Re-Inventing Retail

From the Co-Founders of The Retail Owners Institute.
Tips | Tactics | Insights on the Business of Retailing.

Ripple effect? Or tsunami? Bookmark

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How disruptive has the "digital revolution" been for your business?

We just came across this fascinating white paper – "How to Win in a Digital World Where Technology Is Rewriting the Rules of Retail" – produced by SAP, the very large global self-described "market leader in enterprise application software." 

We heartily concur with their initial assertion: "You can't fight your way through today's challenges by simply working harder." They then provide a compelling overview of the digital transformation that is well underway.

And, with the certainty of an outside advisor, they are very insistent that retailers must "reimagine everything."  

  • • Reimagine shopper engagement
  • • Reimagine retail processes
  • • Reimagine work
  • • Reimagine business models

But, they offer some glimpses of retailers that are effectively doing so.

For instance, they point out that consumers, especially Millennials and Generation Z, expect a new kind of shopping experience: "one that is individual where commerce is seamless and where technology is invisible."

Not to be overlooked is the impact on your employees. 

  • If your business continues to be a technology laggard, in customer-facing but especially internal processes, attracting and keeping good employees will be harder.

Yes, SAP deals with the very Big Guys in retailing. 

But, where customers shop – often with those Big Guys, right? – affects their expectations for all retailers. Including your stores. 

That's why we found it to be such a thought-provoking read.* 

Here's an important reminder: independent retailers are well-positioned to be able to adjust and adapt quickly. You know, the ski boat versus the ocean liner theory. 

There is a lot to be gleaned from what the Big Guys are doing.

Whether this relentless digital revolution has a ripple effect for your stores, or becomes an overwhelming tsunami, is up to you. 

* How to Win in a Digital World Where Technology Is Rewriting the Rules of Retail, SAP

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About The Co-Founders

Pat Johnson and Dick Outcalt, The Co-Founders of The Retail Owners Institute®, have been called "The Zen masters of retail finance!"

Since 1999, they have been assembling  their proprietary content into a unique self-help website. The Retail Owners Institute is an unmatched resource that assists retailers worldwide with basic financial training, assistance and easy-to-use tools.

Their engaging and empowering how-to resources about the financial levers in retailing are informative, fun(!), and retailer-friendly. Their promise: "Everyone will 'get it'!"

Pat and Dick are recognized experts in strategic retailing. Working only as a team – Outcalt & Johnson: Retail Strategists, LLC – they have been consulting, publishing, and speaking professionally throughout North America since 1990.

They focus exclusively on retail, or wherever retail is involved. They work with CEOs, CFOs, boards and owners of retail operations, as well as manufacturers or wholesalers expanding into retail. And they also are Retail Turnaround Experts.

Since 1999, empowering retailers and store owners to "Turn on your financial headlights!"