Socioeconomics or social economics is a branch of social science that tries to understand the effect of social structures and processses on economic activity. At its basic, it studies the relationship between societies progress and local economy, or the global economy.
Efficient social structures inadvertently lead to a stronger economy. Retail is a critical structure in any society, apart from its obvious importance in economic revenue, it is also a huge platform for human interactions at all levels. Embedding technology deeply into retail to the point that it reaches brick and mortar stores and small businesses will make a more efficient retail industry, and hence, economy.
During my second day at NRF, I wanted to focus on technology and how technology empower brick and mortart stores to keep relevant in 2020.
Female Executives are Leading the Way
Specific and measurable action is required for any scalable transformation in business, retail and other industries. Talk and plans alone cannot push and motivate performance and possibilities. And when it comes to leading the way, some of the biggest moves are coming from female executives. Progressive voices from the biggest names in retail and CEO Action leaders share fresh winning strategies, successful tactics, and takeaways that are both valuable and practical.
There has always been a disparity in the treatment of female employees when compared to their male counterparts. Although informal moments are important, it isn’t quite sad that top female managers are treated different than their male opponents. This isn’t obviously not an issue common only in the retail industry, it’s a humanity issue.
What makes this difference in treatment more worrisome is that females even seem to thrive more in the retail industry since it is flexible work. Retail requires a lot of contact with clients and other entities (suppliers, producers, etc), females on average excel in such roles
Issues like this constitute some of the reasons why top management and CEOs are taking political stands more than ever. CEOs are realizing how powerful their voices are and the influence it yields. Progressive views are embraced by many top executives and they can greatly influence employees.
Visiting the Gunnebo Stand
Being a security and technology company, Gunnebo was of course present at NRF showing our cash management devices for retail. From cash management to loss prevention, there are several areas where Gunnebo Cash Management Solutions can help improve retail processes and security procedures to increase efficiencies, reduce costs and enhance the customer experience.
It was also good to meet ut with collegues I do not see that often, from Sweden, Holland, USA and Denmark amongst other.
Retail and the global social economics scene: The 2020 Vision
The business environment has effectively created space for retailers. But because of the nature of the market, new strategies are important to ensure that retailers can get the best and gain the required advantage. It is assumed that all retailers usually look to establish a fair amount of advantage. This usually ensures that the concept of globalisation is discussed in relation to the retail sector.
So, how do factors such as government policies, such as tax reform, reciprocal trade agreements and monetary regulation, persist as key instruments in managing global economic health? Former US senator and Speaker of the US House of representatives, Paul Ryan joins NRF 2020 with Recode co-founder and editor-at-large Kara Swisher as expert panelists providing insights on the business impacts of recent political and policy decisions in Washington. Whether it’s tariffs, international trade agreements, tax reforms or impending Big Tech regulations, the former chairman of the Ways and Means Committee, Ryan, and tech and innovation authority, Swisher will explore and anticipate what lies ahead for consumers and the retail industry on the global stage.
It is in the interest of every retailer to embrace retail technology. All aspects of retail have some sort of software or technology that aids its smooth running. Customer tracking software can greatly improve customer experience and garner loyalty to your brand. Technology makes for a swift and clutter free way to analyze data, monitor sales and keep inventory.
POS (Point of sale), Executive Information Systems and Electronic Data Interchange (EDI) are some ways technology can help in sales, warehousing and analysis.
Technology also has tremendous applications on the executive level. With data mining and planning software, executives can delegate most of their work and focus on strategic tests, hence increasing productivity.
Technology in retail is more important now than ever. It is so crucial that NRF has transformed from a retail show to a full blown tech show for one simple reason: most of the advancements in retail are directly as a result of tech advancements.
China is the new innovator, the Chinese government is making huge investments in cooperation with private companies into AI, robotics etc. Domestic tech giants receive huge support from their government and this has yielded positive results in China’s retail sector. The almost sudden rise of Alibaba and other Chinese brands is testament to this fact. Innovation does not work in the same way in democratic countries as autocracies like China, and countries like USA can not outspend China in innovation simply because it does not enjoy the liberties of Chinese autocracy.
Another stepping stone in the path of USA retail technology is that the US does not have any laws to regulate new technology. EU has GDPR and heavy privacy legislation, but US is lagging behind. Unfortunatley the education is also lagging behind, and both modern US and EU must find ways to educate students for working with AI, not doing the same work as AI. This sort of education does not have to be costly and does not have to involve any complex learning, it should be simply focused on teaching people to make the best use of AI and expose them to how AI can increase productivity.
All in all a fresh discussion and enlightening discussion between Paul Ryan and Kara Swisher.
Cloud Computing: Paving the way for the future of retail
The retail industry is on the cusp of great change with customer expectations evolving and impacting all areas of the retail value chain. The most forward-thinking businesses recognize that they must embark on a digital transformation strategy to stay competitive and deliver innovation. And this involves the adoption of cloud computing. The investment brands in cloud computing has risen from about $4 billion in 2011 to a whopping sum of $15 billion in 2016. Retailers are looking to adopt cloud computing just like in the banking and manufacturing industries. There are numerous benefits that can accrue from the adoption of cloud computing.
Winners are retailers that transforms the fastest. The most successful retail brands are those that pursue advancement and embed new systems into their business models. Cloud computing appears to be the next major milestone in retail technology and embracing it now is the way to stay competitive.
Personalization has always been key to brand identity, preserving the identity of your brand in this age of cloud based computing should be a priority. Technology should be utilized to to help retailers optimize the efficiency of business and not totally replace identity.
Digital advisors are automated investment platforms that process the construction and upkeep of an investment portfolio for retsilers. All it takes is opening an investment account, answering some questions about goals and risk tolerance, and the platform makes the best decisions based on answers given. In addition to ease of use and efficiency, digital advisors are also tax effective.
Google works with retailers to solve pain points and shape a future vision that focuses on a set of businesses that brings to bear the very best of Google. Using cloud technologies such as application development, data management, advanced analytics, and AI/ML capabilities, Google is helping retailers unlock impending opportunities. Join Google Cloud CEO, Thomas Kurian and Kohl’s CTO, Paul Gaffney as they discuss how Kohls is infusing their business with intelligence and cloud capabilities to better serve employees and customers.
Global retail mindset: Bold moves from leaders looking to fuel future growth
Retail businesses have extended into every corner of the world. Every business leader is always concerned about the growth of his or her business but sometimes, it can be harder to achieve. This is due to the fact that many retail business owners lack the technical know-how to ensure the sustained growth of the business. A retail business will usually reach a peak after which it may seem like a herculean task to inspire any more growth. How possible is it to get the much-desired growth? Apparently, you have to learn from the techniques used by many industry experts. The insight could be the fuel that you need.
In consecutive interviews, hear from retail and brand executives with penchants for evolution who are tackling new growth challenges, reimaging core customer strategies, and living up to their “change agent” personas? Featuring leaders with bold ideas for leading enterprise transformation, each interview will examine the company’s current landscape, ideas to solve or proactively disrupt industry challenges, and each executive’s vision for future profitable growth.