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Even the stodgiest retailer can win over millennials - Not your father's RadioShack

Even the stodgiest retailer can win over millennials - Not your father's RadioShack | Innovation & Institutions, Will it Blend? | Scoop.it

One store no longer fits all. 
     
Today’s millennials—nearly 80 million individuals in the United States alone—represent a staggering force in today’s marketplace, spending roughly $600 billion each year. And their impact is only expected to grow through 2020, with estimates their total spending in the US will top out at nearly $1.4 trillion annually. 
     
Despite this, most retailers today are millennial-challenged...


Highlights:


  • Unlike previous generations that struggled to price and comparison shop, millennials have it down to a science, using sites like Hukkster.com to find unique products and discounted rates at the click of a button.
    
  • Showrooming:  ...Millennials, looking at products on the retail floor and then turning to the internet to make their actual purchase at the lowest price is a way of life. But retailers can’t afford to simply turn their stores into showrooms.   ....To survive, they must change their in-store experience—and fast. 
    
  • The sale doesn’t end at the register
    
  • Understanding how [your] brand and products fit into the broader fabric of their lives.


Read more here.
   

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Deb Nystrom, REVELN's insight:

I, for one, loved the Superbowl ad and all the in-your-face 80's iconic flashback  For two:  this article covers the complexity of bricks and mortar, showrooming, price shopping and the ongoing relationship with mobile- and tech-savvy millennials and anyone who uses tech as their right hand for shopping research.  ~  Deb

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Ten (10) Tech Trends That Will Change 2013 Business, Innovation Opportunities

Ten (10) Tech Trends That Will Change 2013 Business, Innovation Opportunities | Innovation & Institutions, Will it Blend? | Scoop.it

Excerpts from10 top technology trends that may shape your 2013 business creativity and innovation.


Excerpts:



1. Big data goes mainstream.


Paul Daugherty, CTO at Accenture, predicts that 2013 will be the year that many companies plunge into big data in a big way, which doesn't ensure success, notes M. Eric Johnson, director of the Center for Digital Technology at Dartmouth University.
   

"…we will continue to see a good deal of disappointment, …a lot of companies are clueless about how to unlock the value …in their data."

  
2. The digital enterprise emerges.
A confluence of technologies and systems is ushering in an era of digital acceleration. Clouds, mobile technology and social media increasingly make proprietary hardware and software platforms irrelevant.
   

Bill Briggs, global lead of Deloitte Digital and deputy chief technology officer for Deloitte Consulting. "There is an immense interrelationship among various digital technologies. They are profoundly reshaping business and creating enormous opportunities."
    

3. Social media gets sophisticated.

        
"…the combination of mobility, social and location-based services has the ability to transform the enterprise."

     

4. Clouds are everywhere.

   
"The cloud means that you can …create a sum greater than the individual parts, …[which] also translates into greater agility and flexibility."

    

5. IT stocks talent.

   
Organizations are loading up on IT talent and building centers of technology excellence to spur innovation.

   

…Last September, General Motors said that it plans to hire as many as 1,500 workers to staff a new computer technology center near Detroit. Other major companies have made similar announcements in recent months.

   
6. IT means business.

   
"We're at the point where you cannot separate business strategy from technology strategy," explains Deloitte's Briggs.  

"Siloed organizations cannot act in the highly agile manner that's necessary," Georgetown's Prashant warns. He says that organizations must create cross-functional teams and engage in practices that help IT and business executives become more fluent in each other's domains.

    

7. The post-PC era takes hold.  

   
"It's vital to deliver the full fidelity of services and offerings across mobile platforms," says David Reilly, managing director of Bank of America's Technology Infrastructure organization. 2013 will be a year in which IT executives must focus on creating a consistent experience across devices and browsers.

    

8. Consumerization rules.
Confront the bring-your-own-device (BYOD) movement and the consumerization of IT to support smartphones, tablets and other employee devices.

    

9. Organizations get serious about cyber-security.
Cyber-threats are increasing…Ernst & Young's Nichols says that organizations must examine security in a more holistic manner, including examining the cloud, partners and mobile systems.

The good news is that tools are becoming more sophisticated, and the coming year may be as a turning point.


10. Analytics is for everyone.

   

"We are quickly reaching a point of maturity…" …Analytics software is allowing more agile and effective decision making in business. This trend will continue to accelerate in 2013.

     

Read the full article here.


Photo credit: by UggBoy UggGirl - Flickr

    

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Deb Nystrom, REVELN's insight:
  • Technology continues as an accelerator to business and a foil for creativity and innovation.  This is a great list to add to the trends cited in Change Leaders Watch.
         
  • It's also a good trend watch mix for what's next in our VUCA world  (Volatile, Uncertain, Complex, Ambiguous), although this list helps it be a tad less so.

   
~  Deb 

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The world's most creative cities > Does it translate to Innovation?

The world's most creative cities > Does it translate to Innovation? | Innovation & Institutions, Will it Blend? | Scoop.it

Tel Aviv, London, Sydney, Stockholm and Shanghai are booming with talent.


Because creativity is cultural.  [And so} the Martin Prosperity Institute at U of T’s Rotman School of Management has been studying the complex web of factors that encourage and sustain innovation in regions around the world.


The institute’s Global Creativity Index, first published in 2004,  measures a nation’s innovation potential, focusing on what it calls the Three Ts: technology, talent and tolerance.


"The GCI is really trying to help regions understand where they are," explains Kevin Stolarick, research director of the Martin Prosperity Institute. "Even when times are good, you have to worry about what comes next."


These  five cities —and some of their start-ups—are on the docket for having very bright futures.


Via Karen Steffensen
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Scaling Up in the UK: Zapp App Enables Millions of Shoppers to Pay by SmartPhone

Scaling Up in the UK:  Zapp App Enables Millions of Shoppers to Pay by SmartPhone | Innovation & Institutions, Will it Blend? | Scoop.it

Millions of consumers will be able to use a smartphone app to pay for purchases this year in the latest shift away from cash and card payments.

 

Known as Zapp, the app is due to launch in the autumn and will be available to 18 million UK current account holders with HSBC, First Direct, Nationwide, Santander and Metro Bank.

 

The mobile payment system will only work for online purchases initially, but Peter Keenan, chief executive of Zapp, said he expects it to be enabled for at least one in five store payments from late 2015, meaning that consumers can "leave their wallets at home".


From another article about smartphone app payments in the US from The Verge:

There are two primary means of paying with your phone at a brick-and-mortar store: scan to pay using a QR code, and tap to pay using Near-Field Communication, or NFC. As the market battle rages over which pay-by-phone technology will win out, LevelUp has decided to hedge its bets with a new piece of hardware that supports both.  

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Via JWT_WOW, 15marches
Deb Nystrom, REVELN's insight:

Mobile is getting even bigger, scaling up in the UK.  As for leaving your wallet at home?  Eventually.  Google Wallet and Square, and now LevelUp are 3 apps in the USA for paying by smartphone.  They are in limited use.  The UK will be a new test of scaling BIG for smartphone app payments.  ~ Deb


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Growth Limits: 'Paradigm-shifting innovation is what we need' - Hindu Business Line

Growth Limits: 'Paradigm-shifting innovation is what we need' - Hindu Business Line | Innovation & Institutions, Will it Blend? | Scoop.it

Growth is going to come only through innovation, focusing on poor countries. In the current environment you can grow aggressively only by inventing and innovating.


Prof. Vijay Govindarajan is widely regarded as one of the world's leading experts on strategy and innovation.


Excerpts:


The innovation agenda, people are also realising, has to be in poor countries. Because, ...the world's overall population of about seven billion now, there are three billion who are rich enough for the products which have already been invented.


But the four billion poor, who are non-consumers of just about everything, have to be brought into the consuming base.


...Reverse innovation first requires that you innovate in the poor country. That is step one.


Step two is to take it to other emerging markets. Step three is to bring it to the US or other rich countries. Most companies haven't even reached step one. That itself is a big one because American companies still think of India as poor and ‘therefore they want cheap products'.


They have to change that mindset; they are coming from a different mindset of innovations. They have to first think about changing the innovation paradigm itself and then about how to take it to other countries.


Two important traps Indian companies should absolutely avoid. The first trap is to ‘dumb-down' the technology and make something cheap. No. That is not what people want. People want technology-rich products, but also at the right price.


The Apple Nano is one example.


Keywords: Prof Vijay Govindarajan, Tuck School of Business, Dartmouth, American multinationals, product innovations, dumb-down technology, Flexibility, credibility

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