nickshanagher

The IT revolution that helped Tesco and Wal-Mart leap ahead of the independent channel may have a sting in the tail, the authors of Reshaping Retail , a new book from Wiley, suggest. Stefan Niemeier, Andrea Zocchi and Marco Catena have collaborated on a book that summarises the world view of McKinsey, the giant US consulting firm. Technology has handed power to consumers at retailers’ expense, they write. Smart phones that let shoppers product search and research, purchase and pay, and connect to social media for reviews have destroyed “the monopoly retailers once enjoyed over information about products and prices”. The book’s most provocative assertion is that many retailers simply do not have the mindset to adapt to the new situation. “Too many of those who began their careers operating stores are still trying to squeeze more from their traditional business processes rather than responding to the new world in entirely new ways,” they write. Wholesalers could ask themsel...

My thoughts about traffic lights have been amplified by some comments in Reshaping Retail , a book by Stefan Neimeier, Andrea Zocchi and Marco Catena that explains why technology is transforming the industry and how to win in the new consumer driven world. They write: "With an internet-enabled mobile phone, it is easier to make an informed choice, which need not be limited to the products in the store where the customer happens to be standing." The shopper can look for reviews and compare prices: The RedLaser app lets you scan bar codes and instantly receive information on prices and product reviews Yottamark's Harvestmark Food Traceability app calls up information on the provenance of particular items, shares reviews and gives contact details for farmers. PS The traffic light food tracker from Australia is exactly the tool the UK government could use if it wanted to. For more see www.betterretailing.com .