Spieckerman Speaks Retail

In this episode of Spieckerman Speaks Retail, Carol Spieckerman sits down with Joe Brady, commercial real estate guru and author of "Work. Shop. The Consumer-Driven Transformation of Commercial Real Estate." 

Joe unpacks how the concepts of "work" and "shop" have shape-shifted from nouns to verbs, driven by technology and changing consumer behaviors. From the rise of omnichannel retail to the tectonic shifts in work culture post-pandemic, Joe offers a fresh perspective on how these and other transformations are reshaping our physical spaces, leadership styles, and business processes.

Joe and Carol dive into the realities of consumer primacy and how retailers are balancing customer empowerment with behavior-shaping technologies. They explore the delicate dance between giving customers everything they want and nudging them towards mutually beneficial choices.

Key Takeaways:

• Why the office sector is having a “retail moment” (and it’s long overdue).
• How the recent wave of return-to-work mandates might backfire.
• Why effectiveness beats productivity in the conceptual economy.
• How "sick buildings" could drive more sustainable spaces.

If you’re curious about the future of work and shopping, this episode is packed with insights that'll have you seeing built environments in a whole new light. 

Joe Brady website

Joe Brady on LinkedIn

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In this episode of Spieckerman Speaks Retail, Carol Spieckerman explores the convergence of commerce and media with Eitan Koter, Co-CEO of Vimmi. Eitan shares Vimmi’s journey from a media and entertainment technology provider to a leading video commerce platform.

The conversation delves into Vimmi's sales acceleration platform, which seamlessly integrates shoppable video across multiple channels, from diverse social media platforms to brick-and-mortar stores.

Carol and Eitan discuss why multi-platform video is a must-have in modern retail marketing and how the "TikTok-ification" of content has transformed best practices. Eitan will have you rethinking your approach to video and challenging the "quality over quantity" standards of the past. He provides step-by-step guidelines for creating authentic, high-volume content that aligns with business lifecycles while tackling customer pain points. Eitan busts the “brands are dead” myth and expands on the power of storytelling to onboard new generations of shoppers and accelerate conversion. 

The discussion hits on the rise of retail media networks and how Vimmi's solutions optimize retailers’ in-store digital aspirations. Eitan shares his thoughts on the future of retail, highlighting the causes and concerns that will drive consumer engagement.  

Key Takeaways:

• Quantity Over Quality: How flooding the zone and adjusting on the fly make engagement soar.
• Founder-led Favor: How to leverage authenticity and origin stories to differentiate in a crowded marketplace.
• Rapid Iteration Hacks: Why narrow-lens innovation, lean launches, and live-testing are the ways of the future.
• Data-Driven Domination: How advances in video analytics optimize content and campaigns in record time.

Part crystal ball, part strategy session, this episode offers valuable insights to retailers and brands looking to harness the power of video commerce and navigate the retail media landscape. Are you ready to turn up the volume?

Guest contact information:

Eitan Koter on LinkedIn

Vimmi website

Vimmi YouTube channel

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In this episode of Spieckerman Speaks Retail, host Carol Spieckerman sits down with Joe Shasteen, global manager of advanced analytics at RetailNext, to discuss the latest trends in retail analytics and in-store technology. RetailNext is a pioneer in bringing e-commerce-level analytics to brick-and-mortar stores, helping retailers optimize their physical spaces and enhance the customer experience.

Joe introduces RetailNext's concept of "full path analysis," which provides detailed insights into customer behavior throughout the store. Using strategically placed sensors, retailers can track customer movements, dwell times, and engagement with displays, fixtures, and other store elements. The data collected from the sensors helps retailers capture customer attention, optimize store layouts, and improve staff allocation.

The conversation explores the critical role data plays in improving store operations, from optimizing labor allocation to enhancing conversion rates. RetailNext's analytics connects the dots, enabling retailers to align staffing with customer traffic patterns and identify opportunities to engage shoppers more effectively.

The interview also touches on how RetailNext's technology can assist with loss prevention and asset protection. Using AI to flag potential instances of theft or suspicious behavior, retailers can react in real time as incidences are identified. 

Joe wraps up by sharing insights on broader retail trends, highlighting the importance of creating meaningful in-store experiences that go beyond simple transactions. He emphasizes the value of using data to optimize the customer journey and strengthen brand connections in physical retail spaces.

Key Takeaways:

• How retailers can leverage full-path analysis to drive conversion, mitigate shrink, optimize labor, and elevate store design.
• Why basing labor allocation on traffic trends rather than sales data improves store efficiency and conversion rates.
• How in-store data analytics can create deeper brand experiences and bridge the gap between online and offline retail.
• How retailers can validate test-and-learn experiments in advance of rollout.

RetailNext Website
Joe Shasteen on LinkedIn

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The old days of retailers quietly testing new tech offstage are a relic of the past. Welcome to the launch and learn era, where retailers are ditching the warm-up act and releasing tech straight into consumer environments before the kinks are worked out. It's a gutsy game of moving fast and iterating even faster based on real-time shopper feedback. This high-risk, high-reward strategy aims to keep retailers innovating at a rapid pace, but it isn’t without potential pitfalls.

Carol dives into this new frontier, unpacking how major retailers like Best Buy, Walmart, and Amazon are unleashing shiny new tech onto unsuspecting customers first and figuring out the bugs and backlash as they go.

Key examples discussed include:

• Best Buy's new AI assistant built to support (or replace?) human assistance.
• Walmart's rocky road with self-checkout scaling.
• Amazon's pivot to smart Dash carts after pulling "Just Walk Out" tech from Fresh stores. 

Carol explores how the exponential pace of tech innovation, razor-thin competitive windows, and the lure of cost cuts are fading the idea of perfecting solutions before launch.

But diving head-first into uncharted waters has its hazards. Consumers expecting seamless experiences are instead being used as guinea pigs, sparking confusion and triggering control issues. On the flip side, retailers are placing big bets that the efficiencies will pay off by hitting "launch" first and making the business case later.

Key Takeaways:

• How tensions can flare when consumer expectations and retailer justifications are at odds.
• How some retailers are balancing high-tech and high-touch solutions on the front end rather than lurching between extremes.
• Why retailers are trading between live experiments instead of defaulting to the tried and true.
• Why Amazon’s checkout tech pivots are the ultimate launch-and-learn case study.

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Navigating the flood of new technology rushing into retail isn’t for the faint of heart. As promising as the possibilities are, deciding where to go first and how far will be a constant conundrum for retailers and brands.

Carol’s guest, Chris Corbin, is VP and BI and Analytics Practice Leader for Sophelle, a boutique consulting firm that navigates the complexities of technology selection, implementation, and optimization for retailers and brands. Prior to his role at Sophelle, Chris led technology and data transformations for diverse retail companies including J. Jill, Alex and Ani, and Christmas Tree Shops. Chris brings common-sense takes on technology that demystify AI, machine learning, data governance, and other complex topics. He’s an endlessly curious and passionate advocate for leveraging technology to make us better versions of ourselves.

Picking up from their NRF 2024 chat during KWI’s Retail Re-Stored series, Carol and Chris break down the options and actions.

Episode highlights:

·      Unconventional intelligence: From kid wrangling to personal shopping, novel ways to apply AI in everyday life.

·      From possession to utilization: Making the critical distinction between merely having data and being truly data driven. 

·      Data precision vs. practicality: When actionable insights matter more than exhaustive accuracy.

·      The reality of reasoning: Why cataclysmic warnings surrounding AI are likely overblown (for now).

Episode information:

Chris Corbin on LinkedIn

Sophelle

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The retail media juggernaut is showing no signs of slowing down as retailers seize the opportunity to monetize first-party consumer data. Payments media networks (PMNs) are emerging as the next frontier, extending the reach of CPG advertising while revolutionizing the loyalty landscape.

From empowering CPG brands to connect with millions of banking customers to providing loyalty benefits for shoppers and top-of-wallet status for banks, PMNs are reshaping the retail advertising ecosystem in profound ways. As president of SnippMedia, Tom Burgess is leveraging his years of digital advertising and loyalty experience to ignite exciting new opportunities in the payments media space.

Carol and Tom discuss the multi-stakeholder benefits of payments media networks along with best practices, pitfalls, and future possibilities as retail media and payments media networks converge.

Highlights from the interview:

·       How PMNs complement and amplify the benefits of retail media networks. 

·       Why flexible redemption models enhance shopper participation and loyalty.

·       How SKU-level offers are changing the PMN game.

·       Why offsetting interchange fees is no longer an elusive goal for retailers.

Guest contact information:

SnippMedia

Tom Burgess on LinkedIn

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Clienteling has evolved from a cumbersome, manual hustle reserved for high-end brands into an accessible, scalable retail tactic. To take full advantage, retailers need to let go of old ways of thinking about store productivity and the crucial new roles store associates play. 

Carol’s guest, Casey Drake, is the VP of Sales for Endear, a retail CRM and clienteling platform that hits the sweet spot where high tech drives high touch experiences. Casey is a self-described “sales and customer service nerd” who brings a fresh and timely perspective on the future of customer engagement. 

This episode wraps up Carol’s People Powered Retail series where Casey and Carol pick up from their NRF 2024 chat during KWI’s Retail Re-Stored series.  

Episode highlights:

·      Why personalization might not be all it’s cracked up to be (and what could be even better).

·      How new handoffs between technology and people power can add exponential reach.

·      Why stores need fresh metrics and attribution models to reach their full potential.

·      The game-changing impact of borrowing B2B tactics for B2C.

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Retailers and brands are swinging attention back to brick-and-mortar and investing in employee training, development, and perks to stay competitive. Despite these efforts, many organizations still don’t have the bandwidth to fully optimize worker productivity and performance. Others have attempted to cost-cut their way to profitability, leaving retail workers on the lurch. 

Brian Librach is a passionate advocate for empowering future retail leaders to seize control of their careers and reach their full potential. His upcoming book, “The Retail Leader’s Roadmap,” slated for release next month, is brimming with tips and tools designed to help the next generation of retail stars honestly assess opportunities and take decisive action when it counts. Brian shares insights garnered from his retail career ascent, culminating in executive roles at Urban Outfitters and Pacific Sunwear, and more recently, overseeing international stores in Canada for Old Navy.

In this latest episode in Carol Spieckerman’s People Powered Retail series, Brian and Carol delve into the crucial role that individual initiative and ownership will play in propelling retail forward.

Episode highlights:

·       Discover three pillars that pave the way to retail career progression.

·       Explore how people-powered systems can exponentially accelerate upskilling efforts.

·       Learn why lateral moves and demotions don’t have to be a one-way ticket to a career slump.

·       Understand how fostering a culture of employee satisfaction can alleviate consumer caution.

Information and resources:

The Retail Leader’s Roadmap website
Brian Librach on LinkedIn

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Retailers are diversifying into new channels, business models, and touchpoints and in-store experience is taking center stage once again. In this environment, human resources emerges as a new frontier. Previously siloed and unsung, HR professionals are now poised to be at the forefront of retail transformation, defining the new ways of working that will drive retail forward.

Roz Johnson’s role as SVP and chief people officer for Build-A-Bear Workshop represents the culmination of a career spent listening and encouraging people to be their best for recognized retailers including American Eagle and Gap. Her years of store-level experience instilled a deep respect for how people make a difference in retail every single day. Now she’s expanding that mission across Build-A-Bear’s multi-faceted platform with her characteristic curiosity, positivity, and love of conversation.

In this second installment of Carol’s People Powered Retail series, Roz and Carol discuss the soft skills that boost employee engagement, retention, and retailers’ bottom lines. 

Episode highlights:

·      How training cuts cause long-term pain.

·      Why differentiating practices from policies is paramount.

·      How recognition builds brand ambassadors.

·      Why leaders must prioritize succession strategies.

Information and resources:

Build-A-Bear Workshop website

Roz Johnson on LinkedIn

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Retailers and brands know that attracting a diverse workforce and consumer base is critical to their future. Yet, casting a wider net without phoning it in has never been more challenging. 

As chief consulting officer and executive producer for The Equity Project, Monica Williams is a powerful voice and a true thought leader in the equity, diversity, and inclusion (EDI) space. Throughout her career, she has spearheaded assessment, strategic planning, and implementation projects that drive equitable outcomes and quantifiable results. She is passionate about creating a culture of equity and inclusion within workplaces and communities through leadership, action, and advocacy. In this episode of Carol’s People Powered Retail series, Monica outlines new standards for EDI activation and the significant rewards for getting it right.

Episode highlights:

·      Why EDI isn’t a zero-sum game.

·      How performative plays can derail best intentions.

·      Why positional power matters most.

·      How caving to pushback compromises consumer confidence.

Information and resources:

The Equity Project website

Monica Williams on LinkedIn

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