RTIH Top 50 Retail Technology Influencers interview: Rick Watson
RTIH TOP 50 RETAIL TECHNOLOGY INFLUENCERS LIST SPONSOR
We recently published the RTIH Top 50 Retail Technology Influencers List. In the first of a series of interviews with those who made the cut, we discuss retail during the Covid-19 outbreak and beyond with Rick Watson, CEO and Founder, RMW Commerce Consulting.
RTIH: Congrats on making it on to the first ever RTIH Top 50 Retail Technology Influencers List. What’s does recognition as a retail tech influencer mean to you and your business?
RW: It's great to be recognised on the list! It is just validating to know someone out there is listening.
All I can do is wake up every day and try to add value and sometimes even commiserate with what is going on in the industry. I think people have responded to that.
RTIH: How has the past year been for you?
RW: The last year has been busy.
E-commerce has continued to accelerate, which means more and more companies need help with their shift to digital. Those are the types of consulting services that I provide.
RTIH: Who have been the big retail winners and losers during the coronavirus outbreak?
RW: Digital grocery went on a meteoric rise. That is one of the most interesting segments to me right now. Anything furniture and home-related was similar.
The big losers are the ones who were caught flat-footed. Anyone over-indexed in retail stores with a limited digital presence or business model.
Bed Bath & Beyond comes to mind. If they had a couple of more years under their belt in their current transformation, they would have done well.
RTIH: What are your retail predictions for 2021 and beyond?
RW: I predict the entire middle-market of grocery will struggle. Local grocers with specialty or unique products should thrive.
Regional or smaller chains without fantastic digital and logistics infrastructure may struggle and/or be acquired by the larger players.
If a customer’s digital experience isn't first class, they will go elsewhere.
RTIH: What will be the must watch retail technologies over the next year and what will the retail landscape look like this time next year?
RW: I think supply chain and adtech investments will be the biggest investments you see retailers make.
Retail is not just retail anymore. It's an advertising business, it's a payments and financing business.
The retailers that make these kinds of strategic investments will be the ones who end up on top.
