On today’s episode of the AI in Retail Show, Trevor speaks with Carol Spieckerman, President of Spieckerman Retail, her retail insights platform. They discuss the rising notion of “retailer as a platform” and the opportunities platform building presents, why 2023 is the “Year of the Store,” and how retailers are implementing digital innovations across channels. They also discuss why retailers need to diversify their business models, the rise in retail advertising, and what factors are holding back change in the industry.
Topics discussed:
- The growing opportunities for “retailer as a platform,” and why platform building, platform partnership, and platform monetization offer the best opportunities for retailers today.
- Why 2023 is the “Year of the Store,” and how retailers are now embracing their physical stores as assets and seeing them as an enabler of their digital strategies.
- What types of digital innovation are happening in retail, including in-store elements as well as workforce management, marketing, and more, and which companies are leading the charge.
- The various factors fostering change in retail, like retailers taking more control from brands, and what factors are holding back those innovations.
- Three big trajectories shaping retail today: the need for diversification, the increase in retail advertising, and whether retailers should “buy, build, or bridge” — or do all three.
- Why retailers will get ahead in the future not just with the products they sell but with the thought leadership they bring to the industry.