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November 29, 2020

Omni-channel focus rescues Central Retail’s bottom line

...........Redesign Shopping from Scratch

The first part of any such strategy is facing reality. Retailing executives must acknowledge that the new technologies will get faster, cheaper, and more versatile. They need to forecast the likely digital density in their categories and prepare for the effects. What should I do differently today if I believe that 20% of our sales will soon come from digital retailing—and that 80% of our sales will be heavily influenced by it? Should we be opening any new stores at all? And if so, how different should they be? How should we adjust to a world of greater price transparency? What happens when traffic-building categories shift online and no longer pull customers into our stores?

Situations like these call for start-from-scratch, across-the-board innovation. In the book Idealized Design: How to Dissolve Tomorrow’s Crisis…Today, coauthor Russell L. Ackoff recounts a similar turning point at Bell Labs in 1951. The vice president in charge of the labs asked a group to name the organization’s most important contributions to telephonic communications. The VP pointed out that each one, including the telephone dial and the coaxial cable, had been conceived and implemented before 1900. He challenged the group to assume that the phone system was dead and had to be rebuilt from scratch. What would it look like? How would it work? Soon Bell’s scientists and engineers were busy investigating completely new technologies—and came up with concepts for push-button phones, call waiting, call forwarding, voicemail, conference calls, and mobile phones. Retailers need the same start-over mentality.

The design specifications of omnichannel retailing are growing clearer by the day. Customers want everything. They want the advantages of digital, such as broad selection, rich product information, and customer reviews and tips. They want the advantages of physical stores, such as personal service, the ability to touch products, and shopping as an event and an experience. (Online merchants take note.) Different customer segments will value parts of the shopping experience differently, but all are likely to want perfect integration of the digital and the physical.

The challenge for a retailer is to create innovations that bring the vision to life, wowing those customers, and generating profitable growth. Let’s see what this might mean in practice.

Omni-channel focus rescues Central Retail’s bottom line

Posted by ACASA on November 29, 2020 at 10:41 PM in blog post | Permalink | Comments (0)

November 16, 2020

Singapore Institute of Management launches centre for systems leadership

THE Singapore Institute of Management (SIM) has launched a Centre for Systems Leadership to train youths, professionals and organisational leaders to lead more successfully through systems thinking.

The centre, to be located in the existing SIM Management House in Namly Avenue, will run an 18-day programme for working professionals, spread over six months. It will also offer bespoke programmes, tailored for leadership teams in organisations and enterprises.

This is in addition to the 30-hour programmes it will run for youth leaders and final-year undergraduates from February. The centre is also planning its first systems leadership conference that same month.

Learning programmes will be run on-site. However, the centre is also working with collaborators to roll out online options from the first quarter of next year, said Seah Chin Siong, SIM's president and chief executive.

Singapore Institute of Management launches centre for systems leadership

Posted by ACASA on November 16, 2020 at 08:38 PM in blog post | Permalink | Comments (0)