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    10 Principles of High Productivity Retailing

    enMay 17, 2022
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    About this Episode

    Today we’re speaking with Jim Inglis, a 60-year home center industry veteran, executive, and author. In part two of this podcast series, we explore the ten principles of high productivity retailing gleaned from Jim’s time with The Home Depot and his tenured career. Jim shares insights about how building brand, customer loyalty, trust and culture is critical for success in retail.

     

    IN THIS EPISODE: 

     

    • [01:45] What are the 10 principles of high productivity retailing?
    • [09:27] How has the digital revolution impacted brand and customer loyalty and what's that interplay?
    • [12:45] Where do you think the impact of the retail apocalypse is going to be felt?
    • [17:30] What does the “self-service is the best service” principle mean to the retailer?
    • [20:20] Why is the full journey to customer loyalty and trust so critical?
    • [22:57] How does a retailer truly empower their people and drive culture for success?
    • [26:30] What are your last parting words on the 10 principles of high productivity retailing?

     

    KEY TAKEAWAYS: 

     

    • Embracing change, delighting the customer, right pricing, measuring the success with gross margin return on investment, having low cost and low price, advertising, having self-service, becoming more service-oriented, and paying attention to the company culture bring productivity to retailing.
    • There has been an evolutionary change in the retail business and an absolute revolution in marketing. Technology has become vital to businesses in communicating with customers.
    • Bad malls were being driven out of business by good malls. It was a false premise that there was going to be a physical store apocalypse because of e-commerce. In fact, pure e-commerce players are unlikely to survive in the face of rising costs and online-only service delivery.
    • The value-oriented retailers who design their stores to work well are growing and opening new stores.
    • The “work good” versus “look good” dichotomy is choosing between the ambiance and shopping experience. Value-oriented players’ operating models are focusing on designing their stores to work well, achieve efficiency and drive down costs.
    • Culture drives employee performance. Leadership sets values and demonstrates behavior that instills a mission-driven culture with very specific goals and objectives.
    • Bleeding Orange Culture was built on decentralization and delegation that requires the empowerment of associates. The associates take ownership, which means they adopt the culture and understand the mission-driven culture and begin to make the right decisions. Companies must educate and reward their employees for better results.

     

    LINKS MENTIONED 

     

    www.breakthroughretailing.com

     

    www.telaid.com/solutions/retail-automation/

     

    BIO: Jim Inglis

     

    Author of How a Bleeding Orange Culture Can Change Everything! Jim Inglis has more than 50 years of experience in the home improvement retail segment. He served in executive positions with The Home Depot for 13 years and has served on the board of several retail-related associations and businesses. Since founding Inglis Retailing in 1998, Jim has advised leading home improvement retailers worldwide. In 2015, he was honored with a Lifetime Achievement Award from the Global Home Improvement Network and the European DIY Retail Association.

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    KEY TAKEAWAYS:  

     

    • Operators need to ensure they are complying with food safety regulations, while also reducing waste.  
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    LinkedIn – Thom Schmitt 

     

    www.compliancemate.com  

     

    BIO:  

    Thom Schmitt serves as Vice President of Sales at ComplianceMate, bringing over 30 years of experience directing sales of SaaS Solutions as well as consumer/industrial electronics. Thom joined CM Systems, LLC in 2011 having previously worked for over 20 years at Hitachi Electronic Devices USA. Over the course of his career, Thom has forged longstanding relationships with his customers, including Five Guys Burgers and Fries, Chick-fil-A, and several other nationally known restaurant concepts. Thom has also worked with several leading retailers and grocers including Hy Vee and Roche Brothers. Thom holds a BA from the University of Iowa. 

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    LinkedIn – Eric Dalton 

     

    BIO:  

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    KEY TAKEAWAYS:  

     

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    LINKS MENTIONED  

     

    LinkedIn – Corrie Martin -https://www.linkedin.com/in/corriemartin/

     

    BIO: Corrie Martin is the Sales Director for strategic North American partnerships at Retail Insight. A go-to-market executive with expertise in Automation and Robotics, Store and eCommerce Operations, Data Analytics, and Loss Prevention. Corrie spent six years at Walmart helping them re-invent their store operations and customer experience by launching new Online Grocery Pickup and Delivery fulfillment services.
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    KEY TAKEAWAYS: 

     

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    LINKS MENTIONED 

     

    Radius AI

     

    LinkedIn – Susan Sly

     

    BIO: 

     

    Susan Sly is a tech investor, co-founder, best-selling author, keynote speaker, entrepreneur and podcast host of Raw and Real Entrepreneurship. Susan holds an Advanced Certificate for Executives in Management, Innovation, and Technology from MIT and is the author of 7 books. As a highly acclaimed keynote speaker, Susan has spoken for MIT, NVIDIA, Intel, Lenovo, and shared the stage with Tony Robbins, Jack Canfield, Robert Kiosaki, and more. And she has been a featured guest speaker for the National Restaurant Association, Executives Next Practices Institute, Forbes Roundtable, Corenet Global and the Edge AI Summit. In 2022 Susan was honored to receive the Rosalind Franklin Society Award in Science and a nomination for the Rising Star in AI from Venture Beat. Susan is the Co-CEO, and Co-founder, of RadiusAI – an award-winning artificial intelligence company with offices on three continents.

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    KEY TAKEAWAYS: 

     

    • If there was a silver lining to the pandemic, it was that it helped stress test the technologies that are going to work and those that are ahead of their time. It accelerated automation and changed store operations. However, store operations and LP/AP operate in parallel universes and LP/AP teams were not necessarily prepared for the new risks and loss opportunities introduced with new technologies like self-checkout. 
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    • People are still critical to the retail experience. Whether it’s helping mitigate risk and reducing theft or delivering an enhanced customer experience, associates play an important role in retail. I expect that in the not-too-distant future, key retailers will differentiate with their “good old fashioned customer service” in stores. There is a place for fully automated and frictionless, but it’s not in every store.
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    LINKS MENTIONED 

     

    Brand Elverston Consulting

     

    LinkedIn – Brand Elverston

     

    BIO: 

     

    Brand joined Walmart in 1995 after serving over eleven years as a Field Artillery Officer in the United States Army. He began his retail career with the field Asset Protection (AP) team but quickly transitioned to the home office AP staff serving in several key positions including Merchandise/Systems Coordinator, Director of AP Operations, and Director of AP Strategic Initiatives with primary scope over all research and development efforts, strategic systems integration, and new technology pursuits. For the last 14 months of his nearly 22-year career with Walmart, Brand was appointed the Director of the newly created Operational Execution team with responsibilities of evaluating the execution and effectiveness of key, strategic company programs at store level. Brand retired from Walmart in March of 2017 and is currently the Founder/Principal of Elverston, LLC., providing senior advisory services to risk mitigation technology providers and retailers alike.

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    KEY TAKEAWAYS:  

     

    • When Everseen set out, the founder’s lifelong mission was to reengineer critical business processes in retail to make them more efficient, save money and/or reduce threats. As retailers transitioned from staffed checkout lanes to self-checkout, they could not see what inventory was lost, how, why, or by whom. By fusing AI and computer vision, we could give retailers actionable information in the moment. 
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    LINKS MENTIONED  

     

    Everseen 

     

    LinkedIn – Alex Siskos 

     

    BIO:  

     

    Alex joined Everseen in 2017, bringing more than 25 years’ experience in retail strategy and analytics. He previously served in leadership positions at Walgreens, led the entry of Blue Yonder into North America, which was later acquired by JDA. He also held business process strategy, market development and analytics roles at Accenture, Nielsen and Crossmark. Alex leads market analysis and corporate strategy for Everseen, helping to drive the company’s growth across the retail sector as well as its expansion into a variety of other market segments. 

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    • [4:35] Are there shifts in how devices are being rolled out and manufactured today that impact the repair side?  
    • [6:00] Are there changes in the types of devices being deployed?  
    • [12:25] What is some other wisdom about device repair? 

     

    KEY TAKEAWAYS:  

     

    • In most cases, technology devices are not the core of the business, but increasingly every type of business relies on technology devices to operate. When devices fail, it typically has a revenue loss associated with it. As a result, having a plan for the maintenance and repair of devices is critical.   
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    • Business leaders need to assess if they are going to buy the latest devices or tap someone who can help them extend the life of existing devices. This is another avenue for efficiency and business intelligence.  

     

    LINKS MENTIONED  

     

    LexiconTech 

     

    LinkedIn – Josh King 

     

    LinkedIn – Shannon Lightsey 

     

    BIO:  

     

    Josh King 

    Joshua King has 15 years of experience working alongside and guiding C-level executives through critical management, financial, operational, and strategic decision-making processes. He is the CEO of Atlanta-based Lexicon Tech Solutions, a company with a 25-year year history of performing large-scale technology repairs and maintenance for businesses and school districts nationwide.  

     

    Shannon Lightsey 

    Shannon Lightsey has 20+ years of experience in customer service management and sales. She is a senior account executive at Lexicon Tech Solutions where she helps customers ranging from mom-and-pop stores to Fortune 500 companies with their repair, maintenance, and new equipment needs. 

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    IN THIS EPISODE:  

     

    • [1:35] What inspired the founders of Mashgin to create this self-checkout/computer vision technology? 
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    • [4:12] What challenges are industries experiencing that are driving adoption? 
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    • [8:55] When you look at a successful deployment, what are some critical success factors?  
    • [10:35] What do the next 5 years look like for this type of technology? 

     

    KEY TAKEAWAYS:  

     

    • Mashgin is the world’s fastest self-checkout and computer vision solution, speeding transaction times to under ten seconds.  
    • Some of the key drivers of the adoption of this technology include consumers not wanting to wait. Lines are also getting worse due to labor shortages. Post-pandemic shoppers are visiting smaller locations to quickly grab a couple of items rather than making major trips to the grocery store. 
    • A very attractive user for this type of solution is the habitual customer that is purchasing the same thing day after day and wants to get in and get out quickly. 
    • Mashgin has expanded from a primary presence in cafeterias and stadiums, to convenience stores and petrol stations. They have added capabilities that consumers demand such as accepting cash, incorporating loyalty programs, and purchasing gas.  

     

    LINKS MENTIONED  

     

    LinkedIn 

     

    Mashgin 

     

    BIO: Jack Hogan 

     

    Jack Hogan is the Vice President of Strategic Partnerships at Mashgin, an AI-Powered Self-Checkout System for convenience stores, sports stadiums, business dining, and universities. Before Mashgin, Jack built and scaled companies across AI, recruiting, and events. While working in the recruiting space, he also founded the non-profit Neurodiversity Pathways to help train and place adults on the Autism spectrum with jobs at the top Bay Area companies. 

    Beyond Traditional Surveillance: Future Applications for Optical Technologies With Jordan Rivchun

    Beyond Traditional Surveillance: Future Applications for Optical Technologies With Jordan Rivchun

    In this episode of Telaid Tech Connect, we’re speaking with Jordan Rivchun, Head of Business Development at Hanwha Techwin. We discuss how business leaders can leverage new optical technologies beyond traditional surveillance to reap operational and other business benefits. 

     

    IN THIS EPISODE: 

     

    • [2:20] At the manufacturing level, what has changed that’s driving the ability to do more with optical technology?
    • [5:07] Are there specific industries that you think are ready to advance their use of cameras and computer vision? What are the critical use cases? 
    • [8:50] There are so many partners in this space, how do you assess which is the right partner to bring to your client who is trying to solve a particular business challenge?
    • [11:30] Is there anything from the hardware side that is driving the ability to support these next-generation technologies?
    • [15:05] What do the next five years look like for optical technology? 

     

    KEY TAKEAWAYS: 

     

    • Edge-based technology and AI have transformed cameras into sensors and sensors into service providers for the user. Instead of capturing video that you scroll through to find what you need, technologies today proactively and without false alarms, detect events of interest and notify users instantly. 
    • Use cases for video are now expanding far beyond LP/AP. Applications today in retail include labor optimization, floor planning and safety. In QSRs, video can now be used for order verification, traffic analysis and food safety.
    • Non-traditional use cases are constantly emerging as customers bring new business challenges to the table and vendors work together to develop solutions using optical technologies.
    • In the next five years, we’re going to see better compression technologies, the mainstreaming of 5G, more dependency on the cloud and more AI.

     

    LINKS MENTIONED 

     

    LinkedIn

     

    Hanwha Techwin

     

    BIO: Jordan Rivchun

     

    Jordan Rivchun is the Head of Business for Hanwha Techwin America. Rivchun has 18+ years of physical security technology and retail loss prevention experience. Prior to joining Hanwha in 2018, Rivchun was director of loss prevention with DSW (Designer Shoe Warehouse), where he was responsible for all facets of the Loss Prevention program including physical security, internal investigations, loss prevention systems and data analytics, as well as the field organization. Rivchun was also an active member of RILA’s Asset Protection Leaders Council (APLC). Prior to his 8-year career at DSW, he worked for Security Risk Management Consultants, Target, and Nordstrom in both security and asset protection capacities.