I spent the latter part of my career as an executive of a large retailer that is going through transformation (most of them are going through transformation). Transformation and change has become the way of conducting and running a retail business. If a retailer is strapped for cash and is not able to modernize and deploy technology, it is condemned to die (some faster than others).
Competition in the retail space is fierce. In order to compete, retailers must offer the right merchandise at the lowest possible price (with full online price visibility) and they must get it to customers quickly with free shipping. That’s what customers expect these days.
This business model is much more expensive than the traditional retail store environment of the last hundred years. At this point, the winners are those that are able to operate efficiently and effectively across retail channels - physical stores and e-commerce. Amazon purchased Whole Foods recently, Walmart has purchased e-comm companies like Jet.com, Kroger just announced an acquisition and Target is also investing heavily.
Indeed, retail is changing and will continue to change at a frantic rate. We will see many of the traditional retailers disappear; however, will see new ones come to life.
A fascinating time. Technology will drive a lot of change in our lives. How we shop is only one aspect.
Now, back to the NCAA tourney...
