What Just Happened

On What Just Happened Managing Director of International Association of Department Stores - IADS (International Association of Department Stores) Selvane Mohandas du Ménil and I discuss the history and transformation of department stores. He highlights how IADS started as a research-focused organization in the 20th century but adapted to modern challenges by transitioning from being a club to a more practical and relevant tool for its members. Salvane emphasizes the importance of collaboration among department stores globally, addressing common challenges, and staying ahead of industry trends. He also touches on the role of technology and the challenges and opportunities department stores face in the ever-changing retail landscape, emphasizing the need for a clear purpose and a strong digital presence. Selvane also discussed the concept of an omnichannel strategy, where physical flagship stores remain at the core of an ecosystem while leveraging digital tools and channels for enhanced customer engagement. Overall, Selvane's insights revolve around the transformation and adaptation of department stores in response to modern retail challenges, focusing on the importance of clear purpose, collaboration, and a strong digital presence.

Christine Russo hosts a podcast, "What Just Happened," discussing the distinctions between fads, trends, and strategies in retail, with guests Brandon Real and Michael Zakkor. A fad is seen as observational, something seemingly worth following due to its popularity. Trends are analytical, requiring consideration on their integration and potential impact on operations. Strategies are integrations that have tangible results and drive innovation in retailing practices. A significant focus is placed on how these concepts influence retail innovations, with discussions on the operationalization of these innovations and their actual impact on retail businesses, emphasizing the importance of tangible results. The conversation evolves around recognizing innovations worth integrating and identifying those merely riding the wave of popularity, without significant value. The discussion digs deeper into the evolution of retail practices, examining various aspects such as live shopping, unionization, loyalty programs, and the increasing importance of immersive commerce and shoppable content, given that 83% of all internet content consumed is video. The conversation underscores the significance of companies' operational adaptability and the effectiveness of their back-end infrastructures to meet real-time demands. It addresses the implications of unfulfilled promises post-pandemic and delves into the pressing issue of income disparity, with the stark contrast between CEO pays and frontline workers becoming more pronounced. The dialogue wraps up focusing on the value and execution of loyalty programs, stressing the importance of brands maintaining promises and the necessity of execution in maintaining consumer relationships. The interaction between the host and guests offers nuanced insights into the dynamic world of retail, hinting at the necessity for adaptability, consumer loyalty, and innovation in sustaining relevancy in the market. Thank you to guests: Brandon Rael: https://www.linkedin.com/in/brandonrael/ Michael Zakkour: https://www.linkedin.com/in/michael-zakkour-150b865/

Arnie Cohen, CEO of J. Peterman, was welcomed to discuss the transformation of the company's operations and the resurgence of catalog marketing. Cohen spoke about his time at J. Crew and how the experiences and mentorship he received there helped shape his career and influence his leadership and mentoring roles today. He highlighted the significance of catalogs in the current retail environment, citing their essential role in the brand and product messaging. He believes in the 360-ecosystem, where brands need to dynamically impart their messages and offerings to customers as they like and prefer. The discussion also shed light on the constant evolution in the consumer-retail relationship, emphasizing the resurgence of catalogs as an essential medium for brands to impart their brand messages and product offerings. Even in an age dominated by digital media, catalogs have maintained their significance, offering a tactile experience to consumers and serving as reliable, tangible reminders of a brand's offerings. The conversation transitioned to more operational aspects, with Cohen elucidating on the changes and improvements made in J. Peterman's warehouse operations and the incorporation of Cart.com into their tech stack. He detailed the challenges encountered during this transition, including labor and system upgrades, and the practical solutions provided by Cart.com's technological infusion, which drastically improved efficiency, reducing labor requirements and increasing order processing speed. Cohen emphasized the hybrid model proposed by Cart.com, which allowed J. Peterman to maintain their warehouse while implementing Cart.com's systems and processes. This resulted in increased efficiency and reduced costs, allowing J. Peterman to focus more on enhancing their service levels and customer relationships. Arne ended the conversation by reflecting on the industry's challenges, the continuous need for adaptation and innovation, and his optimistic outlook on leveraging technology to enhance operational efficiency and customer satisfaction.

In this conversation on "What Just Happened," Christine Russo welcomes Benoit Koenig from Veesion, a company using AI to combat retail theft. Benoit discusses the urgent need to address the rising issue of retail shrinkage due to factors like inflation and increasing theft. He highlights the limitations of traditional security measures like security agents, cameras, and RFID tags, emphasizing that these methods haven't effectively curbed shrinkage. He distinguishes between shrinkage and organized retail crime, noting that Vision's AI technology focuses on gesture analysis using deep learning, specifically targeting shoplifting behaviors. Benoit explains that the technology can detect suspicious gestures associated with shoplifting and alerts store personnel in real time, enhancing the response to potential theft incidents. He also mentions their upcoming shift towards generative AI to further improve detection and generate training data more efficiently. The conversation delves into the practical implications of Vision's technology for retailers. Benoit explains that the AI system provides insights about sensitive areas, days, and times prone to shoplifting, helping retailers tailor their security measures and operational strategies. He shares examples of how their technology has already helped retailers reduce shrinkage by identifying internal theft as well as client theft. The discussion touches on the competitive landscape in AI for retail and the potential of generative AI to revolutionize data-driven decision-making by providing detailed insights into customer interactions with products in physical stores. Overall, the conversation highlights Vision's innovative approach to tackling retail theft and the transformative potential of AI in the retail industry.

In this conversation, Christine Russo interviews Andy Rubin, the executive chairman and founder of Trove, discussing the growth of the resale market and its impact on brands. Trove is a pioneering player in the resale space, helping brands create and manage their resale programs. Andy Rubin highlights that the resale market is gaining momentum, with more brands recognizing the value of retaining control over their secondary market and sustainability efforts. Andy emphasizes the importance of brands being involved in the resale of their products, especially those known for high-quality craftsmanship. Brands like Patagonia and Lululemon have successfully integrated resale into their strategies, reaping benefits in terms of customer loyalty, brand equity, and sustainability. Andy also discusses Trove's role in providing technology and tools for brands to manage their resale programs effectively. They talk about the challenges of grading and authenticating items, and how Trove's technology supports this process. Andy acknowledges the increasing competition in the resale space, highlighting the positive impact it has on the industry's growth and innovation. He mentions Trove's position as a forerunner in the industry, having gained a significant head start and considerable scale. Andy also addresses the shift in consumer behavior towards valuing pre-owned items, driven by the demand for sustainable and unique products. He talks about the evolution of branding through storytelling and customer experience in the resale market, providing brands with more opportunities to shape their narratives. Overall, the conversation explores the rapid growth and potential of the resale market, as well as Trove's role in supporting brands' efforts to navigate this evolving landscape and maintain control over their brand equity.

Paul Foulkes Arellano, Circularity Educator at Circuthon® Consulting - Non-Exec Director - Fundraiser for Bioeconomy Pioneers, is welcomed in this discussion. The conversation begins by acknowledging Paul's strong presence on LinkedIn and his unique approach to sustainability within the retail and fashion industry. Unlike many sustainability influencers who focus on specific aspects like packaging or manufacturing, Paul takes a holistic view, addressing various sustainability facets. He shares how his perspective was shaped by Dr. Chris Sherwin's teachings, emphasizing that every decision impacts nature, drawing parallels to fashion's impact on the environment. Paul critiques the fashion industry's weak defenses for unsustainable practices and calls for a scientific, data-driven approach to sustainability, involving experts and scientific officers within companies. Paul highlights the need for comprehensive change in the industry, urging businesses to integrate sustainability into their entire organization, from supply chain decisions to work policies. He cites financial institutions like EY and NatWest as examples of training their employees in sustainability, a practice absent in fashion. He stresses the importance of training and retraining people within the industry, signaling hope for change through new expertise. Paul's view on the future sees a transition toward more sustainable practices in the coming years, with businesses adopting transparent metrics and embracing circularity. The conversation then shifts to Paul's role as the founder of Circuit On, a consulting firm guiding billion-dollar companies in achieving circularity. He addresses opposition from industry associations like the British Retail Consortium to measures like extended producer responsibility. Paul also shares insights about emerging initiatives in fashion, like software to track garment lifecycles. The discussion ends on the importance of reshaping fashion education to incorporate sustainability from the start, both in universities and businesses. The interview concludes with gratitude for sharing these insights and fostering awareness on sustainable practices.

In this interview, Christine Russo speaks with Scott Case, the Vice President of Corporate Social Responsibility and Sustainability at the National Retail Federation (NRF). They discuss the progress and challenges of sustainability in the retail industry. Scott acknowledges that while there has been significant progress, it is not happening fast enough. He highlights a generational shift in executive leadership, with new leaders recognizing the interconnectedness of sustainability issues and embracing organizational change to address them. The conversation delves into the complexity of sustainability challenges in retail, such as packaging, resource usage, oversupply, and materiality, among others. Scott emphasizes the need for collaboration and systemic thinking within retail organizations to integrate sustainability into their core operations. Instead of having separate sustainability departments, Scott advocates for embedding sustainability thinking in all aspects of the business, turning employees into sustainability contributors. He emphasizes that continual improvement and incorporating sustainability considerations are crucial for the future of retail.

Brian Hennessy, CEO of Talkoot, a process management system for retail and brand teams, discusses how AI has impacted Talkoot and the copywriting industry in general. He notes that while AI can be effective at repackaging existing language, it struggles to explain why consumers should buy trend-leading products and still requires human writers. Talkoot uses a specialized model based on high converting product copy and offers professional editing tools that allow customers to use AI while staying on brand. Additionally, the company offers a brand check tool that ensures content aligns with a brand's language. The article discusses the importance of regulatory and legal language in e-commerce and the need for brand language checkers to ensure that the language used is compliant with regulations and does not violate any platform policies. The article emphasizes the importance of building trust with customers through honest and transparent communication, and the need for brands to focus on delivering products that meet the needs of their customers rather than relying on loyalty programs or shortcuts. Hennessy notes that while some brands may not be ready to embrace this approach, it is becoming increasingly important for building lasting relationships with customers. He also discusses the importance of product storytelling and imagery in reducing customer confusion when shopping online. With the removal of many other frictions in e-commerce, companies are realizing the need to communicate correctly to build trust with their clients and create a long-term relationship that prevents returns. Brands are using AI to generate multiple versions of product descriptions to find the most effective wording, but the quality of the output tends to decline after three generations. Learn how the platform was developed to provide deep product stories using language that creates authority and trust. The tool is getting traction in the food and beverage industry, where changing content seasonally can increase sales, but using humans is too costly and time-consuming. AI can be used to change content quickly and rank higher in Amazon and Google search engines, ultimately driving traffic and sales. Companies can also use machine learning to adapt web content based on who is coming to their website.   www.talkoot.com

Deloitte believes that consumers and consumer companies are moving towards a more utopian future, despite the dystopian impacts that exist today. Consumers are demanding reliable, safe, convenient, sustainable, socially just, and personalized goods and services, and companies are responding by leveraging technology to build more powerful and relevant consumer connections while making commitments to a broader set of stakeholders. Together, they are "buying into better," which means fusing profit with purpose and addressing all of the things that are important, including impacts on the environment and society. Deloitte's approach to understanding the future of the consumer industry involved engaging individuals and having over a thousand conversations to identify the market shifts that will have consequences on businesses in the next five to ten years. Instead of taking a crystal ball approach, they focused on the next five to ten years and identified three primary business dimensions impacted by six forces with nine implications. Deloitte recognizes that human centricity is critically important, and that a lot of what's important to humans goes beyond the products and services provided. The impact that companies make on the environment and society is also important to consumers, who are looking to place their dollars where they can have an impact on change. The framework for thinking about the future across three business dimensions: markets, models, and mechanics has been developed. The six forces impacting markets, models, and mechanics are shifting and broadening consumer bases, diversifying life journeys, exponential technology and AI, everything-as-a-service climate change, and geopolitical turmoil. Models and mechanics serve the market by delivering the unique customer experience or the unique product. The three Msms have emerged as an easy way to engage client executives and identify opportunities. The implications of the three business dimensions, buried throughout the three dimensions, affect organizations. Mass-to-micro is an example of how the three Msms are related.   The report emphasizes the importance of organizations outsourcing parts of their business to increase efficiency and meet demand. It also highlights the need for long-term strategic plans as current business models may not work in the future. The six forces in the marketplace are rapidly changing and converging, creating new risks and opportunities for organizations. Digital goods and services are growing exponentially, and organizations must be mindful of these changes to take advantage of growth opportunities. The report suggests that organizations need to focus on the markets, models, and mechanics of their business to respond effectively to the changes in the marketplace. https://www.youtube.com/watch?v=DJt2wp2C09Y&t=1s  

Lectra develops state-of-the-art solutions that combine software, equipment, services and data. Premium solutions and technologies for fashion, automotive & furniture markets worldwide.  Industry 4.0 - The 4th Revolution in Production. We also touch on near-shoring and on-shoring.  Lectra helps customers plan better so they're not producing. Product that won't sell and they have to destroy it or write it down.    Companies now are focused on not just a sustainable process, but producing a sustainable product to last. analyzing sales and understanding what the assortment is and making sure the right assortment is there and the pricing is in line with the competition.    Lectra helps clients and their sustainability ecosystem because clients are reducing material waste, reducing labor, and educing electrical footprint of production. Also, this allows for data to be passed with that value stream in an efficient way so there's less waste.