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"To develop a complete mind: Study the art of science; study the science of art. Learn how to see. Realize that everything connects to everything else." - Leonardo DaVinci

 
 
 

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TonyLPMagIn October I had the opportunity to speak to roughly 150 retail professionals on the "Disruptive Future of Retail". This continuously updated presentation explains the key trends driving the digital transformation of the global retail industry.

Very humbled by the positive response to the new edition with the audience stating it that it was "inspiring" and "eye-opening". This article summarizes selected technology trends charts on delivering exceptional differentiated consumer experiences which are the future of retail. 

The Digital Wake-Up Call

Contrary to all the retail apocalypse popular media hype, the retail industry is in the middle of a digital renaissance wakeup call. Below data is from one of my favorite annual studies from RIS News / IHL Group on the state of consumer facing technologies. . 

 

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Recently I had the pleasure of speaking at the Loss Prevention Research Council (LPRC) Impact 2019 conference. Over 430 people made their way to the University of Florida’s Gainesville campus for the three-day event. The symposium "focused heavily on learning and collaboration, as well as an overview of the LPRC’s research on evidence-based tactics and strategies to reduce crime and loss in the retail space".

As part of a senior retail executive session, I contributed this excerpt of my continuously updated "Disruptive Future of Retail" presentation. What is the state of the global retail industry? Is USA retail a dying industry? What's in the mind of the new omnichannel shopper and how is it changing? What's the impact on the loss prevention function? What's driving disruption? Why is LPRC positioned to lead at the speed of NEW retail?

The Groovy Retail Industry

 

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In today's increasingly complex world, branding is critical to lasting success. Every year, I look forward to the latest BrandZ Top 100 Most Valuable Brands study. This article summarizes the nearly 200-page report with a focus on retail, apparel, and luxury.

"In a year marked by rising consumer expectations, the erosion of category boundaries, and geopolitical disruptions, the 2019 BrandZ™ Top 100 Most Valuable Global Brands increased 7% in value. This hard-won gain outperformed the global GDP growth rate and added $328 billion to the BrandZ™ Top 100, bringing its total value to $4.7 trillion."

"Consumers expected superior customer experience, including rapid delivery. More mindful about the health and wellness of themselves and the planet, they also demanded a high level of responsibility and ethical behavior from brands. To meet consumer expectations, brands become more sophisticated about gathering and analyzing data, increasingly applying the insights across multiple businesses and ignoring category borders to create integrated brand ecosystems."

"Data-driven improvements in customer experience and personalization helped drive the value growth of the three fastest rising categories: luxury, up 29%; retail, up 25%, and insurance, up 15%."

The Top 10 Retail Brands - Digitization Transforms Shopping Experience

 

 The Future of Retail Store Operations and Asset Protection

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"Information is power, and the gain you get from empowering your associates more than offsets the risk of informing your competitor." - Sam Walton

Most impressive from a recent evening visit to the Walmart Museum in Arkansas were the company’s yearly chronological milestones throughout the exhibit areas. Being a technology geek, my focus quickly transitioned to understanding the historical innovation adoption cycle. Additionally, as a student of leadership, of interest was the culture messaging of founder Sam Walton in growing the company. 

The following day, I had the pleasure of spending quality time with the Walmart Asset Protection (AP) team. Part of the trip included touring new technologies deployed at a store in Tulsa, Oklahoma.  

The Walmart Museum, the AP conversations, and the store walk were a great reminder of several key success formula ingredients in crafting the world’s largest retailer.

The Three Megatrends Driving the Future of Retail

 

PlanB

Roughly a year ago, I published a personal Plan B blog titled “Personal Branding and Retiring Early on Your Own Terms”.  As I stated in that post, “continuous learning” opened new possibilities that were calling to be executed.

The objectives that I had set out for my new career included:

Working with a few select private equity firms in developing growth plans for their portfolio companies either through consulting or board positions. Continue to public speak on the “Disruptive Future of Retail”. Monetize my personal website www.tonydonofrio.com. Continue to write about technology and leadership, including publishing a couple books.

In one word, the last 12+ months have been transformational

What are your passions?

 

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Almost exactly a year ago, in my last RFID article titled "Keeping Physical Retail In-Stock", I concluded that the two most relevant components of positive customer experiences in physical stores are fast checkouts and products being in-stock. Multiple recent retailer quarterly earnings calls, several articles, and two requests from China on direct consulting with potential investors in RFID inspired this updated technology review. 

In the latest Nike earnings call, CEO Mike Parker directly stated that RFID "is improving product visibility and is an important step toward integrating our diverse ecosystem of physical and digital experiences, distribution centers and contract factories." Calvin McDonald, CEO of Lululemon in his earnings call cited the company's strength and unique position in being able "to activate great product across our omni-guest experiences, leveraging our stores, community and events."  Both Nike and Lululemon reported strong financial results for their respective quarters. 

From what I have personally seen in working with major global retailers deploying RFID, this Internet-of-Things (IoT) technology continues to have digital transformation possibilities.  

It's 2019, Are We There Yet RFID?

 

                                                  How do we Scientifically Change it?

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The Loss Prevention Research Council (LPRC) is made up of over 70 retailers (approx. 200,000 stores / $2 Trillion in sales) and 75 solutions partners collaborating to develop effective loss and crime control solutions through science backed extensive research. To date the group has conducted over 300 real world loss prevention research projects for retailers and partners. 

Recently, I had the pleasure of attending the launch of "LPRC Innovate" program at the University of Florida. This new working group was stood up to provide cutting edge people, places, processes to support major retailers and solutions partners as they ideate, simulate, and test new digital, people, and design options. 

As an industry influencer, it is my pleasure to be joining "LPRC Innovate" as we continue to scientifically re-define and digitally transform the future of retail. To highlight the great LPRC work to date, this article presents a couple never before published examples of what's in the mind of a shoplifter. 

Self-Checkout Theft Offender Interview Study

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