The retail industry has been undergoing a rapid
transformation fueled by technological advancements and digital innovation. As the retail landscape evolves, certain individuals have emerged as influential leaders driving change and shaping the future of RetailTech. The retail industry is at the forefront of digital transformation, with technology playing a pivotal role in shaping its future.
These leaders have demonstrated exceptional vision, innovation, and leadership in leveraging technology to enhance customer experiences, streamline operations, and drive business growth. Their contributions have had a significant impact on the retail industry, inspiring others and setting new standards for success.
These influential leaders have been instrumental in shaping the direction of RetailTech, revolutionizing various aspects of the retail industry. From implementing cutting-edge technologies to driving digital transformation, they have pioneered new strategies and solutions that have reshaped the retail landscape. Their leadership has inspired and empowered retailers to embrace innovation and adapt to the changing consumer demands and expectations.
They have harnessed the power of RetailTech to drive innovation, enhance customer experiences, and optimize operational efficiencies. Through their strategic vision and ability to navigate the ever-evolving digital landscape, they have redefined the retail industry and inspired others to embrace technology as a catalyst for growth and transformation.
Influential leaders have spearheaded technological advancements and digital transformation in the retail industry. Their leadership has not only positioned their organizations as industry leaders but has also inspired and influenced the entire RetailTech ecosystem.
CIOLook highlights the innovative approaches in its latest edition, " The 10 Most Influential Leaders in RetailTech 2023 ," and showcases the profound impact they have made within the RetailTech sector by staying at the forefront of technological advancements and embracing disruption; these leaders have positioned themselves as trailblazers, shaping the future of retail and setting new benchmarks for success.
Flip through the pages to discover more about these exceptional leaders and gain valuable insights into the transformative power of RetailTech in shaping the future of retail.
CONTENT
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Beth Horn
Director, Head of Industry, Retail & E-commerce
Carol Schuster CMO
Meta meta.com
Beth is a retail & E-commerce sales & marketing leader, a proven strategist, and a sought-after expert speaker on technology and digital media.
Daniel Lundh Founder
Lafayette 148 New York lafayette148ny.com Storekey storekey.com
Carol is an expert in building global brands and building new markets for Client's businesses.
Daniel is a seasoned business leader who founded his first company in 1999.
Daniel Rojas CDO
AlMalki Group almalki.com
Daniel helps people and organizations to leverage their untapped potential, to grow and to thrive.
Dhi Nunes Co-founder
The Latest Store partner.the-latest.de
Dhi is the co-founder of the latest platform that empowers future-shaping brands to bring their product innovations to market.
Donna Schermerhorn Mortgage Loan Officer
Lockie Andrews CEO and Managing Director
Oliver Mullins
Science Advisor to Executive Management
Sayed Habib Director of Business Development, Franchise and E-commerce
Steve Dennis Founder
TD Bank td.com
Donna is an experienced Mortgage Loan Officer with a demonstrated history of working in the banking industry.
Lockie is a retail and digital expert with 25+ years of experience leading digital transformations and growth initiatives. Catalyst Consulting catalystonline.com
Oliver is a Science Advisor to executive management at Schlumberger. Schlumberger Fellow slb.com
Danube Group aldanube.com
Under Sayed's leadership, Danube Home is a leading home improvement and home furnishing retail brand.
Remarkable Retail stevenpdennis.com
Steve is a strategy and innovation consultant, speaker, podcast host and the best-selling author of Remarkable Retail.
Danube Home aims to deliver an exceptional customer experience, keeping in mind that every assortment we deliver is in line with the latest trends and of the highest and finest quality.
Abusiness that prioritizes its customers is exempt
from all the scrutiny that might be detrimental to the enterprise. A healthy relationship with the clients enable companies to succeed in any market, even in resilient conditions like today. Customer focus and putting their needs first add more value to the company than any other retention strategy.
Acting upon such pivotal requirements of modern business, Sayed Habib, Director of Business Development, Franchise, and E-commerce at Danube Home, has taken it upon himself to cater to the needs of the consumer base, resting on his extensive experience in the field of business development.
Under Sayed’s adept leadership, Danube Home excels as the region’s leading retail name in home interior and home improvement solutions, operating stores in 14 countries. He also manages the strategic and business development division.
CIOLook had the opportunity to interview Sayed, in which he explained how he mastered the strategy of a successful business.
Below are the highlights of the interview:
Brief our audience about your journey as a business leader until your current position at Danube Group. What challenges have you had to overcome to reach where you are today?
Well, I feel a little nostalgic recalling my younger days when I was extremely keen to practice my entrepreneurial skills and become a business owner. Still, destiny, as you call it, had ordained a different journey for me.
My management and leadership qualities got me recruited in major banking sectors in India. After thriving for five years, I accepted a job offer for a business developer from a Dubai-based company that was in the business of rug manufacturing. I take pride in acknowledging that, henceforth, I have excelled in every division.
Tracing further, in 2009, I decided to join Danube Home as a product in charge when the brand was still an initial start-up. Gradually after achieving the assigned duties, I was further promoted to handle a wider product range
with some other crucial responsibilities and commitments like evaluation of vendor performance, identifying customer trends, and competitive mapping.
In 2017, I was yet again promoted to the General Manager for Business Development and, currently, The Director for Business Development, Franchise, and Ecommerce. The retail industry has incessantly intrigued me with challenges, but the bigger ones have always been internal. All the renowned corporations initially begin from a humble background, but with a conventional mindset and futuristic approach, they have managed to stay ahead of the curve. The bottom line is that evolving in business is one of the biggest challenges to combat.
What methodologies do you implement that contribute to new growth opportunities?
First and foremost, the priority of Danube Home is to make its customers feel special. We aim to deliver exceptional customer service, and to fulfill that, we continually research the dynamic market trends and prioritize customer expectations by identifying their needs and then catering to them with upgraded assortments of home essentials that work well with every budget. Last but not least, the most important of all methodologies is that the customer is your greatest asset, and make sure it’s a happy one!
Tell us more about Danube Home and its mission and vision.
The point remains relevant in building a satisfied customer relationship. We aim to deliver an exceptional
Danube Home sources over 50,000 products from suppliers in over 23 countries and is ranked among the top retailers in the MENA region, with an average year-on-year growth rate of 25%.
customer experience, keeping in mind that every assortment we deliver is in line with the latest trends and of the highest and finest quality. Known for our extensive product range and after-sales service, we believe in keeping close with our customers, making them feel special, and understanding their expectations, needs, and their purchasing patterns. This is why today, Danube Home is one of the fastestgrowing brands of home assortments at economical prices. It started as a single showroom in Ras AlKhaimah in 2008 and has steadily grown into the region’s ultimate shopping destination with 16 showrooms across the UAE and the Asia Pacific. The showrooms are strategically located in Al Barsha, Sharjah, Ras Al-Khaimah, Fujairah, Al Ain, and Abu Dhabi in the UAE, with seven showrooms in Oman, one showroom in Bahrain, and two in India, with several more expansions in line.
After realizing the emerging trends of E-commerce, we dedicated ourselves to revamping our online platform, making it more user-friendly, and providing our customers with a hassle-free online shopping experience, so that they can complete their purchases anywhere and anytime at an affordable price from the comfort of their homes.
Danube Home sources over 50,000 products from suppliers in over 23 countries and is ranked among the top retailers in the MENA region, with an average yearon-year growth rate of 25%.
Enlighten us on how you have impacted the RetailTech industry through your expertise in the market.
There is tremendous scope for growth and innovation in any field if you are willing enough to excel. It brings me sheer joy to say that I have been instrumental in transforming Danube Home from an established company to a Retail-Tech driven company and from tech-enabled to tech-led by developing tech to help the company stand out of the crowd.
Though I have implemented certain significant approaches, too, that as 3D visualization, where customers can look through thousands of ideas that inspire them to create their houses into their dream homes. Secondly, creating an interior design platform where customers can become interior designers.
Third, we’re also working towards creating the largest aggregator of the marketplace platform in the home design segment by bringing more than 1 million products under one website.
Last but not least, we’re also working towards developing the best content strategy that can replace the need for a salesperson. The customers can know about the products they want to purchase through well-provided descriptions, key features, and information so that their online purchase can be as seamless as the in-store one.
Describe in detail the values and the work culture that drives Danube Home.
Danube Home has been awarded the Happiest Place to Work multiple times. We have a truly ethical work culture from the inside out. We are a group that is wholly driven by an employee-centric and customerfocused approach. Giving a positive work culture atmosphere will render good productivity, so we believe in working together as one family; as said by Michael Jordan, “Talent wins games, but teamwork and intelligence win championships.”
What change would you like to bring to the RetailTech industry if given a chance?
Being part of the furniture and home retail industry, it would be a brilliant innovation to have a technology that can help a customer to perceive the comfort and feel of an entity from the comfort of their home.
Danube Home is one of the fastestgrowing brands of home assortments at economical prices.”
What, according to you, could be the next significant change in the RetailTech sector? How is Danube home preparing to be a part of that change?
While the in-store experience is unrivalled, I feel confident that in the future, it will be an exceptional blend of the physical and digital retail space. With a wide in-store product range, customers can also select the same assortment range online and get their desired product in just a few clicks. Danube Home is also looking forward to making its presence in the emerging trends of the metaverse. Having foresight and aligning ourselves with the ever-evolving retail landscape will ensure that we’re consistently staying ahead of the curve.
Where do you envision yourself to be in the long run, and what are your future goals for Danube Home?
Danube Home is one of the most diversified and efficient companies. With the world moving at an insanely fast pace, it is important to keep thinkingwhat next? There is so much potential in RetailTech, and I aspire to lead the digital and technological transformation of the company.
What would be your advice to budding entrepreneurs who aspire to venture into the RetailTech sector?
It is a tremendous journey of an emotional rollercoaster, challenging your limits, confronting failures, and nevertheless embracing the odds of ambiguity. Venturing into RetailTech will help you identify your strengths; you have to aim towards exceeding the customer’s expectations by providing them with accurate, reliable, and quality service. Master the art of management, whether it is managing yourself, your time, or your team. Your team is your family, treat every member of your team with a positive approach and help them strengthen their abilities, and create a positive work culture.
Lastly, I would like to end with a quote by Steve Jobs, “Your time is limited, so don’t waste it living someone else’s life. Don’t be trapped by dogma- which is living with the results of other people’s thinking. Don’t let the noise of others’ opinions drown out your own inner voice. And most important, have the courage to follow your heart and intuition. They somehow already know what you truly want to become. Everything else is secondary.”
The modern business arena of today relies on the
provision of augmented solutions and adapting to trends. In such progressive times, a combined effort of the team that is overlooked by a strategic leader not only aids in growth but is also the reason behind the flourishing of any venture. All in all, any industry today demands an all-rounder as a leader.
Beth Horn , Director, Head of Industry, Retail & E-commerce at Meta , is a versatile retail & eCommerce thought leader with 20 years of experience building high-performing teams, delivering outstanding performance, developing innovative technologies, and inspiring an industry through growth and change. Beth is also a proven strategist and a sought-after expert speaker on technology and digital media, which makes her the successful influence for her team that she is today.
CIOLook had the privilege to interview this exceptional leader, where Beth conveys the methodologies, she utilizes that, in turn, affirms growth for her organization.
Below are the highlights of the interview:
Brief our audience about your journey as a leader until your current position at Meta. What challenges have you had to overcome to reach where you are today?
I started my career in tech 20 years ago in the creative department of Macys.com. The two decades since have taken me from in-housework at a retailer to agency
work in search engine marketing, and for the last twelve years, I've been leading Meta's retail and eCommerce business, first in the US and since 2018 in the UK.
The challenges in getting here are what have made the journey so enjoyable, and that's been the everaccelerating pace of change. In those early days at Macy's, we had to work through the building of the infrastructure of a digital business, from creative production for a website to new distribution centers. With search, the challenges were about helping companies move from the famous adage 'half of my marketing is working, I just don't know which half' to a world where we were harnessing intent and measuring marketing's impact like never before - but also drowning in data and needing to find the signal within the noise. And in my time at Meta, we've moved from a desktop world to a mobile one, from text updates to photos to videos, and we're now moving into the metaverse with AR and VR.
Change can be overwhelming, or change can be galvanizing, and I always choose to look at it as the latter - it's an opportunity to learn, grow, and define the future.
Tell us something more about Meta and its mission and vision.
Meta's mission is to give people the power to build community and bring the world closer together. Becoming Meta signaled a new chapter for our
What I've found from the dozen years of working in a mission-based, values-led organization is that it is enormously empowering and puts the power in the hands of everyone at the company.”
company. We think the next big shift is from mobile to the metaverse. The metaverse is not here yet, it could take between 5 and 10 years, but we think this is really going to be the future of social technology. We and other companies, developers, NGOs, and policymakers are all working towards building a metaverse that will provide people with economic opportunity, offer privacy and transparency in products, keep them safe and ensure the tech is designed inclusively and in a way that is accessible.
Enlighten us on how you have impacted the retail sector through your expertise in the market.
I've had the privilege of working with some of the most iconic retail brands in the world, counseling them through digital transformation journeys and helping them embrace technology to facilitate growth. This has meant working with CMOs to think about brand positioning in a mobile-first world, which necessarily changes how we tell brand stories and build creativity.
I've had a front-row seat with some of the most exciting pure-play startups over the past decade as they have moved from launch to rapid user acquisition to transitioning to profitability to focusing on lifetime
value. I have greatly enjoyed being a voice of the market back to our product team at Meta, helping to ensure that the products we build are fit for purpose for the industries that we serve.
Describe in detail the values and the work culture that drives your organization.
We have six core values at Meta: 1) move fast; 2) focus on long-term impact; 3) build awesome things; 4) live in the future; 5) be direct and respect your colleagues; and 6: Meta, Metamates, and me. We believe that values should be specific, actionable, and useful - which, as our CEO Mark Zuckerberg has put it, means that they should be ideas that good companies can reasonably disagree with or emphasize differently. They have to be specific to us.
What I've found from the dozen years of working in a mission-based, values-led organization is that it is enormously empowering and puts the power in the hands of everyone at the company. There's a sign in the onboarding room at our headquarters which says, 'This Is Now Your Company.' That sense of ownership comes from our first day at Meta and informs how we all work together. The people here are the best in the world at
what they do, and the chance to have learned from and with this community of builders has been the privilege of my career.
Undeniably, technology is playing a significant role in almost every sector. How are you leveraging technological advancements to make your solutions resourceful?
A big part of my role is to the voice of the EMEA retail market back to our global product teams. This is to make sure that we don't build products purely as an American company but as a global one. And as the sector is incredibly dynamic, our way of leveraging technological advancements is to build them in the first place, led by data, insights, and user behavior. Market feedback is crucially important to what we do, and it makes us better every day.
What, according to you, could be the next significant change in the retail-tech sector? How is your company preparing to be a part of that change?
To me, this is all about the rise of the metaverse and the opportunities it represents. Even though it's still 5-10 years away, we're already seeing really slick and engaging augmented reality activations from brands, whether it's for trying on a new lipstick shade or checking if that new sofa will fit in your living room. I think it's going to be massively exciting to see how this comes to life in virtual reality as well, and we aim to be central to the development of this next major computing platform.
Where do you envision yourself to be in the long run, and what are your future goals for Meta?
Whatever the future holds, I know I will be proud to work in a sector that touches so many lives. At some point, I will likely go back to working in-house at a retail brand I care about, bringing all of my experience to bear to help a brand grow and evolve. For now, though, there's so much to continue to learn and accomplish at Meta as we serve our clients and partners, and it's an invigorating role to be in.
What would be your advice to budding entrepreneurs who aspire to venture into the retail sector?
Retail is an industry that touches literally everyone. Retail is the engine of the economy, in the millions of
jobs, it creates and the needs it fills for shoppers. For entrepreneurs looking at the retail sector, I'd evaluate ideas in terms of utility and magic. For utility, how can we make it easier for people to discover new brands and products? How can we make it easier for them to transact wherever they want that to take place? How do we ensure that their digital goods are portable and not tied to any one platform?
And then for magic - never underestimate the power of delighting customers. How can you help a consumer feel known and valued by a brand? How can you weave surprise & delight into every interaction? What are ways to tell your brand's story with emotion and purpose? Weaving together utility and magic, the prosaic and the profound, will be a fertile place for entrepreneurs to play.
The retail industry is constantly evolving, driven by advancements
in technology that shape the way consumers shop and businesses operate. As we enter 2023, several cutting-edge technologies are making a significant impact on the retail landscape. In this article, we will explore the top five retail technologies that are trending in 2023, revolutionizing the way we experience shopping.
Artificial Intelligence (AI) and Machine Learning (ML):
Artificial Intelligence and Machine Learning have become gamechangers for retailers, offering valuable insights and personalized experiences for customers. AI-powered chatbots and virtual assistants provide real-time customer support, answering queries, and guiding shoppers through their purchase journey. Machine Learning algorithms analyze vast amounts of data, enabling retailers to predict consumer behavior, optimize inventory management, and personalize marketing campaigns. With AI and ML, retailers can enhance operational efficiency and deliver tailored experiences that keep customers engaged and satisfied.
Augmented Reality (AR) and Virtual Reality (VR):
Augmented Reality and Virtual Reality technologies are transforming the way customers interact with products and brands. AR allows customers to visualize products in their own environment, enabling virtual try-ons, home decor simulations, and interactive product demonstrations. VR takes immersion to the next level, offering virtual shopping experiences, allowing customers to explore virtual stores and engage with products as if they were physically present. These technologies not only enhance the customer experience but also reduce the need for physical stores, opening up new possibilities for online and remote shopping.
Robotic Process Automation automates repetitive and rule-based tasks in the retail industry, improving efficiency and reducing costs. Retailers are leveraging RPA to streamline inventory management, order processing, and customer service processes. Robots can handle tasks such as data entry, inventory tracking, and order fulfillment, freeing up human employees to focus on more value-added activities.
3D printing is revolutionizing product development and customization in the retail industry. Retailers can use 3D printing technology to create prototypes, customize products, and even manufacture small batches of products on-demand. This reduces production costs, accelerates time-to-market, and enables retailers to offer unique and personalized products to their customers.
Retailers are increasingly harnessing the power of data analytics and advanced algorithms to personalize customer experiences. By analyzing customer data, including purchase history, browsing behavior, and demographic information, retailers can provide tailored product recommendations, personalized offers, and targeted marketing campaigns. Personalization enhances customer engagement and loyalty, leading to increased sales and customer satisfaction.
The Internet of Things has revolutionized the retail industry by connecting physical devices and objects to the internet, creating a network of interconnected smart devices. IoT enables retailers to gather real-time data on inventory levels, monitor supply chain logistics, and optimize store layouts. Smart shelves, RFID tags, and sensors enhance inventory management, ensuring product availability and reducing stock-outs. IoT-powered beacons and mobile applications enable personalized in-store experiences, sending locationbased offers and recommendations to shoppers' smartphones. With IoT, retailers can streamline operations, enhance customer engagement, and create seamless shopping experiences.
The COVID-19 pandemic has accelerated the adoption of contactless payment solutions in retail. With health and safety concerns in mind, customers now prefer to make payments using methods such as mobile wallets,
QR codes, and NFC-enabled cards. These contactless payment options not only provide a secure and convenient way for customers to transact but also reduce checkout times, improving overall operational efficiency for retailers. As the demand for contactless payments continues to grow, retailers are investing in technologies that support these payment methods, ensuring a frictionless checkout experience.
Blockchain Technology:
Blockchain technology is gaining traction in the retail industry, offering enhanced security, transparency, and trust in various processes. Blockchain enables secure and tamper-proof transactions, protecting customer data and preventing fraud. Retailers can leverage blockchain for supply chain management, ensuring the traceability and authenticity of products. Smart contracts on blockchain streamline processes such as loyalty programs, ensuring accurate and seamless rewards for customers. With blockchain, retailers can build trust with their customers and optimize their operations through improved transparency and efficiency.
Social media platforms are becoming powerful retail channels, blurring the line between social interaction and shopping. Social commerce allows retailers to sell products directly through social media platforms, providing a seamless and convenient shopping experience for customers. Features such as shoppable posts, live shopping events, and influencers promoting products enable retailers to reach a wider audience, drive engagement, and increase sales.
As we embrace 2023, the retail industry is witnessing a remarkable transformation fueled by technological advancements. AI and ML empower retailers to provide personalized experiences, while AR and VR redefine how customers engage with products. IoT optimizes operations, contactless payment solutions offer convenience and safety, and blockchain enhances security and trust.
These top five retail technologies are reshaping the industry, enabling retailers to meet evolving customer expectations and stay ahead of the competition. By embracing these technologies, retailers can unlock new opportunities, create seamless shopping experiences, and pave the way for a digital future of retail.
Years ago, there was a study done after the housing collapse and the economic downturn. While the study was initially done to see the progress of where we had come as a society, it showed something very interesting. The people who made $50k a year were back to making $50k a year and the people making $500K a year were back to making $500k a year. While this in and of itself isn’t shocking news, it may indicate something deeper.
If you do the same things, you’ve always done, you will have the same things you have always had. I heard that years ago, and this study seemed to prove it. The only way to improve your lot in life is to improve you. When people become motivated and move toward improvement, they usually follow a leader. That leader is usually a success in whatever field or endeavor that individual is aspiring to. Hence, the traits of business leaders will inspire those seeking to improve themselves and their entire portfolio of life.
What traits inspire? The first response is usually a success. While this is probably true, the definition of success can only be interpreted by the one seeking to improve or be inspired to improve. The list, while endless, will usually include passion, optimism, persistence, creativity, and self-discipline.
Defining this group of traits is really not a debate as much as a personal attachment to each one. Passion, as defined by The Oxford Dictionary is “strong and barely controllable emotion.” Ask yourself, when you wake up, do feel this way about what it is you have planned for the day? If not, why, and if so, how far are you willing to push your envelope?
Optimism is really a mindset that seems to sway with the winds of change. The Oxford Dictionary gives the following meaning to optimism; “hopefulness and confidence about the future or the success of something.” Optimism isn’t based in the here and now, but actually where we put our mind’s eye to see where we can be.
Persistence is the opposite. It truly is the “here and now.” The Oxford Dictionary defines it as “continuing in an opinion or course of action in spite of difficulty or opposition.” Did you catch that? “In spite of opposition”. There are no words that best describe persistence except the bulldog.
Creativity is an internal range that has no limits to the individual. The Oxford Dictionary defines it as “The use of imagination or original ideas to create something; inventiveness.” Your imagination can take you to places you’ve never been and help you do things you’ve never done. This very trait made some of the most obscure moments in someone’s life become a true reality. Dreams can’t come true unless you actually dream the.
Lastly, self-discipline is the most difficult of the traits to corral. The old adage is that repetition is the mother of skill. The reason being is it takes your commitment to making whatever the goal a true reality. Depending on others to accomplish your goals is dangerous and quite frankly, impossible. Only you know the extent of your abilities. Only you know the extent of your capabilities, and only you can control either.
So, employ passion, optimism, persistence, creativity, and self-discipline into whatever your endeavors may be and see if the seed you’ve planted doesn’t grow from the acorn into the proverbial oak!
In today's fast-paced and ever-changing business
world, companies face numerous challenges that can impact their success. From market fluctuations to disruptive technologies and changing customer needs, businesses must navigate a complex and often unpredictable landscape to stay ahead of the competition. To overcome these challenges, many companies turn to the expertise of consultancies. These specialized firms provide strategic guidance and support to help businesses achieve their goals and thrive in a rapidly evolving environment.
Catalyst Consulting has been making waves in the industry and is known for its innovative solutions and exceptional service. With a team of experienced professionals and a deep understanding of business strategy, this consultancy has helped numerous clients achieve their goals and succeed in their respective industries.
At the forefront of Catalyst Consulting is a highly skilled and accomplished CEO and Managing Director , Lockie Andrews , renowned for her exceptional leadership and expertise in the industry. With years of experience under their belt, Lockie has established herself as a trusted and respected advisor to clients across a range of sectors. Known for her strategic vision and ability to deliver results, Lockie has played a pivotal role in driving the consultancy's success. Through their hands-on approach and deep understanding of business strategy, they have helped numerous companies overcome challenges and achieve their goals.
We at CIOLook interviewed Lockie on her leadership style in maintaining effective operations at the consultancy.
Let's delve into the intercepts of the interview!
Brief our audience about your journey as a dynamic leader until your current position at your company. What challenges have you had to overcome to reach where you are today?
Interestingly, I am very close to realizing an epiphany I had about my career when I was at my first job after college.
I studied finance and international business at Georgetown University and landed a highly coveted internship at Goldman Sachs before joining Donaldson, Lufkin and Jenrette's Investment Banking division. Working on Wall Street was a wonderful training ground and I'm still honored to have been the first African-American female hired in Investment Banking.
Despite those accolades, it became clear that life as a banker wasn't fulfilling to me. I wanted more from a job and became intrigued by the management teams at the retail companies we were servicing. I was fascinated by the prospect of creating value for consumers by delivering innovative products and services. So, I left banking to pursue a career in retail and technology.
It's been a thrilling journey, and I'm proud that I've created over $1 Billion in value in my various positions thus far.
At Catalyst Consulting, we focus on transparency and accountability. We believe in over-delivering and under-promising, so we hire experts who enjoy finding pockets of profitable growth.
My next chapter will likely include a pre-IPO company and that would truly bring my vision to fruition.
Most of the challenges along the way have been directly related to people's unwillingness to change. In order to succeed in today's fast-paced world, brands need to be adaptable, innovative and resilient. Many retail brands rest on their laurels and shun innovation outside of product design.
By embracing change and working hard to learn and implement POS, ERP, e-commerce, CRM and PLM systems, I've created a niche consulting practice that is in high demand.
Enlighten us on how you have been impacting the dynamic industry through your expertise in the market.
While I was an independent operating partner for Venture Capital and Private Equity firms, I created a
retail playbook outlining quick and cost-effective methods to scale new technologies. Given that I've been an operator of brands for half of my career, I understand how to grow companies and manage creativity without sacrificing operational discipline.
This unique perspective has benefited my clients and employers greatly. We have consistently defied the odds because 70% of digital transformations fail. Our expertise in marketing, merchandising and operations has been a recipe for success.
The key success factor in leading transformations is to first understand the brand, target consumer and culture and then identify the best technology solution to support their strategic vision. Unfortunately, many brands and teams have myopic thinking or the technology teams are wooed by "shiny new" features. Having the fortitude to gather business and technical requirements at the beginning of a project, as well as the focus to avoid scope creep, is critical.
Describe in detail the values and culture that drive your organization.
At Catalyst Consulting, we focus on transparency and accountability. We believe in over-delivering and under-promising, so we hire experts who enjoy finding pockets of profitable growth.
We roll up our sleeves and work alongside teams while teaching them to level up or leapfrog industry competitors. To do this, we practice continuous learning to ensure we understand the popular use cases of new technology offerings.
Undeniably, technology is playing a significant role in almost every sector. How are you advancing towards technological innovations to make your solutions resourceful?
The goal of any consulting agency should be to make ourselves obsolete by addressing our client's issues in a pre-defined length of time. For obvious reasons, many agencies stay too long and charge too much, which inevitably gives consultants a bad reputation. We endeavor to do things differently at Catalyst Consulting, and we place our operators within the companies to work alongside management. This approach is sometimes difficult to scale, especially during economic downturns. In response, we have been developing SaaS and AI/ML offerings to complement our human capital.
What, according to you, could be the next significant change in your sector? How is your company preparing to be a part of that change?
We have been waiting for the dawn of the AI/ML era, and with the recent release of ChatGPT, we think that time has arrived.
While there will always be a need for humans, we believe AI will replace low-value-added positions and tasks. My team is currently researching the top AI
technologies and will be sharing profitable strategies to deploy these time and money-saving inventions.
Where do you envision yourself to be in the long run, and what are your future goals for the organization?
Catalyst Consulting is well-positioned to become a leading agency for growth strategies as well as operational efficiency. The technology roadmap we are developing will extend our services and open new avenues.
We have leveraged remote work for years and expect to continue hiring employees from all over the United States. We have also expanded beyond retail brands and have served consumer goods, manufacturing and business service companies.
What would be your advice to budding entrepreneurs who aspire to venture into the dynamic industry?
As an angel investor and an entrepreneur, I remind myself and others to find a growing space and just get started. Don't overthink how and when to start, and certainly don't let perfect be the enemy of good. After you start, you can spend time iterating to find product/market fit and build a passionate customer base.
There has never been an easier time to start a business, and this means you will face greater competition. Fortunately, there is a plethora of inexpensive listening and engagement CRM tools that entrepreneurs can use to quickly validate assumptions and instincts. And most of all, be ready to fail at a good number of those experiments. So, developing a fail-fast mentality without losing momentum will be key.
And when the inevitable bump in the road presents itself, remember that great sea captains are made in rough waters and deep seas!
In recent years, the rise of "Buy Now, Pay Later" (BNPL) services has transformed the way consumers make purchases and retailers offer payment options. BNPL allows customers to split their payments into interest-free installments, offering flexibility and convenience at the point of sale. While BNPL has gained popularity among consumers, retailers face a critical question: Is BNPL a boon or a curse for their business? In this article, we will explore the advantages and challenges associated with BNPL services from a retailer's perspective.
One of the primary advantages of BNPL for retailers is its ability to boost conversion rates and sales. By providing customers with an alternative payment option, BNPL reduces the barrier to purchase, particularly for higher-priced items. Customers who may have been hesitant to make a full payment upfront are more likely to proceed with the purchase when given the option to pay in installments. This increased conversion rate translates into higher sales for retailers, capturing a larger customer base and driving revenue growth.
BNPL services contribute to an enhanced customer experience, which is crucial for building loyalty in today's competitive retail landscape. By offering flexible payment options, retailers cater to the evolving preferences of consumers who seek convenience and financial flexibility. BNPL enables customers to manage their budgets effectively and make purchases that align with their financial capabilities. By providing a positive and seamless shopping experience, retailers can cultivate customer loyalty, leading to repeat purchases and word-of-mouth recommendations.
Targeting a Broader Customer Base: BNPL services attract customers who prefer the flexibility of spreading payments over time. By offering this option, retailers can appeal to a wider audience and tap into new market segments that may have been deterred by the upfront cost of a purchase.
Increased Average Order Value (AOV): BNPL encourages customers to make larger purchases by breaking down the cost into manageable installments. This can lead to an increase in the average order value, as customers feel more comfortable spending more when they have the option to pay overtime.
Reduced Shopping Cart Abandonment: The availability of BNPL options at checkout can significantly reduce shopping cart abandonment rates. Customers who may have been hesitant to complete their purchase due to financial constraints or affordability concerns are more likely to proceed when presented with the option to pay in installments.
Competitive Advantage: Incorporating BNPL services can give retailers a competitive edge in the market. By aligning with consumer preferences and offering a convenient and flexible payment solution, retailers can differentiate themselves from competitors and attract customers who prioritize financial flexibility.
Marketing and Promotion Opportunities: BNPL services provide retailers with opportunities for strategic marketing and promotions. Retailers can collaborate with BNPL providers to offer exclusive deals or discounts to customers who choose to pay through BNPL. These promotional campaigns can help drive customer acquisition, increase brand visibility, and generate additional sales.
Customer Data and Insights : When customers opt for BNPL, retailers can gather valuable data and insights. This data includes customer preferences, purchasing behavior, and payment patterns. Retailers can leverage this information to personalize marketing efforts, improve inventory management, and enhance overall customer experiences.
Repeat Purchases and Customer Retention : BNPL services can contribute to higher customer retention rates and repeat purchases. By providing a convenient payment option, retailers can build trust and loyalty with customers. Repeat customers who are familiar with the BNPL process are more likely to continue using it for future purchases, fostering long-term relationships with the retailer.
Challenges of
Dependency on BNPL Providers: Retailers relying on third-party BNPL providers may face challenges related to dependence. Changes in terms and conditions, fees, or service interruptions by the provider can impact retailers' operations and customer experiences. Retailers should carefully evaluate and choose reputable BNPL partners to minimize these risks.
While BNPL offers benefits, retailers must be cautious of potential financial risks. When customers opt for BNPL, the responsibility for collecting payments and managing credit risk falls on the retailer. Late or missed payments can impact the retailer's cash flow and profitability. Additionally, if a customer defaults on payments, the retailer may face challenges in recovering the outstanding amount. To mitigate these risks, retailers must carefully evaluate the creditworthiness of customers and establish robust mechanisms for managing payments and collections.
BNPL services typically charge fees to retailers, which can eat into profit margins. While the increased sales and customer loyalty generated by BNPL can offset these fees, retailers need to carefully evaluate the financial implications. It is essential to assess the costeffectiveness of partnering with BNPL providers and negotiate favorable terms to ensure the arrangement aligns with the retailer's financial goals.
Integrating BNPL services into existing retail systems and processes can pose operational challenges. Retailers must invest in technology and infrastructure to seamlessly incorporate BNPL as a payment option. This integration requires collaboration with BNPL providers, ensuring a smooth customer experience from checkout to payment processing. Retailers must also train their staff to educate customers about the BNPL service and address any inquiries or concerns. Neglecting these operational considerations can lead to inefficiencies and potential dissatisfaction among customers.
This article is written
by Oliver C. Mullins, SLB FellowEnergy and environmental concerns have become
critical and are often deemed the highest priority of policymakers and general populations alike. The oil and gas industry is at the nexus of both energy and the environment, and its future must be mapped with great care. The standard of living scales with energy consumption over a huge range; the oil industry has lifted billions of people out of poverty, and there is no going back. Expectations of a better tomorrow are universal, and increasing energy consumption is realistically the only way this can be achieved. It is not acceptable to any population to suffer a 'temporary' reduction in the standard of living in order to achieve climate objectives.
Moreover, any negotiating of 'fair' sacrifices and distributions of burdens across the globe are fraught with precluding difficulties. In addition, the critical importance of energy security of individual nations beyond global energy needs has been strongly reinforced by recent geopolitical events. At the same time, global warming is a growing danger with potentially enormous consequences. The geologic record is clear that the earth's climate can change dramatically, both much hotter for example, at the Paleocene-Eocene thermal maximum and much colder, for example during 'snowball earth' phases. The role of CO2 and also CH4 are important controls on climate as strongly indicated in virtually all examinations of the record of earth's history.
A balanced approach is required to achieve energy and climate objectives simultaneously. All projections by nonpolitical agencies of energy production and utilization predict strong contributions from oil and gas for decades to come. And the fact remains that coal with its higher CO2 footprint than oil and gas is also expected to continue as a major source of energy
particularly in very populous countries. Consequently, carbon capture and storage (CCS) is required in a balanced approach.
The oil and gas industry continues to achieve at the highest levels. The economic production of oil in Deepwater settings is almost miraculous, with reservoir depths that rival altitudes of commercial flights, that is, in excess of 30,000 feet. The engineering requirements for such an enterprise, especially at correspondingly high pressures and temperatures, are daunting yet achieved on a regular basis. Moreover, subsurface hydrocarbons vary from dry natural gas to tar, with all variants in between, and with variable quantities of other important components such as wax, CO2, and H2S. Reservoir rock formations and configurations also span an enormous range of characteristics and complexities. Nevertheless, the industry has tackled such challenges with great facilities.
The relatively new setting of extremely low permeability hydrocarbon-bearing formations, the socalled unconventional, has been unlocked by the development of innovative methods involving fracking. The oil and gas industry regularly invokes a confluence of scientific advances and engineering developments to achieve new heights. CCS in particular, as well as possible large-scale hydrogen storage, demands excellence in subsurface management. There is no industry better poised to manage complex and novel subsurface objectives than the oil and gas industry. The track record of the industry and meeting global energy requirements by tackling ever-increasingly difficult reservoirs is outstanding. The industry also maintains the flexibility to achieve various national objectives of governing bodies while satisfying global energy markets.
Dr. Oliver C. Mullins is an SLB Fellow and member U.S. Na onal Academy of Engineering. He ini ated "reservoir fluid geodynamics" (RFG) which accounts for reservoir fluid evolu on over geologic me. RFG u lizes Downhole Fluid Analysis which he ini ated, and asphaltene thermodynamics, which his team developed.
He wrote 2 books, coedited 3 books, coauthored 17 book chapters, coauthored 300 publica ons, and coinvented 141 allowed US patents. He has received seven interna onal awards from four organiza ons (ACS, SPE, SPWLA, ADIPEC), ci ng his contribu ons to good logging, chemistry and reservoir evalua on.
Another major societal concern across the globe is diversity and inclusion, especially as the globe shrinks in terms of ease of transportation. The oil and gas industry is arguably the most diverse industry in the world, and SLB (formerly Schlumberger) is arguably the most diverse company in the oil and gas industry. In contrast to the questionable approach of many Universities and other agencies, the oil and gas industry does not sacrifice standards to achieve and exceed diversity objectives. Just the other hand, the oil and gas industry demand increasing standards of performance for all involved to fulfil ever-growing requirements. This industry welcomes true technical and managerial expertise from all points on the globe. The oil and gas industry is the model for all other institutions in the world for proven best practices to achieve diversity and inclusion while demanding excellent performance. Indeed, this aspect is one of the most satisfying for those fortunate enough to be employed in this industry. The oil and gas industry offers great opportunities for those who strive for greatness and who want to make a difference.
Dr. Oliver C. Mullins
