This Week in Consulting
Wednesday, July 31th , 2019
Measuring the Store of the Future
THIS WEEK’S MUST READ
“In a world where consumption is increasingly moving online, how should the performance of physical retail stores be measured? What metrics make sense in a retail landscape that is seeing double-digit, compounded growth in ecommerce, while brick and mortar stores struggle to eke out single-digit lifts?.“
How many consumers per year visited the various branded physical store locations? How much it might cost to engage an advertising agency to target consumers per year with a prolonged immersive media experience?
This Week’s Must Read is an insight piece from Retail Prophet in which the author shares some tips on how to use the brand value brought by stores.
Read on to Find out More: “Measuring the Store of the Future“, Doug Stephens, Retail Prophet.
THIS WEEK’S VIDEO:
This week video is a podcast from Kaitlin Milliken about the future of fulfillment, and how established retailers are reaching out to younger customers and more…
THOUGHT LEADERSHIP
- The State of Digital Transformation in Retail: “2018 has been one of the toughest years in retail for many businesses so it’s not surprising that new research, carried out in partnership with InternetRetailing, reveals that two thirds of the UK Top500 retailers see digital transformation as crucial to their business, while a further quarter rank it as important.” Digital Transformation is already in everyone’s agenda in the Retail Industry. The article goes over the main challenges to implement digital in Retail and gives some pointers to align marketing and technology to better serve today’s customer. | Greenlight Commerce
- The Future of Retail: Winning Models for a New Era– “The rules of retail have fundamentally changed. Success in the industry often used to hinge on being bigger than your immediate competitors. Skillful operators that were No. 1 or 2 locally tended to enjoy higher profit margins.” With rising consumer demands and digital advances, retailers must constantly innovate. The article presents several business models for success in Retail. | Marc-André Kamel, Suzanne Tager, Jonathon Ringer, Aaron Cheris and Charles Ormiston, Bain & Company
- The “New Retail” Revolution: Next Steps for Retail in China– “China’s Internet giants are spurring profound changes in the retail ecosystem. But as the “New Retail” revolution enters its third year, how close are these companies to becoming the “platform utilities” of retailing?” In China, growth has slowed across several previously burgeoning sectors since several years. Successful new retail transformation will depend, among other things, on the potential partnership with existing local retailers. The article presents the landscape of Retail in China and gives some tips on how to stay competitive in this new environment. | Sherri He and Tina Si, A.T.Kearney
- 2019 Retail Industry Outlook: “2019 is likely to bring increased disruption, competition, and economic uncertainty. The industry should view the upcoming year as a time of transition for moving to the right side of the tipping point. Retailers should make a series of investments, knowing that the industry is in a precarious place.” After global trade and economic tensions of 2018, 2019 should be a year of transition for retailers, who may need bold moves if they want to set themselves up for success in the future. The article and associated report present Deloitte’s vision for 2019 for Retail. They propose in particular an interesting approach of the startup and VC economy for the industry. | Rod Sides and Bryan Furman, Deloitte
- Digital Transformation in Retail: How Starbucks, IKEA, Walmart, and Sephora Revolutionize Industry- “With a huge number of innovative startups disrupting every industry, established organizations faced a choice: adapt to the changing market conditions or to be left behind, stuck in legacy software and outdated business strategies. However, adjusting your business processes to emerging requirements is not an easy task, especially for global enterprise-level organizations.” In the wake of a technological revolution and the staggering growth in eCommerce, the articles walk us through how some retail brands have already reimagined their operations to keep up with the challenges of digital Transformation. | Altexsoft
TRENDS
On the same theme,here is a selection of conferences that you might find useful
Paris Retail Week : 5 key sectors to enable retailers to find all their solutions to optimize their logistics, boost their marketing strategy or discover the latest innovations for the point of sale.
eCommerce Expo Londres : eCommerce Expo LondonE-Commerce Expo London is the largest gathering of e-commerce professionals in Europe.
CONSULTING INDUSTRY NEWS
- Philips announces GoBright compatibility: Philips Professional Display Solutions has announced a partnership with international meeting room management platform provider GoBright BV. The GoBright app, which can now be downloaded via the Philips app store is designed to support new ways of working for employees. | Guy Campos
- Grant Thornton and Ephesoft form alliance: Grant Thornton now offers Ephesoft Smart Capture® solutions to clients so they can manage unstructured data. This helps companies improve multiple back-end processes, such as invoicing, accounts payable and contract management. | MarketScreener
- PwC study finds record CEO turnover, dismissals owing to misconduct rising– The turnover rate of CEOs hit a record 17.5% in 2018, but a group of executives are holding steady, says consultancy firm PricewaterhouseCoopers (PwC). | Engineering news
- 30% of European businesses still not GDPR compliant: A year on from the launch of the infamous GDPR directive, a third of Europe’s businesses are still not compliant with the rules. According to a new study, a similar number of businesses said they have found the GDPR improves their operations, while 28% said the regulations make it more difficult to trade with firms outside Europe. | Consultancy.uk
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About Consulting Quest
Consulting Quest is a global, performance-driven consulting platform founded in 2014 by former members of top 10 consulting firms with the objective of reinventing consultancy performance. With a worldwide presence and a range of proprietary performance measurement tools, we help companies navigate the consulting maze. We work with Consulting Clients to increase their performance through consulting and Consulting Providers to help them acquire new clients and to improve their performance.
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Hélène Laffitte is the CEO of Consulting Quest, a Global Performance-Driven Consulting Platform and author of “Smart Consulting Sourcing”, a step by step guide to getting the best ROI from your consulting. With a blend of experience in Procurement and Consulting, Hélène is passionate about helping Companies create more value through Consulting.
