Afleveringen
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The old days of retailers quietly testing new tech offstage are a relic of the past. Welcome to the launch and learn era, where retailers are ditching the warm-up act and releasing tech straight into consumer environments before the kinks are worked out. It's a gutsy game of moving fast and iterating even faster based on real-time shopper feedback. This high-risk, high-reward strategy aims to keep retailers innovating at a rapid pace, but it isn’t without potential pitfalls.
Carol dives into this new frontier, unpacking how major retailers like Best Buy, Walmart, and Amazon are unleashing shiny new tech onto unsuspecting customers first and figuring out the bugs and backlash as they go.
Key examples discussed include:
Best Buy's new AI assistant built to support (or replace?) human assistance.Walmart's rocky road with self-checkout scaling.Amazon's pivot to smart Dash carts after pulling "Just Walk Out" tech from Fresh stores.Carol explores how the exponential pace of tech innovation, razor-thin competitive windows, and the lure of cost cuts are fading the idea of perfecting solutions before launch.
But diving head-first into uncharted waters has its hazards. Consumers expecting seamless experiences are instead being used as guinea pigs, sparking confusion and triggering control issues. On the flip side, retailers are placing big bets that the efficiencies will pay off by hitting "launch" first and making the business case later.
Key Takeaways:
How tensions can flare when consumer expectations and retailer justifications are at odds.How some retailers are balancing high-tech and high-touch solutions on the front end rather than lurching between extremes.Why retailers are trading between live experiments instead of defaulting to the tried and true.Why Amazon’s checkout tech pivots are the ultimate launch-and-learn case study.Want to be a guest on Spieckerman Speaks Retail?
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Navigating the flood of new technology rushing into retail isn’t for the faint of heart. As promising as the possibilities are, deciding where to go first and how far will be a constant conundrum for retailers and brands.
Carol’s guest, Chris Corbin, is VP and BI and Analytics Practice Leader for Sophelle, a boutique consulting firm that navigates the complexities of technology selection, implementation, and optimization for retailers and brands. Prior to his role at Sophelle, Chris led technology and data transformations for diverse retail companies including J. Jill, Alex and Ani, and Christmas Tree Shops. Chris brings common-sense takes on technology that demystify AI, machine learning, data governance, and other complex topics. He’s an endlessly curious and passionate advocate for leveraging technology to make us better versions of ourselves.
Picking up from their NRF 2024 chat during KWI’s Retail Re-Stored series, Carol and Chris break down the options and actions.
Episode highlights:
· Unconventional intelligence: From kid wrangling to personal shopping, novel ways to apply AI in everyday life.
· From possession to utilization: Making the critical distinction between merely having data and being truly data driven.
· Data precision vs. practicality: When actionable insights matter more than exhaustive accuracy.
· The reality of reasoning: Why cataclysmic warnings surrounding AI are likely overblown (for now).
Episode information:
Chris Corbin on LinkedIn
Sophelle
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The retail media juggernaut is showing no signs of slowing down as retailers seize the opportunity to monetize first-party consumer data. Payments media networks (PMNs) are emerging as the next frontier, extending the reach of CPG advertising while revolutionizing the loyalty landscape.
From empowering CPG brands to connect with millions of banking customers to providing loyalty benefits for shoppers and top-of-wallet status for banks, PMNs are reshaping the retail advertising ecosystem in profound ways. As president of SnippMedia, Tom Burgess is leveraging his years of digital advertising and loyalty experience to ignite exciting new opportunities in the payments media space.
Carol and Tom discuss the multi-stakeholder benefits of payments media networks along with best practices, pitfalls, and future possibilities as retail media and payments media networks converge.
Highlights from the interview:
· How PMNs complement and amplify the benefits of retail media networks.
· Why flexible redemption models enhance shopper participation and loyalty.
· How SKU-level offers are changing the PMN game.
· Why offsetting interchange fees is no longer an elusive goal for retailers.
Guest contact information:
SnippMedia
Tom Burgess on LinkedIn
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Clienteling has evolved from a cumbersome, manual hustle reserved for high-end brands into an accessible, scalable retail tactic. To take full advantage, retailers need to let go of old ways of thinking about store productivity and the crucial new roles store associates play.
Carol’s guest, Casey Drake, is the VP of Sales for Endear, a retail CRM and clienteling platform that hits the sweet spot where high tech drives high touch experiences. Casey is a self-described “sales and customer service nerd” who brings a fresh and timely perspective on the future of customer engagement.
This episode wraps up Carol’s People Powered Retail series where Casey and Carol pick up from their NRF 2024 chat during KWI’s Retail Re-Stored series.
Episode highlights:
· Why personalization might not be all it’s cracked up to be (and what could be even better).
· How new handoffs between technology and people power can add exponential reach.
· Why stores need fresh metrics and attribution models to reach their full potential.
· The game-changing impact of borrowing B2B tactics for B2C.
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Retailers and brands are swinging attention back to brick-and-mortar and investing in employee training, development, and perks to stay competitive. Despite these efforts, many organizations still don’t have the bandwidth to fully optimize worker productivity and performance. Others have attempted to cost-cut their way to profitability, leaving retail workers on the lurch.
Brian Librach is a passionate advocate for empowering future retail leaders to seize control of their careers and reach their full potential. His upcoming book, “The Retail Leader’s Roadmap,” slated for release next month, is brimming with tips and tools designed to help the next generation of retail stars honestly assess opportunities and take decisive action when it counts. Brian shares insights garnered from his retail career ascent, culminating in executive roles at Urban Outfitters and Pacific Sunwear, and more recently, overseeing international stores in Canada for Old Navy.
In this latest episode in Carol Spieckerman’s People Powered Retail series, Brian and Carol delve into the crucial role that individual initiative and ownership will play in propelling retail forward.
Episode highlights:
· Discover three pillars that pave the way to retail career progression.
· Explore how people-powered systems can exponentially accelerate upskilling efforts.
· Learn why lateral moves and demotions don’t have to be a one-way ticket to a career slump.
· Understand how fostering a culture of employee satisfaction can alleviate consumer caution.
Information and resources:
The Retail Leader’s Roadmap website
Brian Librach on LinkedInWant to be a guest on Spieckerman Speaks Retail?
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Retailers are diversifying into new channels, business models, and touchpoints and in-store experience is taking center stage once again. In this environment, human resources emerges as a new frontier. Previously siloed and unsung, HR professionals are now poised to be at the forefront of retail transformation, defining the new ways of working that will drive retail forward.
Roz Johnson’s role as SVP and chief people officer for Build-A-Bear Workshop represents the culmination of a career spent listening and encouraging people to be their best for recognized retailers including American Eagle and Gap. Her years of store-level experience instilled a deep respect for how people make a difference in retail every single day. Now she’s expanding that mission across Build-A-Bear’s multi-faceted platform with her characteristic curiosity, positivity, and love of conversation.
In this second installment of Carol’s People Powered Retail series, Roz and Carol discuss the soft skills that boost employee engagement, retention, and retailers’ bottom lines.
Episode highlights:
· How training cuts cause long-term pain.
· Why differentiating practices from policies is paramount.
· How recognition builds brand ambassadors.
· Why leaders must prioritize succession strategies.
Information and resources:
Build-A-Bear Workshop website
Roz Johnson on LinkedIn
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Retailers and brands know that attracting a diverse workforce and consumer base is critical to their future. Yet, casting a wider net without phoning it in has never been more challenging.
As chief consulting officer and executive producer for The Equity Project, Monica Williams is a powerful voice and a true thought leader in the equity, diversity, and inclusion (EDI) space. Throughout her career, she has spearheaded assessment, strategic planning, and implementation projects that drive equitable outcomes and quantifiable results. She is passionate about creating a culture of equity and inclusion within workplaces and communities through leadership, action, and advocacy. In this episode of Carol’s People Powered Retail series, Monica outlines new standards for EDI activation and the significant rewards for getting it right.
Episode highlights:· Why EDI isn’t a zero-sum game.
· How performative plays can derail best intentions.
· Why positional power matters most.
· How caving to pushback compromises consumer confidence.
Information and resources:
The Equity Project website
Monica Williams on LinkedIn
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Sales in discretionary categories are soft, the hype surrounding direct-to-consumer brands is dulling, and achieving E-commerce profitability remains elusive. Against this backdrop, SuitShop emerges as a triple threat.
SuitShop is a thriving direct-to-consumer, E-commerce company specializing in discretionary goods that people aren’t used to buying. Co-founder Diana Ganz is a fervent advocate for delivering exceptional customer experiences and personally ensuring results that defy industry standards. In this episode, Diana shares insights into how she and her partner have broken through barriers and cracked codes on some of the toughest challenges facing digital-forward brands today.
Episode highlights:
· How problem-solving can overcome discretionary dips.
· Why organic attraction beats paid advertising.
· How new brands stumble early in the game.
· Why showing the hand to promotions pays off.
Information and resources:
SuitShop website
Diana Ganz LinkedIn
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The one-two punch of Q2 earnings reports from Walmart and Target is always a harbinger of retail’s health as Halloween, Thanksgiving, and the make-or-break holiday season loom. Yet the daylight between these power players keeps getting brighter. Direct comparisons between Walmart and Target do a disservice to both as their priorities, capabilities, and business models diverge. Carol Spieckerman teases out uncommon takeaways from this second-quarter double feature, highlighting the growing differences that now set Walmart and Target apart.
Episode highlights:
· How Walmart’s diversification slays retail setbacks.
· Why product sales will take a back seat.
· How “mix shifts” and “frequency categories” bring on the pain.
· Why retail crime isn’t an equal opportunity crisis.
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The digitization of stores, the rise of retail media, and retail theft prevention all share a common trait: rapid evolution from disjointed, scrappy efforts into unified opportunities that boost retailers' bottom lines. Now, a surge of innovative solutions is emerging, promising to consolidate complex opportunities and standardize approaches to challenging problems.
A new era of retail defragmentation is underway.
Carol Spieckerman connects three trending topics that highlight the escalating advantages unification will bring to retail.
Episode highlights:
· Why third-party solution providers are heading for a heyday.
· How embracing complexity is maximizing retail media opportunities.
· Why multi-faceted in-store solutions are now table stakes.
· How retailers’ united front will take a bite out of retail crime.
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Big money. Massive margins. Exponential reach. It’s no wonder retail media has emerged as retailers’ top platform monetization play. Opportunities will hit new heights as in-store digitization accelerates and new touchpoints are energized. Brandcrush CEO, Teresa Aprile returns to the show joined by Criteo’s general manager of global enterprise, Sherry Smith, to share exciting updates on retail media’s next revolution as the companies join forces. Join Carol and this dynamic duo as they explore the powerful possibilities that will be unleashed as new in-store, out-of-store, and online assets are activated.
Highlights from the interview:
· Why unified commerce is no longer a pipe dream.
· How in-store digital deployments will change the game.
· Why retailers’ influence will radiate to new spaces.
· How disruptions to agency alliances benefit the ad ecosystem
Information and resources:
Criteo website
Brandcrush website
Brandcrush sales contact: [email protected]
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A new breed of retail chain emerged in the 80s that spelled a last hurrah for brick & mortar before the digital floodgates opened in the 90s. Bigger than a specialty store yet smaller than a supercenter, category killers offered every size, style, and color imaginable, all in one place, and at nice prices. Suburban expansion, supply chain leaps, and global communications advances added momentum. Then came Amazon and its wake of digital competitors, slaying niches without mercy. A recent wave of retail bankruptcies attests to how lack of diversification has become a deadly trap. Category killing was a great model...until it wasn’t.
In this quick-take episode, Carol Spieckerman explores the history and future of category-killing and its impact on the retail landscape.
Episode highlights:
· Why retail obituaries are riddled with dubious causes of death
· Why smart retailers are scrambling to diversify
· How category killing quashes retail media opportunities
· Why portfolio plays and digital forays won’t save the day
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Walmart’s Windy City wind-down and portfolio purges, Bed Bath & Beyond going bust, retail returns resets, “free” shipping surges…It’s been a newsy couple of weeks in retail to say the least! In this lightning-round episode, Carol claps back at the clickbait and sets the record straight on retail’s buzziest stories.
You’ll learn:
· How retailers’ latest returns schemes might (finally) make the math work.
· Why shipping perks are a gateway drug for diversified retailers.
· How crime is crashing retailers’ big city dreams
· Why category killing has gone from brilliant to brutal.
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Malls are by no means dead, but they have been largely excluded from the e-commerce economy. Mall tenants have traditionally owned direct consumer connections that translate into digital relationships. All of that is set to change as mall owners awaken to the potential to take ownership of the physical and digital experiences that consumers crave. As CEO of Placewise, Peter Tonstad is on a mission to unlock the power of malls to monetize beyond the square foot and forge long-lasting digital relationships with shoppers.
In this episode, Carol and Peter discuss what it takes for malls to build ownable shopper data assets and the long-term benefits. Peter shares compelling stats on how escalating participation translates into increased footfall and sales.
Takeaways from the interview:
· Why malls must engage in direct digital outreach now
· How to incentivize shoppers to share data
· How collective content marketing makes all the difference
· Why digital marketplaces will power the mall of the future
Information and resources:
Placewise website
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After years of investing in digital and E-commerce capabilities, retailers and brands are swinging attention back to their bricks. A wave of innovation and diversification is set to crest in 2023 and stores will be hubs for much of the action. In this episode, Carol Spieckerman outlines the new motivations and models that will propel the year of the store forward.
In this episode you’ll learn:
· Why store growth isn’t the main story (yet still in the mix)
· How the wholesale heyday will drive direct-to-consumer
· Why Amazon hasn’t redefined convenience after all
· Why retailers’ top growth goals hinge on brick and mortar
Relevant Spieckerman Speaks Retail episodes:
Crushing the Retail Media Opportunity
Not Everyone is Nike (Maybe That’s a Good Thing)
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Tis the season when retail watchers around the globe read the tea leaves to divine how the 2022 retail home stretch will play out. In this lightning round episode, Carol connects the dots across a dizzying array of holiday hot topics, inspired by her latest media and content contributions.
In this episode you’ll learn:
· Why promotional “events” are misleading
· New headwinds undermining holiday predictions
· Why small businesses are sitting pretty
· Why must-have gifts aren’t worth the chaos
Articles and appearances mentioned in this episode:
CGTN interview
Reuters article
Organized crime video (MarketScale)
ReThink Productivity podcast (Retail Trajectories episode)
RethinkRetail group mixer recap
Star Tribune interview
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Carol catches up with Nick Harbaugh, otherwise known as the Retail Nomad, as he wraps up his 2022 global retail tour. Combining his love of travel with an endless curiosity about retail, Nick will have visited five continents, 18 countries, and 35 retail malls by the end of the year. He shares first-hand accounts of challenges and opportunities that are emerging around the globe, where he goes for inspiration, and a snapshot of his 2023 itinerary.
Highlights from the interview:
· Which markets are emerging as innovation (and automation) hot spots
· How the pandemic accelerated in-store digitization
· How labor and materials shortages impact store revitalization
· Why global collaboration is key to retail innovation
Guest Information:
Nick Harbaugh LinkedIn
Retail Nomad on YouTube
Sephora store of the future tour video
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Retailers have gone positively mad for ads, and it’s no wonder. Despite the wildly different takes on its potential, everyone agrees retail media is a multi-billion-dollar opportunity and a powerful hedge against inflation and other margin-killers. No two retailers are taking the same approach, yet they are united by a mission to monetize consumer data and turn brands into paying customers. As CEO of Brandcrush, Teresa Aprile is on a mission to close the ad tech gap in retail. She’s passionate about streamlining media buying and selling processes so retailers can unlock the full potential of in-store, online, and out-of-store consumer touchpoints.
In this episode, Carol and Teresa discuss what it takes to build an efficient and effective retail media ecosystem. Teresa shares compelling stats on retail media’s potential along with best practices, pitfalls, and possibilities as more retailers rush in.
Takeaways from the interview:
· Why most size-of-the-prize predictions fall short
· How store digitization will rev retailers’ media engines
· How brands benefit when retailers take ownership
· How the ad landscape will transform as competition heats up
Information and resources:
Brandcrush website
Brandcrush on LinkedIn
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Inventory planning and pricing strategy have become moving targets for retailers, particularly as inflation lingers on a global scale. Retailers have access to more data from more sources than ever before yet making sense of it and making good decisions from it has never been more challenging. Carol’s guest Hélène Clary serves as the VP of business development for ClicData, an end-to-end data platform that enables thousands of businesses to track performance and accelerate growth through powerful analytics. In this episode, Carol and Hélène discuss the new standards for data collection and action and Hélène shares use cases that showcase best practices.
Takeaways from the interview:
· Why static data snapshots aren’t enough
· How data unification makes all the difference
· Why competitive pricing doesn’t have to be a race to the bottom
· How DIY data platforms can compromise results
Guest Information and resources:
ClicData website
ClicData YouTube channel
ClicData on Twitter
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Walmart and Target are harbingers of retail’s health, yet raw sales numbers don’t tell the full story. The one-two punch of earnings reports from these two power players underscored the impact that inflation, supply chain snags, and inventory pileups are having on retail. Carol teases out uncommon takeaways from both retailers’ Q2 earnings reports and what it signals for the holiday shopping season and beyond.
In this episode you’ll learn:
· How retailers’ convenience arsenals are killing margins
· Why merch sales won’t always matter
· How private brands are feeding inventory overload
· Why suppliers will struggle as retailers eat spinach
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