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Akhilesh Srivastava

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  • Posted on: 04/05/2017

    BrainTrust throwdown: Is it inevitable that tech companies will dominate retail?

    I strongly believe that success in Retail commerce is a combination of variety of things. When Walmart created the supercenters and launched the ease of convenience and price, it flipped retail on its head. Amazon, Etsy and eBay did it again by innovating new business models for retail leveraging technology, big data and AI. Technology has proven to be a great equalizer for sellers/retailers of all sizes. The handicraft items which were being sold in Neiman Marcus stores for thousands of dollars, while only a small percentage was being passed onto the actual artist of the manufacturer, can now take the advantage of technology and hence cuts down the middle man. However, to stay competitive and win in retail, will require the retailers to provide the same level of technology convenience as Amazon, but differentiate themselves in terms of great merchandise and customer service. Nike, Apple, and Starbucks are among a few great examples of brands which have done a phenomenal job of leveraging technology to provide superior experience to their customers.
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