Last week I attended WWD’s Retail 20/20 event in New York City. Karla Gallardo, co-founder and CEO of Cuyana said something that really resonated with me, “Retail isn’t dying; our imagination is.” This struck a chord with me because it perfectly tees up the challenge many retailers and brands are facing today. While the imagination of these organizations may be dying, the imagination of the consumer is not. Retailers and brands need to find a way to catch-up, and emerging technologies are a big piece of the equation.
However, when you think of AI, predictive analytics and Big Data, most of the time you’re not thinking about small retailers and brands. But as many of the big retailers struggle to digitally transform their businesses, small and midsize (SMB) retailers are finding their moxie, particularly because they live in a world where avoiding even one misstep can have significant upside for their business.
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