As seen in Power Retail (27 April 2020) ” The outbreak is one of the most unprecedented events in modern history. So, what does this mean for retail and will it survive after the virus has gone?

As seen on Power Retail. Power Retail’s Editor, Ally Feiam sat down with Andrew Gorecki, Co-Founder and Managing Director at Retail Directions, to discuss the benefits of finding the equilibrium for retailers, technological headaches and the power of the customer experience.

Fear, Uncertainty, and Doubt (aka FUD), the infamous sales and marketing technique, has become even more common in our digital age. So, when retailers find themselves exposed to a barrage of scary information about the impending retail apocalypse, they should be wary – someone is definitely trying to sell them something.

In 2018, you just can’t hide from the media frenzy around Artificial Intelligence. Statements like “CIOs must put AI on the fast track”, “the local business sector is well behind foreign competitors”, “totally unprepared”, “we have to catch up”, and “Elon Musk and tech heavies invest $1 billion in Artificial Intelligence” dominate the headlines. At the same time, just about every software application with semi-advanced algorithmic capabilities now claims to include AI.

This year, London got a real summer for a change, and I was lucky enough to be there to represent Retail Directions at a fashion-technology event and adventure through iconic fashion districts to discover the latest retail trends the city has to offer.

Until a few years ago, Australia’s supermarkets enjoyed a century of trading nirvana, isolated from operationally excellent global competitors. The Coles-Woolworths-Metcash trio dictated their own rules to consumers. Prices were high and the product range limited, with a drift towards low-quality home brands, to keep stacking margins.

We are living in an increasingly more digital and, therefore, connected world. Through our mobile phones, we can access practically anything, anywhere. Most of the time, information flows without any issues and we tend to ignore occasional slowness and interruptions. Furthermore, the media keeps telling us that the NBN, 5G and other technological advances will make things even faster and more reliable.

In today’s connected world, shaping the customer journey has become increasingly complex. People interact and collaborate with each other using a combination of e-commerce, social media, and mobile. In this new ecosystem, people can easily access information such as product and brand reviews, which gives retailers extra marketing power but also makes them more vulnerable to customer criticism.

The term ‘employee engagement’ comes up regularly in corporate presentations, books and articles about management. It means nurturing a motivated team that operates with commitment to the company’s goals and values, with an enhanced sense of well-being. Despite such a simple definition, the truth is that the majority of employees are not engaged in their work.

It feels like online shopping has been around forever. Most retailers – even if they won’t mail your purchases to your door – will at least be entertaining the possibility of Click and Collect. From alcohol, CDs, DVDs, chocolate and flowers, which dominated the early days of e-commerce back in the 90s, to today’s wide range of offerings including electronics, home wares and apparel, almost anything can be summoned to your door with a click.

The science of failure in retail The good thing about science is that it’s true whether or not you believe in it. Neil DeGrasse Tyson, Astrophysicist.