Explore Deeper by Chapter
Each chapter in Driving Retail Transformation can be explored in much greater detail. In this section, discover additional content, articles and podcast content from the Retail Transformation Show (available on Spotify, Apple Podcasts and all of the usual podcast apps – or listen using the players below).
Chapter 1: Retail is Evolving, With or Without You
To help understand the latest evolutions in the retail market, two great resources to check out include:
Email Newsletter: Retail Transformation Briefing
Podcast: Retail Transformation Show
In particular, you should listen to episode 272: Retail Trends And Themes For 2024.
Chapter 2: The Danger of Leaving Change to Chance
This chapter references some interesting other resouces. Be sure to find the references at the end of the book.
For now, why not read the Harvard Business Review article: Management Time: Who’s Got the Monkey?
Also go to Business Balls to find out more about Fishers Change Curve, also known as the the process of transition.
Chapter 3: The Journey of Retail Transformation
The primary resource here is the Retail Transformation Steering Wheel. Download the template and start self assessing your own approach to transformation.
Chapter 4: Taking an Honest Look in the Mirror
Listen to episode 260 of the Retail Transformation Show. This episode is about Simplification and explores how Gemba walks are a great way to understand reality and overcome blind spots.
Chapter 5: Reading the Signals
Data plays a key part in this chapter, and you might be interested in subscribing to Oliver’s LinkedIn Newsletter: Retail By Numbers.
There are also many episodes about data on the Retail Transformation Show podcast, so take a scroll through the archives.
Chapter 6: Finding the Ideal Transformation
Explore episode 229: To Disrupt Or Not To Disrupt from the podcast. It’s available in the usual podcast players and apps, or simply listen below.
Be sure to access the Transformation Brief and Mock Press Release templates to help define and clarify what your transformation is about.
Chapter 7: Defining the Solution
Be sure to access the Transformation Brief and Mock Press Release templates to help define and clarify what your transformation is about.
Chapter 9: Winning Hearts and Minds Starts with You
Chapter 10: Getting the Best People Involved
Chapter 11: Creating and Fostering Your Transformation Ecosystem
The system diagram in this chapter (see Figure 11.1) demonstrates the complexity of the wider ecosystem. In addition to the aspects discussed in the book, there is more depth to each as you can imagine.
For example, let’s take the ‘External Environment’ box and explore this in more detail. This could include:
Local situations such as trading patterns, weather conditions, local economic situation and more. It’s also important to reconise that the degree of localization could change – from a country level down to a specific town or even more specific such as a shopping mall location.
Global situations have become more of a focus in recent years. Aspects such as Covid-19 have, of course, made a huge impact on the retail sector and consumers, too. We’ve also seen significant supply chain impacts and implications from elements like the Russia/Ukraine war, the Ever Given Suez Canal blockage, Red Sea attacks and many more. These all impact the retail organization as a whole and may directly influence the strategy by creating the mandate to commence (or halt) a particular transformation initiative.
Competitors impact the overall ecosystem in a number of ways. At the most basic level, competitors impact the choice that customers have which dictates elements like price, promotions, and therefore the overall revenues and profits that your company will achieve.
Politics and economics continue to play a part and will continue to evolve. This could have direct impacts on imports and exports, as well as trigger new regulations, restrictions, grants and funding or could indirectly impact finances through taxation on companies and consumers.
Regulations also evolve over time and may require retail organisations to adjust their thinking and approach. Expect to see regulations about environmental sustainability, ethics and technologies like AI or robotics play a part which will all play their part in influencing the strategy and therefore the transformation. Additionally, for larger and international retailers, these regulations will vary by territory and country which could diversify the operating and business models.
Other industries (e.g. technology, media) also impact the transformation ecosystem, especially as retailers increasingly diversify into other sectors. Examples include how Amazon is expanding into the Healthcare market which is driving disruption into prescription regulations, delivery propositions and other factors. We’re also seeing technology companies like Meta and TikTok move into the retail sector and trigger changes to consumer behaviours and buying habits.
This was just for the ‘External Environment’ box and is still fairly high level. In fact, the scope of expanding this box is essentially infinite as it spans the full world and is continually changing. However, it would be valuable for you to consider how each of the boxes from Figure 11.1 breaks down into more granular details that are relevant to your category, company and situation.
Chapter 12: Accelerating Meaningful Progress
Chapter 13: Avoiding the Inevitable Roadblocks
Chapter 14: Overcoming the Uncertainty and Unknowns
We’ve all been subjected to greater levels of uncertainty in recent years, and all signs seem to suggest that the VUCA (volatile, uncertain, complex, ambiguous) world will continue.
Listen to episode 113: Disruptive Thinking for a Volatile World, featuring Dr Jackie Mulligan. In this episode, you’ll hear approaches to help you play with uncertainty and, in turn, grow more comfortable with undesirable futures. This is essential to becoming more realistic and, therefore, better prepared to flex and adjust plans.
Chapter 15: Making Bold Decisions
In episode 195 of the Retail Transformation Show podcast, explore the Anatomy of a Decision to understand what’s going on and how you can improve.
It’s also worth considering how you can improve as a decision maker by learning from expert decision makers in other industries or walks-of-life. Listen to podcast episode 196: Learning from World Class Decision Makers.
Chapter 16: Executing and Realising the Transformation
One of the important factors at this stage is communication. Listen to episode 209: Powerful Change Communication with change communication expert Lucy Eckley and discover why we struggle with delivering great communication, what great change communication looks like and how you can use the elements of story and narrative theory to boost your approach.
Chapter 17: Bringing it All Together
As we conclude, be sure to use the Retail Transformation Steering Wheel. You might also want to reflect on your past and future transformation efforts. What’s worked on a personal level or at a company level? What would have been improved? How would you want to act, behave or approach transformation next time?
Reach out to share your thoughts. Contact Oliver now.