Few industries are being disrupted as drastically as the retail industry. Pioneers of new business models, such as Alibaba and Amazon, are launching innovations in rapid succession, such as voice ordering and real-time pricing, while simultaneously building scale and driving down costs. More retail purchases are moving online, and a growing number of manufacturers now sell to consumers directly, cutting out retailers entirely. Making matters more challenging, these shifts are happening across practically every retail category – books, entertainment, housewares, clothing, food, financial services, and even energy.
3 Changes Retailers Need to Make to Survive
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November 15, 2017, Updated November 17, 2017
Summary.
As the retail industry faces drastic disruption, what can business managers do to keep up? In this piece, the authors offer three suggestions for companies struggling to adapt to rapidly changing business models: First, empower your mid-level teams. Next, engage your high-level executives in continuous small sprints. Finally, empower your people to feel comfortable with failing fast — including the CEO. While change can be challenging, it’s also an opportunity for growth. It’s up to business leaders to take advantage of that opportunity.
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Innovation and Creativity Course
Accelerate your career with Harvard ManageMentor®. HBR Learning’s online leadership training helps you hone your skills with courses like Innovation and Creativity. Earn badges to share on LinkedIn and your resume. Access more than 40 courses trusted by Fortune 500 companies.
Unlock your team's curiosity and willingness to take smart risks.