Category: Retail


Success in the Digital Age Requires Extraordinary Retail Leaders

November 27, 2017

Retail

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Retail leaders in the digital age

Leadership is a process whereby an individual influences a group of individuals to achieve a common goal 1. But how can retailers lead and influence their staff during this digital disruption? Maybe it’s time to challenge retail leadership says Ken Silay, Partner, Innovator’s Equation. Ken suggests writing for Innovative Retail Technologies that “The truth is retail is run by old thinking and old metrics” and “difference between the old and new thinking in business creates a gap in retail leadership that will continue to get wider”.

Dr Ganesh Shermon, Managing Partner for “R for C Talent Management Solutions” (North America) recently highlighted the challenges retailers face. He said that retailers are confronted with dramatic managerial changes, given the convergence of the human mind, (Intellect), behavioral psychology (Cognitive), smart machines, and deep learning science and knowledge (Neural networks) as the basis for management actions. That’s really a mouth full!

The truth is that the old way of leading a retail business does not work anymore. But what should retailers do to get their businesses on par with the digital age?

Strategies that leaders should consider in the Digital Age

Prof Kamal Kishor Jain, Head of HR and Business Psychology Department at IIM Indore, recently said digital age leaders need to acknowledge the limits of their expertise. Additionally, the leaders should build a reliable network of knowledgeable experts to help them navigate through their choices. Prof Jain suggests the following:

Speed – is the most distinguishing characteristic of the digital age. No matter how fast you are moving to transform your business; the depressing reality is that you still probably aren’t moving fast enough.

Knowledge creation – we need to become more right brained to compete and survive. Leadership is not a noun, it’s a verb. The real charismatic leader is one who disseminates knowledge into his subordinates.

Primarily leadership qualities – leaders should be daring, caring and sharing. ‘Failing fast’ and ‘falling forward’ are critical precursors to success in the digital era. Such disruptive change requires leaders to be caring about people are affected by such changes. It is only by caring that a leader can elicit support from followers.

The Global Center for Digital Business Transformation, an initiative of IMD business school and Cisco, and HR consultancy metaBeratung, have identified four competencies (HAVE) that business leaders need in order to excel in the era of digital disruption:

Humble – in an age of rapid change, knowing what you don’t know can be as valuable in a business context as knowing what you do. Therefore, digital leaders need a measure of humility, and a willingness to seek diverse inputs both from within and outside their organisations.

Adaptable – in a complex and changing environment, an ability to adapt is critical. The global reach of digital technologies has opened up new frontiers for organizations, shrinking once insurmountable continental divides and erasing traditional boundaries between territories. Dealing with the cultural and business impacts of this requires adaptability.

Visionary – in times of profound disruption, clear-eyed and rational direction finding is needed. Therefore a clear vision, even in the absence of detailed plans, is a core competency for digital leaders.

Engaged – painting visions for the future, successfully communicating these visions and being adaptable enough to change them, requires constant engagement with stakeholders. This broad-based desire to explore, discover, learn and discuss with others is as much a mind-set, as it is a definable set of business-focused activities or behaviors.

How can leaders change their retail business to digital?

It is impossible for retailers to change overnight from doing their things the old way to embracing the digital economy. Indeed, the process must get started and in quick time. Therefore, the ability to digitally re-imagine the business is determined in large part by a clear digital strategy supported by leaders who foster a culture able to change and invent the new 3. Kane et al proposed the following strategies for retailers to use getting their business to the digital age:

Create a strategy that transforms – when developing a more advanced digital strategy; the best approach may be to turn the traditional strategy development process on its head.

Get the right people for job – just as important as developing talent is reducing the risk of losing it.

Take risks – to boost risk taking in their companies, executives need to change their mind-sets.

Sparking new ideas – many new ideas arise through collaborative efforts among people of different backgrounds.

Telling the story – storytelling is becoming a popular means of gaining employee buy-in and organizational traction for digital transformation.

After all, it will probably require an extraordinary retail leaders to facilitate the move of their businesses from analogue to digital.

Tips for Selecting the Best Shop Fronts for Your Business

November 27, 2017

Retail

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Any business alone cannot create traffic of customers based on location, quality material products, and services; they will require an outlet or infrastructure that can appeal to customers while they walk in.

To have a beautiful infrastructure, shop fronts is conducive to create a robust image of your business. For any business to perform better, it is necessary to invest in the look of their business store as well.

As most of the people create their judgement based on what they see for the first time or what antagonizes them the most.

Down below are the top 3 shop fronts ideas that one must consider.

1. Aluminium Shop Fronts – This design is versatile and an economic solution. The doors are fitted with the help of over head spring that are concealed. Also, the doors can come in sliding or swing open along with electric control, if required. This design can be a viable option for that business who wants to give a corporate and simple touch to their venture.

2. Glass Shop Fronts – These fronts can come in clear or tinted glaze, available in both single and double glazing. Again, the fronts are installed with over head springs that are latent. Clients can demand for any type of swing or sliding door, as well. These are feasible for that business who wants to attract their customer with their presentation, product or services alone. Also, for those who want to add royal and classic touch.

3. Solid Timber Shop Fronts – Nothing can beat the quality offered by material – Timber. These doors are hand painted once they are constructed, with the colors offered by customers. Are suitable for that business, who wants to stick to the old and vintage practices.

Weighing Some Advantages of Having Effective Entrances for Business

  • Appearances cannot be deceptive-People often believes in what they see. Beautiful and well constructed shop fronts can attract the visitors more than often.
  • Window displays will say it all- Stores or outlet will not have to indulge in more of aggressive selling, their point of sale service with intrigue design and ideas will say it all.
  • Leading trust – A business will reap rewards from clients with its presentation and fancy entrance in terms of trust and goodwill.
  • Decreased competition– People prefer that outlet who have so much to offer apart from just services and product. Ravishing shop fronts will catch an eye of customers better than competitors.

From Aluminium to solid timber shop fronts, there are plenty of options to choose from. Kick start your business with above tips and restore your business in good faith.