Five retail technology questions for Salesforce powered advertising platform ADvendio’s Bernd Bube
RTIH asks major players in the retail technology space for their thoughts on the sector, and throws in a random question to keep them on their toes. This time around, our five questions go to ADvendio Founder and CEO Bernd Bube.
RTIH: Looking at the hottest retail technologies right now, check-out free stores, rapid delivery services, the metaverse and NFTs, automation and robotics, which ones stand out to you, and for what reason?
BB: I am going to say AI powered ChatGPT solutions – however, I say this with a caveat that currently its use cases are mainly within the creative side.
We’ve only just scratched the surface of its capabilities for other uses. I do not doubt that it will evolve to revolutionise how we work and interact in the future, comparable to the commercialisation of the internet in the 1990s. But there is still a corner to turn before it does so, so it remains ‘one to watch’.
RTIH: Which retail technology trend is overrated, in your opinion?
BB: Any technology that can’t generate interpretable and actionable data that can be used for continuous improvements to operations or customer experience, or tech that operates in silos, would be the tech I would highlight as being overrated.
It is this insight that can be used to drive competitive advantage, and when retailers are looking to grow, optimise and monetise their first party data, generating or developing data is a prerequisite of any technologies or solutions that will make a tangible impact upon performance.
RTIH: What are the top five retail tech Twitter/LinkedIn accounts you can’t do without, and why?
BB: First up, Insider Intelligence’s Principal Analyst for Retail and E-commerce, Andrew Lipsman, is one of the leading authorities on retail media networks, having put together a series of reports which explore the third wave of digital advertising, and is a go-to industry thought leader on the topic.
Kristi Argyilan, Albertson’s SVP, Retail Media, is also a go-to – she’s transformed how Albertson’s is leveraging and monetising its first party data to open up new collaborations with CPGs and brands.
She often shares best practice on the industry stages, having recently spoken at NRF’s Big Show in New York in January, as well as on her social channels.
When it comes to those LinkedIn or Twitter accounts that take a macro look ahead view on retail trends and consumer behaviours, I often turn to either Euromonitor’s Michelle Evans or WGSN’s Andrea Bell for their take on where the shopper is headed.
Their fingers are well and truly on the pulse of emerging consumer behaviours and new cohorts that will inform retailers’ – and consequently tech providers’ – strategies for the future.
Last but by no means least, IGD’s Toby Pickard is someone I follow for the inside track across the latest trends and best practice within the grocery sector.
RTIH: If you could have a dinner party with any five retail pioneers, dead or alive, who would they be and why?
BB: Being German, I would have to invite the founders of both discounters Lidl and Aldi as my first two dinner party guests, as both have been instrumental in revolutionising the supermarket industry, having found a way to deliver against both price and quality.
When Lidl first launched its affordably priced, award winning Champagne range, it was democratising luxury for everyone, so its founder Dieter Schwarz would be one of the first people to receive an invite to my ultimate retail dinner party – as someone who now almost never makes public appearances, it would also make him an extra special guest.
Similarly, having enjoyed reading the History of Aldi recently, the two brothers co-founders, Karl and Theo Albrecht, would also be invited. I’d love to hear from them first-hand about how they took the brand from a corner shop owned by their mother in post-war Essen in Germany to an international retail disruptor and supermarket challenger brand.
Business magnate, Warren Buffett, would also be on my invite list so my dinner guests could pick his brains on the world of business, self-improvement and strategies for delivering performance.
And, because every good dinner party needs someone who’s not afraid to rock the boat and cause a bit of controversy, my fifth and final invite would go out to Elon Musk for his ability to spark debate.
RTIH: What is one business rule you live by?
BB: As Warren Buffett once said, time is the most precious commodity.
One of the best hacks for being ruthlessly effective in your prioritisation is one that I heard from Buffett and has since stayed with me. It is one of the business rules I now live by, and it helps me and my team in ensuring we remain laser-focused on the actions and projects that are strategically important.
Buffett’s advice in his ‘25/5’ rule is to list out 20 goals or key actions you are looking to achieve, and then circle the five you absolutely must focus on first above all the others.
He then advises you to ignore the other 20 until you have achieved the five you have identified as the most pressing.
Without the distraction of the other 20, your mind is then free to concentrate fully on achieving those five mission-critical items, helping you liberate your prioritisation and become more effective in delivering strategically important activities.
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