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Katrin Nyman-Metcalf and Ioannis F. Papageorgiou
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Niina Rintala and Sanna Suolanen
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Werner Reinartz and Monika Imschloß
Digital transformation has a strong impact on the retail industry. Activities that were once retail sector are moving to online stores, and specialized third parties are taking over physical distribution and payment. Naturally, store-based retailers are not taking this sitting down and many are reacting by starting to “digitalize” their point of sale. But in order to understand the true impact of digitalization and to react adequately, one needs to think backwards from the consumer and enter the scene at a much earlier stage. In our digital age, need occurrence, shopping and consumption are moving much closer in time and space and are being naturally integrated into our daily routine. If retailers still want their share, they have to build an ecosystem of presence and organize themselves around consumption and lived reality of their consumers. They have to be present in the mind of the consumer at the very instance a need arises. Being recalled in time matters now more than ever.
Andreas Neus, Fabian Buder and Fernando Galdino
Digital transformation requires a digital mindset and new approaches to dealing with both decision risk and decision speed. Well-entrenched companies seem to hold all the assets needed to adapt and keep succeeding, but sometimes they don’t seem to adequately react to a disruptive threat; instead, they show symptoms of innovation blindness. They might overestimate their digital skills or their learning occurs too slowly and resources are being wasted. Deep expertise that used to be an asset turns into a liability because companies are stuck in old mental models. A few things can be done proactively to avoid major pitfalls in the digitalization of a business. Facts that are taken for granted need to be challenged and checked against reality to identify strategic failure in time. Whenever somebody assumes that something is “surely” true, a company’s alarm bells should go off. Moreover, top management needs to check if their digital projects not only scratch the surface but that they grasp the essence of what makes them successful: creating new added value, dramatically increasing speed and ease of use, reducing complexity, and lowering costs substantially. Also, a new approach to innovation, such as design thinking, encourages rapid prototyping and a fast-failure culture.
More Fun for the Elite or New Opportunities for Ordinary People?
Faltin Karlsen, Vilde Schanke Sundet, Trine Syvertsen and Espen Ytreberg
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