Spotlight Series | Reimagining Shoptalk with Shoptalk CEO Anil Aggarwal
Sep 28, 2020
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Shoptalk CEO Anil Aggarwal talks about the origin of Shoptalk, the state of the retail industry, and the next marquee event. Anil also gives a master class on innovation and disruption theory, emphasizing the importance of putting product first and making tough decisions. It's a firsthand account from someone who eats what he cooks and isn't afraid of innovation.
The future of retail lies in a mix of new trends, technologies, and business models, which companies need to experiment with and iterate upon, in order to adapt their strategies and stay relevant in the industry.
Anil Ayerwal highlights the significance of putting the product first and emphasizes the need for innovation and staying true to the product's purpose, recommending the approach of thinking about virtual events as an omnichannel experience that combines the advantages of both offline and online events for enhanced overall event experience.
Deep dives
Shop Talk: A B2B Retail Industry Event
Shop Talk is a B2B retail industry event held annually in Las Vegas. It started with 3,000 attendees in 2016 and grew to 8,500 attendees in 2019. The event aims to bring together a diverse community of retail and e-commerce professionals, startups, established retailers and brands, investors, and more. Beyond being just an event, Shop Talk is a resource and utility for the industry, providing value and usefulness through breaking down industry silos and reframing the dominant narrative around digital. The event's founder, Anil Ayerwal, recognized the need for a supportive platform amid big shifts in technology and consumer behavior. Shop Talk meetup is the newest addition, offering a virtual experience for industry professionals to connect, collaborate, and share knowledge.
Creating a New Era of Events: Shop Talk Meetup
Shop Talk Meetup is a groundbreaking virtual platform built by Shop Talk. It empowers remote collaboration and networking for the retail industry. With over 2,500 participants and 1,400 organizations, the event integrates virtual meetings and peer group conversations. Through a three-week process, attendees build profiles highlighting their organizations, objectives, and industry challenges related to COVID-19. They then select and engage in double opt-in meetings with matched individuals, fostering valuable connections and business opportunities. Shop Talk Meetup represents a shift towards omnichannel events and demonstrates monetization possibilities for virtual experiences.
Evolving the Retail Industry in the Digital Age
The retail industry is amidst a transformation, driven by technology and changing consumer behavior. Anil Ayerwal, CEO of Shop Talk, foresees a continued steady state of change in the industry, which will take time. COVID-19 has accelerated this transformation, making retailers embrace change and adapt their strategies. The future of retail lies in a mix of new trends, technologies, and business models, which companies need to experiment with and iterate upon. Ayerwal emphasizes the importance of focusing on the product, innovating, and finding the 50% of offline events that can be done better online. By doing so, offline and virtual events can complement each other, ultimately enhancing the overall event experience.
Lessons in Innovation and Product Focus
Anil Ayerwal highlights the significance of putting the product first. He stresses the importance of delivering a quality product and taking the time to iterate and improve, even if it means canceling a virtual event that doesn't meet expectations. Ayerwal recommends focusing on the core problem to solve and building a solution from the ground up, rather than replicating offline events in a digital space. He emphasizes the need for innovation and staying true to the product's purpose. Ayerwal suggests thinking about virtual events as an omnichannel approach that harnesses the unique advantages of both offline and online experiences, ultimately driving future advancements in the events industry.
Shoptalk CEO Anil Aggarwal sits down with Chris Walton and Anne Mezzenga to talk innovation and retail in their latest Omni Talk Spotlight Series episode.
Chris and Anne go deep with Anil on the origin of Shoptalk, the state of the retail industry, and what to expect from Shoptalk's next marquee event, Shoptalk Meetup, this October.
Be sure to stick around for the last 20 minutes of the episode, too. Anil gives a master class on innovation and disruption theory. He discusses everything from the importance of always putting product first to looking to a blank slate future and working backwards, all while sometimes having to make some really tough decisions.
The episode is a firsthand account from someone who eats what he cooks and isn't afraid to walk out on the limb of innovation and to disrupt himself.
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