DynamicAction Co-Founder and Chief Scientist Michael Ross is featured in RetailWeek’s Retail Voice where he discusses the need for a new retail operating model in the digitally enabled world.
Key excerpts include: "Today, digitally enabled consumers have changed the fundamental economics and dynamics of retail. With almost unlimited choice and immediate access, consumers have been unshackled from the geography of stores. As the share of online penetration and influence has crept up, online cannot be regarded as ‘just another store’."
"…To make sense of it all, retailers now need to review their core trading decisions through the lens of customer profitability. Many decisions will remain the same, but digital levers can be used to transform their frequency, specificity or efficiency."
"…Now a wide range of new technologies (including data science, artificial intelligence, machine learning and robotics) are giving businesses the ability to rethink decisions. The successful retailers will be the ones that recognise decision re-engineering requires a new operating model. What got you here won’t get you there. Please read the whole article here."