Catching the next wave in retail

Catching the next wave in retail

The retail sector is undergoing a Third Wave of change as it enters the age when the consumer takes control.

Tony D’Onofrio will be taking a futuristic look at where this Third Megatrend is taking us in his presentation at Retail Risk – Frankfurt on 20th September.

Tony has 20+ years professional experience of growing global businesses. He has been recognised as among the Top 15 Retail Influencers, with Retail Excellence Awards from the Asia Retail Congress.

As Chief Customer Officer at Tyco Retail Solutions, Tony also has an unparalleled wealth of retail data at his fingertips – Tyco’s ShopperTrak brand delivers traffic and behaviour intelligence from 40 billion shopper visits to more than 11,000 retailers and shopping centres in 64 countries, more than any of its competitors.

The three megatrends in retail have been determined by technology, he says.

“The first, prior to the 1970s, was when manufacturers with mass production really had the data on what was selling and they were primary drivers of what happened in retail.

“Then about 1974, barcode scanning emerged as a data gathering device and that actually transferred the power of retailing to the retailer because they then had the information. That was when Walmart exploded in the middle ‘70s. By using that technology they turned themselves into a logistics company and became the world’s biggest retailer.

“Now consumers with their mobile devices are coming into stores knowing more than the retailer and this is really the Next Generation megatrend disrupting all markets. If you look at what is already happening in places like the United States you are either going to be a strong brand or a very low cost producer. If you’re stuck in the middle with no definition you’re going to struggle.”

Tony’s presentation will include videos showing what stores of the future could look like.

Emerging markets, he will point out, have the advantage that they can bypass traditional technologies and move to the latest and greatest.

He will be presenting research on markets with this potential, including some in parts of eastern Europe, as well as Asia. He will look at where retailers are investing to prepare for the next generation of retail, and discuss opportunities in “under penetrated” markets including the Middle East and particularly Africa.

Loss prevention, safety and security and inventory intelligence are the other major areas where Tyco offers managed and professional services and support. Tyco Retail Solutions is a leader in source tagging using RFID.

On the question of how loss prevention professionals can adapt to the challenges of omni-channel retailing and fraud, Tony believes their traditional role will continue to be highly relevant but they also need to think beyond it.

“Brick and mortar stores are not going away. For example in the United States it’s estimated that by 2020 17 -18% percent of retail is going to be online. That means the vast majority will still be in physical stores.

“Having said that the role of loss prevention is changing and needs to change faster. There is a need to be thinking more about how, by using data analytics, loss prevention can contribute to the stores’ profitability by finding opportunities to reduce costs for example, and by contributing to cyber security and online loss prevention.

“Progressive loss prevention leaders are hiring people with IT skills to make them part of the team. Not everyone on the team has to have those skills. It’s a team where everyone can play a role and it’s up to the leader to have the right team on board.”

 

The post Catching the next wave in retail appeared first on Retail Risk News.

Source: Loss and Prevention News