I guess there are a few lessons that this pandemic has taught us all, however one of the key (refreshing) business trends I am continuing to see is that 'innovation ideation' is firmly back on the boardroom agenda.
There’s still a reason for the brick-and-mortar retail store to exist — it just has to take on a new, futuristic meaning.
And to find the best example of how that’s being done look no further than Nike, which over the past few years has been trying to perfect the formula for the ultimate in-store shopping experience. All in an age heavily dominated by apps. Source: InputMag.Com
Nike created and marketed great innovation in the fitness space - the retail distribution role in this relationship was to create amazing experiences for the consumer.
It seems that brands like ‘Nike’ continue to do their job, but not so much the retail distribution network they once relied on for growth and innovation.
The world is full of innovators, most of these have a constant enquiring mindset that pre-pandemic were often seen as odd ball butterflies in the business world.
Rarely did they get an audience in the 20th Century mindset driven board room unless the idea was a sure fire 'proven' hit and the ROI was better in the next 6 months than the ROI from the existing 10+ years operating model "is it better than the old way of doing things" was the leadership response of yesteryear.
What this pandemic has highlighted is that an outdated operating model doesn't always equate to the positive 'experience' that is valued by the end consumer or client, neither does make for a healthy balance sheet.
Those customers that prior to Covid resisted the urge to 'shop online' have now found that its a key part of how they get through each weeks supermarket shop, let alone hundreds of other things.
Those that thought that social media was for posting pictures of your breakfast, cat, dog, and holiday are now using it to build their own business.
Most likely using the skills you didn't let them use and with the furlough cash provided during this 'stay at home' time - today these are in the millions all around the world.
These are your customers, and most likely tomorrows competitors.
So, just like many in the business world who believed that social media was something that the guy with the beard, or the girl with the tattoo in marketing do have (during lockdowns) taken to the platforms in their billions in order to help stay connected to family and friends around the world and wave the flag 'Open To Work'.
Businesses that lingered too long with legacy systems, legacy mindsets, and the old order of the 20th Century have had to rapidly unlearn what they thought they knew, they have had to re-think the timeline for change, and better understand what agility and being consumer centric really means in this dystopian - (sometimes apocalyptic for some) world we find ourselves in.
For me what makes the innovative disruptors stand apart is the ability for them to employ/promote internal 'Change Makers' ahead of the market enforcing those changes.
Great ‘change makers’ are key to owning your own disruption ahead of your known or as yet unknown competitors. So just like the arrival of eCommerce where retail simply added a website, then leaned far too much into the transaction rather than the experience the next seismic commerce disruption is already here.
Unfortunately 'Social Commerce' is still being used by too many retailers as a transaction focus mindset first, rather than a way to build relationships.
Here's to a future of retail that is inclusive of all crazy ideas.
If you operate in other sectors of the retail landscape, especially those in the supply chain side of B2B who rely on traditional retailers as a key partner, you might be thinking 'so what'? I might be inclined to agree if we were talking about 'multi-million ££$$ hardware and software deals, however, there are many manufacturing companies like Philips, Unilever, Proctor & Gamble, who are highly dependent on a similar distribution model as those sports shoe companies, and Avon. You only have to consider the multi-levels of distribution that all those car manufacturers and financial services products currently have to go through, which includes a myriad of dealers and brokers.
https://www.linkedin.com/pulse/how-nike-avon-adidas-changing-relationship-consumers-stephen-sumner/