The Retail journey from goods to experience

1. 250 views | Jun 28, 2019, 08:28am
Environment, Experience, And
Data: Leaders Discuss The Future Of
Retail
Leadership Strategy
Robert Reiss Contributor
Ever since the dot-com era, it has become clear that the future of business, and
perhaps the economy as a whole, runs through the Internet. So, in the age of
Amazon, what can a toy shop teach us about the business models of the future? A
stop at CAMP, an experiential toy store in New York City, brings to life the
delightful consumer experiences that can emerge by integrating the physical
world with digital insights. Their “instruction manual” includes a vision anchored
in immersive consumer experiences, a business designed to leverage data, and
the scale that comes from rapid prototyping, testing and continuous learning.
This made CAMP an ideal environment to discuss the technology strategies that
will drive retail’s future with transformative executives from some of the world’s
largest companies. The panel:
Charles Kwalwasser, CCO, CAMP
Nigel Travis, Recent CEO, Dunkin’ Brands
Paulo Carvao, General Manager, US Distribution Market, IBM
Mike Simpson, CMO, Stanley Black & Decker
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2. The discussion took place as the opening panel for IBM’s ‘Your clouds can’ event
on June 5, 2019:
Robert Reiss: “CAMP is a very different place than any I've been to in retail…
so, I want to talk about the physical environment… why don't you kick us off,
Charlie?”
Charles Kwalwasser: “CAMP is definitely not your typical retail
environment… best way to describe it is a playground and a store mashed
together. We try to drive people into the store instead of giving them reasons to
go buy on the Web. And that's all focused on giving them an experience that they
want to be here for. We feel like if they spend more time in the store, they'll
eventually buy things, and that's proven to be the case.”
Nigel Travis: “The environment obviously for Dunkin’ may be different from
retail… I think we evolved. I mean, Starbucks brought out the third place where
you could go, you could work… but these days people are time pressured. And one
of the great things with Dunkin' is I think we've uncovered the trick to getting
people in and out very quickly… So, the big theme, Robert, is convenience and
speed, because the biggest thing in retail right now is ordering online and picking
up in store. We trust the customer. And I think that's a big innovation, because
most retailers don't trust the customer.”
Reiss: “Trusting your customer is a big innovation.”
Travis: “I’m also excited about people having the opportunity to explore… the
next generation, the Gen Z’ers… are going to save the shopping mall… they love
shopping. They love exploring.”
Reiss: “So, Mike, you’re a different part of retail because Stanley Black &
Decker… you do not have retail. But you have this consumer good. What do you
do? What are your thoughts on connecting with the world?”
Mike Simpson: “I love what Nigel just said… and I think he’s absolutely right.
You’re talking about speed and efficiency. That seamless experience is critical
certainly in our business because whether you're a consumer looking to make an
informed decision around a DIY tool... Or if you're a professional needing a tool,
that experience touching the product, interacting with it, it's absolutely critical.
For me, a tool is not just doing a DIY chore, it generally is creating memories and
doing something for people I care about that's going to make them feel happy.
And that's... as I think about DIY and tools and creating experience... that's what
gets me passionate.”
TYLER GORDON
June 5, 2019, Your Clouds Can Event: Nigel Travis Dunkin’ Brands, Paulo Carvao IBM, Robert Reiss The CEO
Forum Group, Mike Simpson Stanley Black & Decker, Charles Kwalwasser CAMP
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3. Reiss: Passion is everything. So, Paulo, you have a different perspective, because
you're not dealing with one company... at IBM you're general manager for a lot of
different industries... So, what do you see is really at the core? If you were to cut
down, find the systemic core of the environment?”
Paulo Carvao: “All of these industries, they have one thing in common, which is
the consumer on the other side, [the consumer] is changing everything. So, in this
journey, from goods to services to brands, to experiences and purpose, that's
what we're immersed in the middle of. Traditional retail is transforming from
goods all the way to experiences and then eventually a purpose and we're
bringing people together to do this. So, I think that it's all about the consumer,
and we cannot, we must not forget that we're humans.”
Reiss: “How is technology changing vision; how is vision changing technology?”
Carvao: “So, at the end of the day, this becomes almost like a “3C journey”: How
do you Create, Connect and Convene? So, [for] Connecting, it’s how you
personalize. How you Create is the journey from goods to experiences, and then
how you Convene is the physical space in retail as a place to convene people... it’s
[about] these three Cs: Create, Connect, and Convene... Now, in the middle of this
journey you have data as you have never had before.”
Reiss: “I’m going to jump over to Charles. So, everything is driven by data here,
right? So, how do you use [data]?”
Kwalwasser: “I think of it more as information than data. We're definitely using
what people want to do as an indicator of what our themes are... I think over time
we'll see which [themes] perform better than others, and we'll use that as an
indication. That's more of a data exercise.”
Reiss: “So, [Mike], you’re a Chief Marketing Officer. Your whole world has been
built on data. How are you handling this in terms of developing the vision?”
Simpson: “When I think about my consumer, my customer, I always think first
around advocacy. What are they actually saying about my brands, my business,
how do I take what my consumer is saying and help fuel product development?
And then... you provide products that people actually want, they love, they like,
and that's the point where you have the data relationship with them to then stick
it back into the system to keep listening to them, to keep building better product.
And then it's about understanding what that one to one personalized experience
looks like. Because before they even walk through the door of a retailer, we want
to know why they're walking through the door of the retailer. We want to know
about their needs before they even know about their needs. And that's how you
get to a point where you get beloved brands.”
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4. I believe the great CEOs understand both business success and personal success. My higher
purpose is to disseminate CEO wisdom to help elevate business, the economy and ...
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Reiss: “So, Nigel... in addition to Dunkin’ Brands and everything, you have a
[soccer] team that’s using a lot of data... right?”
Travis: “The year we just finished, we had record season tickets, we sold out
three times towards the end of the season. Yes, success helped, but a major
reason is we used data-based marketing to drive frequency, how many times
people came back, and get new customers in. This all connects. As passionate as I
am about convenience and speed, I'm also incredibly passionate about data.”
Carvao: “Technology starts to change the profile of the leader... I would say
there’s a new generation of CEOs coming that live in the intersection of data and
creativity. It’s this mix of the CMO, Chief Marketing Officer, and the CDO, the
Chief Digital Officer. That’s the new CEO that [will] emerge. It’s somebody that
has data acumen with a creative streak.
The future of consumer businesses doesn’t depend solely on the internet. Rather,
success for retailers and brands hinges on human imagination and technology
working together to win over consumers hearts and minds. New technologies, like
the cloud and artificial intelligence, will be used to harness the power of data and
help extract insights that re-invent retail environments, maximize consumer
experience, and create meaningful connections with retailers and brands. If, Mike
Simpson’s vision plays out, not only will data allow businesses to differentiate
themselves, it help will transform them into “beloved brands”. It seems there is a
bright future for physical retail after all. Ironically, the path to rejuvenation will
be paved by the consumer-centric application of technologies we thought once
threatened it.
To listen to interviews with CEOs, go The CEO Forum Group
Robert Reiss Contributor
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