATTERS: as marketplaces become popular, finding a specific product in a catalog of millions of products will become harder and harder. The holy grail is visual search: snap a picture of something and get some AI to help you find something similar, or that matches well with that. eBay has made tests, Google lens has returned amazing results in my recent experience. Not sure what Amazon is doing but I assume it is top of their list.

Facebook is a major player in this game as it wants to make marketplace the shopping destination (don't forget it owns instagram as well). So the investment in grokNet is critical and recent results appear promising, though not yet perfect. 

So if you build a marketplace, as we are for panier bleu, then this is an area of innovation we cannot afford to bypass.

phantommachinery001@gmail.com's curator insight, July 10, 2:12 PM
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How tech will revolutionize #retail via @McKinsey is a realistic viewpoint on the "late follower" mentality of most retailers with a constant focus of the bottom line #realityCheck

How tech will revolutionize #retail via @McKinsey is a realistic viewpoint on the "late follower" mentality of most retailers with a constant focus of the bottom line #realityCheck | WHY IT MATTERS: Digital Transformation | Scoop.it

The retailer of the future will harness the power of data, quantum computing, artificial intelligence, and augmented reality, says serial entrepreneur and technology expert John Straw.

Farid Mheir's insight:

WHY IT MATTERS: warning! this article is not about your typical "robots will rule retail" or "everything has to be AI driven unless you die". Well, in some parts it is.

The reality check that retailers - and their technology vendors - must make is: retail is difficult, focused on the bottom line, with no appetite for innovation with short term results. Retail innovators must find a way to experiment while staying focussed on the bottom line.

Best quote: "‘I think the majority of the problems come from the unwillingness, perhaps the fear, of investing in something that
doesn’t automatically bring a load of cash onto your balance sheet."

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Comparing Operations Experience in US Retail by @ParcelLabs is an analysis of thousands of orders to understand reality of #eCommerce #logistics - spoiler free delivery is a myth with 92% of retail...

Comparing Operations Experience in US Retail by @ParcelLabs is an analysis of thousands of orders to understand reality of #eCommerce #logistics - spoiler free delivery is a myth with 92% of retail... | WHY IT MATTERS: Digital Transformation | Scoop.it

In-depth analysis of the post-sales experiences provided by US retailers to establish best practices, common mistakes, and opportunities to outperform competitors.

Farid Mheir's insight:

WHY IT MATTERS: free delivery appears to be a myth based on this analysis from parcelLabs. And in-store pickup is the most popular option. Is this because customers really prefer to pay for delivery or go to the store? - or because the pick-pack-delivery-return costs are too high and as they come down with economies of scale, customers will naturally pick the free delivery option, as they do with Amazon?

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Belle lancée pour Envoi Montréal, le service de livraison urbain et écolo - bike and electric delivery solutions are essential component of #eCommerce

Belle lancée pour Envoi Montréal, le service de livraison urbain et écolo - bike and electric delivery solutions are essential component of #eCommerce | WHY IT MATTERS: Digital Transformation | Scoop.it

Depuis son lancement en novembre 2020, Envoi Montréal a permis aux commerces montréalais d’expédier pas moins de 55 000 colis, dont une bonne proportion sans émission de dioxyde de carbone (CO2). La plateforme procure aux commerçants locaux de toute l’île des tarifs réduits ainsi qu’un accès centralisé à une offre d’expédition complète. Près de 350 commerces ont déjà adopté ce service, économique et soucieux de l’environnement.

Farid Mheir's insight:

WHY IT MATTERS: delivery is expensive and contributes to pollution. Last mile delivery alternatives are essential to make eCommerce efficient and eco-friendly. This project in Montreal is a great way to start in that direction.

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Nike's direct-to-consumer sales are taking off because Nike has put in the effort to become a retailer, on top of being a manufacturer and distributor #notthesamebusiness #DTC #eCommerce HT @carlBo...

Nike's direct-to-consumer sales are taking off because Nike has put in the effort to become a retailer, on top of being a manufacturer and distributor #notthesamebusiness #DTC #eCommerce HT @carlBo... | WHY IT MATTERS: Digital Transformation | Scoop.it

The company is successfully rebalancing the share of its business coming from wholesale and direct-to-consumer sales.

Farid Mheir's insight:

WHY IT MATTERS: yes, Nike made bold moves because when it comes to implementing the people+process+tech of a DTC plan, manufacturers and distributors have to step up their game and learn to become retailers, which IMHO is their greatest challenge. Easy to say you want to own the customer relationship but when your whole organization and systems are geared to making distribution efficiency, you have to build new skills, which often is minimized by the management in their DTC business plan...

 

Side note: I love QZ articles - short, with impactful metrics and links at the end. A model to follow. 

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Impact of covid: #eCommerce is 46% of all apparel sales. Impact of #marketplace: 38% of online apparel sales is Amazon!

Impact of covid: #eCommerce is 46% of all apparel sales. Impact of #marketplace: 38% of online apparel sales is Amazon! | WHY IT MATTERS: Digital Transformation | Scoop.it

Online apparel sales accounted for 46.0% of total U.S. apparel sales in 2020 and grew faster than in previous years.

Farid Mheir's insight:

WHY IT MATTERS: almost half of all clothes sold in the US are sold online, and more than one third of those are sold on Amazon. The impact of eCommerce and marketplace on retail is real and mainstream.

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How tech will revolutionize retail highlights key elements and provides good jumping of points to more info via @McKinsey #retailTech

How tech will revolutionize retail highlights key elements and provides good jumping of points to more info via @McKinsey #retailTech | WHY IT MATTERS: Digital Transformation | Scoop.it

The retailer of the future will harness the power of data, quantum computing, artificial intelligence, and augmented reality, says serial entrepreneur and technology expert John Straw.

Farid Mheir's insight:

WHY IT MATTERS: technology is the last frontier for retail as the sector has failed to make investments in recent years, staying with more traditional store design. Now this is not possible anymore and this article from McKinsey highlights key elements with more info links.

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The Forrester Wave on Product Information Management is important as the rise of #ecommerce #marketplaces forces retailers to distribute their catalog in many many different places Q2 2021 #PIM #re...

The Forrester Wave on Product Information Management is important as the rise of #ecommerce #marketplaces forces retailers to distribute their catalog in many many different places Q2 2021 #PIM #re... | WHY IT MATTERS: Digital Transformation | Scoop.it

In our 15-criterion evaluation of product information management (PIM) providers, we identified the 10 most significant ones — Akeneo, Contentserv, IBM, Informatica, inRiver, Riversand, Salsify, Stibo Systems, Syndigo, and Winshuttle — and researched, analyzed, and scored them. This report shows how each provider measures up and helps eBusiness professionals select the right one for their needs.

Farid Mheir's insight:

WHY IT MATTERS: the future of ecommerce lies in marketplaces it seems - I know as we are knee deep in this for Le Panier Bleu. Retailers face the challenging task of creating their eCommerce presence by being present where customers are. This means your product catalog has to be visible on *multiple* marketplaces, from your ecom store to Panier bleu, to Amazon to Google shopping, etc. Thus you need to manage your product information - descriptions, prices, inventory, etc. - in a central location. This is what a PIM is all about.

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9 Key Trends in Digital #eCommerce Adoption #survey by @Gartner

Digital commerce continues to grow as a crucial element of modern business. This survey looks at the changing trends in commerce over 2019, right up to the start of the COVID-19 global pandemic. Application leaders responsible for digital commerce technology can use this research to understand trends and changes in their use.

Key Findings

  1. The percentage of revenue surveyed organizations generated from digital commerce increased substantially in 2019.
  2. The classic choice between “buy or build” has shifted to “buy and build.” The majority of survey respondents bought at least part of their digital commerce platform, but also extended or customized it.
  3. Cross channel 360-degree view of the customer is increasing, but slowly due to its complexities.The top three reasons for embracing digital commerce are to grow revenue, drive toward a greater digital business initiative and improve customer satisfaction.
  4. Organizations still struggle with adding new features to their digital commerce platforms and delivering the desired customer experience (CX).
Farid Mheir's insight:

WHY IT MATTERS: interesting to see the challenges that people find with their eCommerce solutions. As with all surveys, take with grain of salt.

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