How does the Walmarts discount business model work
Retail Revolution: The 5 Success Factors
The 5 success factors of the retail revolutionaries
What can be read from the development of the two Big A's Amazon and Alibaba for the revolution in the wider retail business? And who are the players who we will see as successful revolutionaries in another ten years? The drivers of the retail revolution are above all the differentiations that these two companies have made (and that the above-mentioned companies have ignored or did not successfully implement). These can be summarized in five points:
1. Leaders and constancy
While the management teams in classic retail groups spin on an ever-fast carousel (remember the tragic changes in the Karstadt case, the length of time Bundesliga coaches stayed at Schalke 04, or the already permanent management blockade at Metro and Media Markt), these are of all places Retail revolutionaries endowed with a constancy reminiscent of the Cuban leaders of the Castro family: Jeff Bezos has led Amazon on a safe course since it was founded (22 years old!), And Jack Ma has been the much admired and integrating leadership character in his student room since Alibaba was founded in 1999. Both leaders have a strong vision (see the Amazon logo or the 102-year objective of Jack Ma). And they are pure digital natives - often in contrast to the very traditional retail managers. The following additional success factors are closely linked to their people. In addition, the entrepreneurs have managed to achieve their to anchor personal DNA in the culture and structure of your company.
2. Permanent innovation in the value chain
Since the beginning, both companies have been constantly in innovation mode. 1-Click, Prime, Amazon Vine, videos, the provision of cloud and server space in the web service, delivery by drone - Amazon is continuously developing. The same applies to Alibaba with the AliPay payment service, marketplaces and the introduction of “Singles Day” as an online sales event - in 2015 the company made over 14 billion dollars in sales on this day alone, twice as much as Otto in the whole year! The list of implemented innovations is extremely long - and that of the planned innovations is even larger.
3. Focus on customer relationship management and customer service
For almost 20 years, Media Markt bravely refused to introduce a customer relationship program or actively use customer data. Today the Big A's are miles ahead - with customer reviews, suggestions, recommendations and customer networking. Today, Amazon has more than 120 million customer visits per day - all of which are personalized. These are best practices for CRM in its purest form that show that you can digitally manage customer relationships as well as provide customer service can.
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