In the second installment of WWD’s special webinar series, “Crisis Management and the Coronavirus,” Jim Shea, chief commercial officer at First Insight Inc., Diane Ellis, a veteran retail executive, and Steve Riordan, consumer practice leader at Kalypso, discussed supply chain, technology and infrastructure. The purpose of the webinar was to not only emphasize a sense of community and togetherness as industries continue to fight uncertainty but also to identify solutions.
First Insight will be continuing to take these consumer pulse surveys to further inform companies as the coronavirus pandemic persists. “It’s speed and there’s no room for error, the accuracy has to be really high in these decisions,” Shea said. “Digital decision-making is going to be really important.”
“What we’ve been seeing as a catalyst for a lot of this transformation or change is that their product leaders have been employing four sets of technologies to try the movement away from a traditional model,” Riordan said. As noted by Riordan, these transformation technologies include advanced analytics, digital product creation, foundational product technology and smart connected supply chain.
The third is to focus on a narrower assortment, being clear about what products you want to bring forward. Fourth is to test with consumers early and often, ideally getting upfront as early as design for early adoption decisions. Next would be to leverage existing materials to keep things simple and leveraging vendors and third parties for the use of 3-D capabilities, assets or platform. Seventh is continuous hindsight through both digital and traditional methods.
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