Apac
  • Home
  • CXO Insights
  • CIO Views
  • News
  • Conferences
  • Newsletter
  • Whitepapers
  • About us
Apac
  • Admired Tech

    Agile

    AI Healthcare

    Artificial Intelligence

    Augmented Reality

    Aviation

    Big Data

    Blockchain

    Cloud

    Cryptocurrency

    Cyber Security

    DevOps

    Digital Transformation

    Drone

    HPC

    Infrared

    Internet of Things

    IT Services

    Marine Tech

    Networking

    PropTech

    Remote Work

    Robotics

    Scheduling Software

    Sensor Tech

    Simulation

    Smart City

    Software Testing

    Startup

    Storage

    Unified Communication

    Web Development

    Wireless

  • Automotive

    Banking

    Capital Market

    Construction

    E-Commerce

    Education

    FinTech

    Food and Beverages

    Gov and Public

    Healthcare

    Insurance

    Legal

    Logistics

    Manufacturing

    Media and Entertainment

    Metals and Mining

    Pharma and Life Science

    Retail

    Sports

    Travel and Hospitality

  • CISCO

    Google

    IBM

    Microsoft

    Oracle

    Salesforce

    SAP

    ServiceNow

  • Business Intelligence

    CEM

    Cloud-based Planning

    Cognitive

    Collaboration

    Compliance

    Contact Center

    Contact Tracing

    Contactless Payments

    Corporate Finance

    CRM

    Custom Software Development

    Data Center

    Digital Signage

    Enterprise Architecture

    Enterprise Asset Management

    Enterprise Communications

    Enterprise Contract Management

    Enterprise Performance Management

    ERP

    Facility Management

    Field Service

    Fleet Management

    Gamification

    HR Technology

    IT Infrastructure

    IT Service Management

    Managed Services

    PLM

    Procurement

    Product Management

    Project Management

    RegTech

    Revenue Management

    Sales Tech

Menu
    • Retail
    • CISCO
    • Collaboration
    • Compliance
    • Contact Center
    • Healthcare
    • IT Service Management
    • Microsoft
    • MORE
    #

    Apac CIO Outlook Weekly Brief

    ×

    Be first to read the latest tech news, Industry Leader's Insights, and CIO interviews of medium and large enterprises exclusively from Apac CIO Outlook

    Subscribe

    loading

    THANK YOU FOR SUBSCRIBING

    • Home
    • Retail
    Editor's Pick (1 - 4 of 8)
    left
    AI becomes Personal

    Sherif Mityas, CIO & Chief Experience Officer, TGI Fridays

    Is Your Head in the Sand?

    Marc Kermisch, VP & CIO, Red Wing Shoe

    Laying a Foundation for the New-Age Retail Industry

    Paul Karras, SVP & CIO, Wilton Brands

    Driving a Performance Culture

    Paul Scorza, CIO, Ahold USA

    Discover the First Mile

    Ruben Martin, Co-Founder &CTO/ COO, Quivers

    The Missing Link for Retail: Closing the Loop between Point of Sale and Marketing

    David Inggs, CTO, VMob

    It all Comes Together in Retail.  In a World of Possibilities, Where to Start?

    Simon Kennedy, CIO, The Warehouse Group

    End to End Supply Chain Planning is the Need of the Hour

    Abel Correa, CIO, Arvind Lifestyle Brands Limited

    right

    Digital Retail - Ride The Wave Or Crash Out?

    By Felicity Nutter, Executive Manager Of Business Technology And Projects, Swisse Wellness

    Tweet
    content-image

    Felicity Nutter, Executive Manager Of Business Technology And Projects, Swisse Wellness

    Whether your business is strictly retail or not, it is difficult to find the right word for the rate and complexity of change in the Australian retail landscape. Significant? Wicked? Fascinating? Retail is undergoing a rapid shift as buyers and sellers experiment, both seeking to optimize their cash. With unfavourable economic indicators, declining bricks and mortar sales, rising e-commerce ubiquity of technology, and Artificial Intelligence (AI), the strategic challenges for Australian retail business leaders and those in adjacent industries are just beginning. Ride the wave of change, or quit before the wave hits you?

    Let’s consider Australian economic performance relative to two global powerhouses US and China, with vastly different retail models. While GDP for both has seen straight line upward growth since the GFC, Australian GDP per capita peaked in 2012. As economic stimuli ran their course, Australian GDP has declined to levels similar to pre-GFC. In the same period, China and US import rates have dropped while Australia imports increase and the IFC reports that Australian household debt levels are among the highest in the developed world. As the Aussie dream of home ownership prevails, higher personal debt, wage growth stagnation, and less disposable income is reflected in declining bricks and mortar retail sales.

    Globally, Deloitte reports that the world’s top three retailers Walmart, Costco, and The Kroger Co revenues eclipse their next ranked competitors nearly fourfold. Amazon has recently entered the global top 10, while Aussie juggernauts Wesfarmers and Woolworths rank just inside the top 25. At only 10 percent of the revenue of their global counterparts, this is a mighty representation. However, it greatly skews the picture of local retail health amidst a continuing rush of global retailers setting up shop in Australia.

    Amazon’s Australian story is unfolding, with the pure digital retailer predicted to offer between 15 – 30 percent discounted pricing. While Amazon only holds a maximum of five percent retail share in any existing global market, gross sales across all other retailers has declined by approximately the same amount. So is Amazon eating into existing sales or is it picking up the slack? And if bricks and mortar sales continue to decline, which way will the revenue flow?

    Retailers Don’t Have To Compete With Their Wholesalers – They Can Exchange Data To Mutually Drive Insight, Action, And Sales

    If the recent 11/11 sales on China’s Amazon equivalent platform Alibaba is any indicator, bonanza selling a variety of products at a discount with fast delivery, continues to grow year on year at rates far higher than overall retail industry expansion. You can’t compete with Amazon (or Alibaba) if you are attempting to win on variety, price, and delivery. Jeff Bezos (Amazon’s founder) also owns a host of online platforms, including Zappos, Washington Post, Twitter, and AirBnB. With this behemoth and diversity of online content, service, commerce capability, and experience, how can Aussie retailers compete?

    The clue lies in what Amazon and Alibaba have done for themselves. The technology platforms and tools that they use are becoming ubiquitous. The Australian community of retailers, their wholesalers and distributors can use them too. Some are doing it already; some are still evolving. We are on the cusp of global widespread adoption, acceptance, and leverage of this technology ubiquity. The relative cost of adopting e-commerce software, services, and AI are coming down. Speed to market has accelerated to weeks or days, and being first in market counts (well, it always has, but with barriers of entry so low, your competitors can also get in quicker, so you have no choice). But only if you can do it with same or better quality and service.

    Data is the new currency of integrated business

    Digital consumer data is rich. Do you have it? Is it clean? Do you really know what sets you apart? Will you make great decisions on rich data or fail on a more epic scale from poor data that you trust. Data will become the new currency of integrated business, where it is sold and traded to augment understanding of how products and services are consumed. Retailers don’t have to compete with their wholesalers – they can exchange data to mutually drive insight, action, and sales.

    Know your value proposition

    If all players have the same technology options, how can you compete? Use the data to re-evaluate the essence of your brand or product. Look at extensions, adjacencies, partnerships. In other words, for what value (not price) will people choose your product, your services, compared to anyone else who is competing on price. And what experience will your consumers and business partners have? If the experience of getting your product is difficult, you’ll be substituted, because substitutes are easier to find.

    Automate away inefficiencies

    Apply the same rules to your own business. How much business do you do with yourself? Think password resets, manual forms, approvals, controls. Steps built in as the business grew to control productivity and investment of scarce resources, to ensure people didn’t go outside their boundaries. AI can already be cheaply applied to many of these administrative tasks, freeing up time from wasteful admin to higher productivity and throughput.

    Significant? Wicked? Fascinating? Exciting! Get on the wave against economic signals and international brand retail threats, leverage the high availability, and affordability of technology to jump into the gap opening up between bricks and mortar and digital retail. Automate away admin, free up time to analyse data, and continuously grow and improve the value of your products or services to your consumers and business partners. Be prepared to back bets, crash on small waves, and ride out the big ones. Otherwise, you might as well go under.

    Weekly Brief

    loading
    Top 10 Retail Tech Companies - 2020
    Top 10 Catering and Retail Technology Solution Companies - 2020

    Featured Vendors

    Fedelta

    Scott Buckham, Technical Director

    AOPEN

    Stephen Borg, CEO

    ON THE DECK

    Content Management System 2020

    Top Vendors

    Contactless Payments 2020

    Top Vendors

    Admired Tech 2020

    Top Vendors

    Corporate Finance 2020

    Top Vendors

    AI 2020

    Top Vendors

    Travel and Hospitality 2020

    Top Vendors

    Startup 2020

    Top Vendors

    Networking 2020

    Top Vendors

    FinTech 2020

    Top Vendors

    CRM 2020

    Top Vendors

    Scheduling Software 2020

    Top Vendors

    Education 2020

    Top Vendors

    Business Intelligence 2020

    Top Vendors

    PropTech 2020

    Top Vendors

    Salesforce 2020

    Top Vendors

    Big Data 2020

    Top Vendors

    Simulation 2020

    Top Vendors

    Product Management 2020

    Top Vendors

    Legal 2020

    Top Vendors

    Remote Work 2020

    Top Vendors

    Cryptocurrency 2020

    Top Vendors

    CEM 2020

    Top Vendors

    Insurance 2020

    Top Vendors

    Data Center 2020

    Top Vendors

    Banking 2020

    Top Vendors

    RegTech 2020

    Top Vendors

    Wireless 2020

    Top Vendors

    Procurement 2020

    Top Vendors

    Cognitive 2020

    Top Vendors

    Drone 2020

    Top Vendors

    HR Technology 2020

    Top Vendors

    HPC 2020

    Top Vendors

    Pharma and Life Science 2020

    Top Vendors

    SAP 2020

    Top Vendors

    Food and Beverages 2020

    Top Vendors

    Cloud 2020

    Top Vendors

    Blockchain 2020

    Top Vendors

    Cloud 2020

    Top Vendors

    Logistics 2020

    Top Vendors

    Augmented Reality 2020

    Top Vendors

    Contact Center 2020

    Top Vendors

    Oracle 2020

    Top Vendors

    Cyber Security 2020

    Top Vendors

    E-Commerce 2020

    Top Vendors

    Compliance 2020

    Top Vendors

    Enterprise Architecture 2020

    Top Vendors

    Digital Transformation 2020

    Top Vendors

    Manufacturing 2020

    Top Vendors

    Agile 2020

    Top Vendors

    CISCO 2020

    Top Vendors

    Field Service 2020

    Top Vendors

    Contact Center 2020

    Top Vendors

    IoT 2020

    Top Vendors

    Microsoft 2020

    Top Vendors

    Retail 2020

    Top Vendors

    Aviation 2020

    Top Vendors

    Healthcare 2020

    Top Vendors

    IT Service Management 2020

    Top Vendors

    Top Vendors

    Big Data 2019

    Top Vendors

    Digital Signage 2019

    Top Vendors

    Sales Tech 2019

    Top Vendors

    Startup 2019

    Top Vendors

    Salesforce 2019

    Top Vendors

    AI 2019

    Top Vendors

    Google 2019

    Top Vendors

    Smart City 2019

    Top Vendors

    FinTech 2019

    Top Vendors

    Admired Tech 2019

    Top Vendors

    Big Data 2019

    Top Vendors

    IT Services 2019

    Top Vendors

    Business Intelligence 2019

    Top Vendors

    Education 2019

    Top Vendors

    Project Management 2019

    Top Vendors

    Enterprise Asset Management 2019

    Top Vendors

    CRM 2019

    Top Vendors

    Data Center 2019

    Top Vendors

    PropTech 2019

    Top Vendors

    Capital Market 2019

    Top Vendors

    Travel and Hospitality 2019

    Top Vendors

    Legal 2019

    Top Vendors

    IT Infrastructure 2019

    Top Vendors

    Plastic Tech 2019

    Top Vendors

    Facility Management 2019

    Top Vendors

    Fleet Management 2019

    Top Vendors

    CEM 2019

    Top Vendors

    Sensor Tech 2019

    Top Vendors

    RegTech 2019

    Top Vendors

    Marine Tech 2019

    Top Vendors

    Collaboration 2019

    Top Vendors

    Software Testing 2019

    Top Vendors

    Facility Management 2019

    Top Vendors

    Automotive 2019

    Top Vendors

    Food and Beverages 2019

    Top Vendors

    Insurance 2019

    Top Vendors

    HPC 2019

    Top Vendors

    Wireless 2019

    Top Vendors

    Simulation 2019

    Top Vendors

    Corporate Finance 2019

    Top Vendors

    Drone 2019

    Top Vendors

    AI Healthcare 2019

    Top Vendors

    SAP 2019

    Top Vendors

    Procurement 2019

    Top Vendors

    Cyber Security 2019

    Top Vendors

    IBM 2019

    Top Vendors

    Construction 2019

    Top Vendors

    Logistics 2019

    Top Vendors

    Managed Services 2019

    Top Vendors

    Manufacturing 2019

    Top Vendors

    Media and Entertainment 2019

    Top Vendors

    Cloud 2019

    Top Vendors

    Banking 2019

    Top Vendors

    Agile 2019

    Top Vendors

    IT Service Management 2019

    Top Vendors

    Retail 2019

    Top Vendors

    HR Technology 2019

    Top Vendors

    Oracle 2019

    Top Vendors

    Cognitive 2019

    Top Vendors

    Compliance 2019

    Top Vendors

    Contact Center 2019

    Top Vendors

    Healthcare 2019

    Top Vendors

    Gov and Public 2019

    Top Vendors

    Microsoft 2019

    Top Vendors

    Pharma and Life Science 2019

    Top Vendors

    DevOps 2019

    Top Vendors

    E-Commerce 2019

    Top Vendors

    Blockchain 2019

    Top Vendors

    IoT 2019

    Top Vendors

    Metals and Mining 2019

    Top Vendors

    Gamification 2019

    Top Vendors

    Field Service 2019

    Top Vendors

    Augmented Reality 2019

    Top Vendors

    I agree We use cookies on this website to enhance your user experience. By clicking any link on this page you are giving your consent for us to set cookies. More info

    Read Also

    Pinpointing Weak Links in an Enterprise Security Chain: Helping Companies Battle Data and Content Security Challenges

    Pinpointing Weak Links in an Enterprise Security Chain: Helping Companies Battle Data and Content Security Challenges

    Hiro Imamura, SVP and GM, Business Imaging Solutions Group, Canon U.S.A. [NYSE:CAJ]
    Evolving Customer Relationship Management: Move Fast or Die Trying

    Evolving Customer Relationship Management: Move Fast or Die Trying

    Ed Ariel, Vice President of Service Operations, ezCater
    Importance of Customer Relationship Management Implementation

    Importance of Customer Relationship Management Implementation

    Drew Fredrick, Vice President, Home Building Technology, Clayton Homes
    How enterprise tech startups and corporates can collaborate for innovation

    How enterprise tech startups and corporates can collaborate for innovation

    Paul Santos, Managing Partner, Wavemaker Partners
    How an Initiative for Standardization and Modularization Leads to Cost Reduction, Increased Efficiency-and Better Teamwork

    How an Initiative for Standardization and Modularization Leads to Cost Reduction, Increased Efficiency-and Better Teamwork

    Faruk Bilgin, Global Director Manufacturing Engineering of Webasto Group
    Empowering the Retail Paradigm

    Empowering the Retail Paradigm

    Jason Williams, VP of Engineering, DICK’S Sporting Goods
    Fortifying the Retail Pardigm Amidst Uncertainities

    Fortifying the Retail Pardigm Amidst Uncertainities

    Vlad Yakubson, Head of Retail, yd.
    Journey from Intelligent Automation (IA) to Artificial Intelligence (AI)

    Journey from Intelligent Automation (IA) to Artificial Intelligence (AI)

    Sanjay Choubey, VP-IT, Briggs & Stratton
    Loading...

    Copyright © 2021 APAC CIOoutlook. All rights reserved. Registration on or use of this site constitutes acceptance of our Terms of Use and Privacy Policy  |  Sitemap |  Subscribe

    follow on linkedinfollow on twitter follow on rss
    This content is copyright protected

    However, if you would like to share the information in this article, you may use the link below:

    https://retail.apacciooutlook.com/cxoinsights/digital-retail-ride-the-wave-or-crash-out-nwid-4907.html