Retail Transformation

What will it take for in-person retailers to remain successful in a world increasingly dominated by Amazon? In two words: Transformative Experiences! In this episode we offer predictions and guidance for retailers who are ready to earn the economic power of guiding their customers on meaningful and impactful transformational journeys. 

In This Episode: 

• [02:00] What exactly is the Transformation Economy?
• [03:32] Where Transformations fit within the Experience Economy as described by B. Joseph Pine II and James H. Gilmore
• [04:36] Dave reflects on an article he co-wrote called The New You Business: How to Compete on Personal Transformations for the Harvard Business Review.  
• [06:20] How does understanding people's wish for transformation influence how companies think about jobs to be done?  
• [09:50] Which retailers are currently doing well with Transformations?
• [16:57] We make suggestions for ways Home Depot could successfully compete in the Transformation Economy. 
• [33:43] What it is going to take for in-person retail to stick around in the world of Amazon.  
• [34:05] Here is a video Dave and Aransas made with Joe Pine to help you dig deeper into the concept of transformational jobs within the retail industry.  https://www.stonemantel.co/hbr-article

Key Takeaways: 

• 77% of consumers tried new shopping habits in 2021.  
• Experiences drive a greater economic value.  People are more willing to invest in them.  
• Retailers need to know what role they are going to play to help people transform their customers' lives.  
• Companies that focus on the progressive journeys of their customers rather than just the spending aspect tend to build more trust with their customers.