Determining Personal Solutions – How Are We Going to Deal With Disruption?
Determining the solution(s) to tackling disruption has been a leading question we have been discussing throughout this course. Our primary solution for dealing with disruption is awareness complemented by interest. There are numerous platforms to enhance awareness of technology disruption in education, healthcare, media, music, personal computing, transportation, etc., just take a look at the findings each group has made. This information has been acquired through outside sources from Fast Company, which is my personal favorite, to Mashable, there are numerous ways to become aware. However, what strikes awareness is interest. With interest the possibilities to dealing with disruption are uniquely various.
Determining Business Solutions – How Can Businesses Help Employees Deal With Disruption?
One factor that was addressed in our discussion was a subscription service called Lynda.com. This service helps anyone with an interest learn new skills to meet academic, professional, and individual goals. A business’s investment in this type of software can be monumental for employees in terms of preparing for disruption.
Giving the term “Disruption” Awareness – Does “Disruption” differ from “Change”? “change”.
It is more impactful and carries different affects then what the definition of “change” provides. The two are different and this can be one possibility for the lack awareness. If the term “disruption” was given a formal definition then people might become more responsive to its existence, as opposed to considering that the drone that just flew right above them was a “change”.
Analyzing the Brick and Mortar Experience – Will stores disappear?
We have concluded that brick and mortar stores are still in existence because of the experience they provide. The experience provided is a salvage point for physical stores. Thus, although the inside of a store might change (new designs, shortage of workers, new selling tactics, price matching strategies, etc.) the stance of a store will not disappear, because people will not want to abandon the experience of walking into a store whenever they like.
Although this is our final deliverable, remember you can deal with Disruption with devoting an interest to trends and be aware, so here are a few retail disruption themed sites to keep you up to date on retail disruption!
Vests may be in today but, tomorrow high waisted jeans are so in. Fashion is constantly changing and just like that the retail industry is constantly evolving. I focused on the cost of retail and how it has changed over the years. I broke down the information I found into the Past, Present, and Future. I further divided it into the Price of Goods, Occupancy Costs, and Marketing Costs. This helped organize this information and easily compare all the information. The common disruptor in all three is technology. With new machines and softwares, producing goods has become a lot cheaper and easier. It is more efficient than a human. This technology has replaced the actual store and salespeople too because now people focus on online shopping.
We started in the past with a higher cost to produce due to having little to no technology. There were occupancy costs associated with the store, holding areas, and factories. They also had to hire more employees to sell and produce goods. Most of their marketing budget went towards billboards, tv/radio ads, and print ads.
We go into the present where we are surrounded by technology and see that the price of producing has gone down because we have replaced humans with more efficient and fast machines. The occupancy costs are similar to the past. Today, companies focus on digital marketing with website, social media, and targeted advertisements.
Looking towards the future, a big question comes up. Will there be a brick and mortar store? What will companies do with online ad blocking softwares? How cheap will it become to produce goods with faster and smarter technology? Find out more about the Disruption in the Cost of Retail in this video!
It is no doubt that the culture of retail has changed. When you look at the outline of my findings, you can see that disruption has really changed the way we interact with the retail industry. Even the physical store was changed to reflect a more innovated design. The use of mobile technology has impacted not only communication by eCommerce. You can buy anything from your phone, via the internet or even a mobile application.
Thinking about the future, I was left puzzled. The trends went from solely a brick and mortar store, with tangible items to a robust online platform that uses technology to drive sales. Although, it looks as though the future is going to be a balancing act between the two. Stores will leverage an online platform as well as a store of sorts to continue to drive sales.
I personally feel as though we will become a seamless, technologically driven shopper, who uses the resources in our hands to purchase an item through a more convenient platform. I do not, however, feel as though the tangible store is gone for good. I instead feel that the way the store looks will change. It will be more technologically advanced on the inside, just like how their online platforms work.
Below is the summation video of my findings. Check it out and think about it for yourself. What do you think the future holds?
In our Deliverable 2 you watched a YouTube video of each member of the group sharing feedback on research conducted on each of the 4 Cs. The purpose of the video was to bring the Team one step closer to transforming our raw research findings in our Google Docs: Culture, Cost, Customer and Channel, to interactive videos with an informative message that will ultimately address how we are going to deal with Retail Disruption.
Take a look at the Channel integration of research complied into an animated video that traces how the marketing mix element placement or distribution has channeled through history and into the future, specifically in the retail industry.
In our Deliverable 1 we shared 4 Google Doc links leading to the research each member conducted for Culture, Cost, Customer and Channel. Since then, each team member has reviewed each other’s research and compiled feedback. We delivered our feedback to each other in person and have it recorded for you on the Disruption, Technology and Law YouTube Channel. You can also watch it below.
A brief summary of the feedback delivered for each C is below:
Culture – Explore specific products that are changing the retail culture, like RFID tags and virtual dressing rooms.
Cost – Explore price transparency
Customer – Explore how consumer habits are changing as a result of the new retail experience
Channel – Explore how channels of distribution are shortening delivery periods and increasing consumer demand for immediate gratification
This feedback will be translated to Deliverable 3, where you will find the links to our updated Google Docs. In Deliverable 4 you will find videos that illustrate our findings in a unique way. In the meantime, check out Mobile Apps: Impacting Shopping Habits.
As Melissa explained in our introductory post we are the “Retail” disruption group. The Retail Industry divided itself into 4 realms or 4 “Cs” – Culture, Cost, Customer and Channel. We decided to discuss each “C” in 3 time-frames – Past, Present and Future.
The first deliverable we set was to research a selected “C” and post the research on to individual Google Docs. Each group member had their own “C” to research, but in order to stay informed on all “Cs” we set up a peer review rotation. Each member started out with a “C”, and then they reviewed the other three. Therefore we are all well versed in each of the 4 realms. Below are links to each original “Cs” Google Doc so one can see our thoughts and research on the topic. Now this was the research stage so the Google Docs below were a rough idea of how we saw our category and our overall research on the 4 “Cs”.
Our goal is to introduce you to retail disruption by focusing on:
4 realms- Culture, Cost, Customer and Channels
3 time-frames- Past, Present and Future
To gather our information we are using three platforms:
Slack- A tool that allows us to communicate simultaneously through private channels and exchange documents
Trello- A project management tool that allows us to virtually create a to-do-list with deadlines and deliverables
Google Docs- A note taking tool that allows us to work collectively from various locations
You will be able to take part in our journey of acquiring and interpreting the information above by clicking the tag ShopTillWeDisrupt. This catchy tag which plays upon the idea “shop till we drop” will led you to posts and videos about our experience or our process.
Retail disruption content including the impact of new products and ideas mentioned in ShopTillWeDisrupt can be found under the tag RetailDisruption and under the Retail Category