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Technology, Disruption & The Digital Enterprise

Technology, Disruption & The Digital Enterprise. What Does it Mean for the Retail Industry?. David Cox – Digital Futurist. Basic Principles. We Are Rapidly Approaching a 5 th Industrial Revolution. Steam, Water, Mechanical Production. Division of Labor, Electricity, Mass Production.

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Technology, Disruption & The Digital Enterprise

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  1. Technology, Disruption & The Digital Enterprise What Does it Mean for the Retail Industry? David Cox – Digital Futurist

  2. Basic Principles

  3. We Are Rapidly Approaching a 5th Industrial Revolution Steam, Water, Mechanical Production Division of Labor, Electricity, Mass Production Electronics, IT, Automation Blurring the Lines Between Physical & Digital Artificial Intelligence, Exponential Growth in Compute Rate of Technological Change 20th Century Early 21st Century Mid 21st Century 18th Century 19th/20th Century We Live in a More Connected World

  4. New Technologies – Changing the Way We Work & Play Machine Learning Unified Communication Internet of Things Virtual Reality Bots Cloud Increased Productivity & Collaboration Digital Assistants Personalization & Customer Intimacy Richer Experiences Level Playing Field Sensing & Tracking Fundamentally Changing the Rules of the Game

  5. New World – New Enterprise – New Expectations • Connected • Collaborative • Insightful • Mobile Digital Employee Digital Enterprise Digital Operations Digital Consumer • Lean • Agile • Adaptive • Elastic • Empowered • Informed • Impatient • Connected Virtual, Flat, Datacentric Digital Products Digital Distribution • Faster • Cheaper • Automated • Wearable • Fashionable • Personal

  6. New Markets – Massive Disruption Advanced Incumbents and established start-ups constitute the new normal Digital Media Herald Tribune absorbed by NY Times Tipping Point Traditional Media Consumer/Retail Mainstream Customers Adopt Advanced Incumbents start adapting to the new model Laggard incumbents die Macy’s displaced by Amazon Retail Banking Early Adopters start embracing the new models Blockbuster displaced by Netflix Innovative Start-Ups Create Disruptive Business Models New Trends Emerge Margin Compression Industry revenue rapidly compressing and shifting away from incumbents Flow of Value to adjacent industries Time Banks displaced by Google? Digital Predators are Everywhere

  7. Flourishing in the Digital Jungle Leadership Capability Source: MIT/Sloan “How digital leaders outperform their peers in every industry” Digital Capability +26% Profitability +12% Market Valuation +9% Revenue Creation How Do You Become a Digital Master?

  8. Developing a Winning Digital Strategy Well Protected from Disruption Gradual Change New Ways of Connecting Buyers & Sellers New Methods of Consuming New Sources of Supply Customers Services New Value Added Services New Methods of Distribution Scalable Platforms Facing Massive Disruption Massive Change More Than One Way to Succeed Source: McKinsey

  9. Retail Implications

  10. The Retailers Dilemma In 2020 more than 80% of U.S. retail sales will still happen within the four walls of a store Online is fastest growing 10X more than retail stores Where Do We Go From Here? Source: McKinsey

  11. New Consumer – Living Longer, More Colorful Lives 60-70+ Birth of the New Millennials

  12. We Must Reinvent What We Mean by Store

  13. Think Differently How We Gain New Customers

  14. Use Technology in More Creative Ways The Chatbots Are Coming to Retail

  15. Embrace New Methods of Distribution

  16. And New Ways of Doing Business JC Penney’s web sales rise 26% Web sales grow 46% for Lightinthebox

  17. Thankyou

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