Latest / Omni Talk Retail / The Future of Retail Merchandising With Former Walmart EVP Turned Board Advisor Marybeth Hays | 5IM
Transcript
- 0:00Foreigning
- 0:08us
- 0:08now
- 0:09for
- 0:09five
- 0:09insightful
- 0:10minutes
- 0:10is
- 0:10Mary
- 0:10Beth
- 0:11Hayes.
- 0:11Mary
- 0:12Beth
- 0:12is
- 0:12a
- 0:12former
- 0:12Walmart
- 0:13merchant
- 0:13executive,
- 0:14a
- 0:14trusted
- 0:15board
- 0:15member,
- 0:15and
- 0:16now
- 0:16a
- 0:16colleague
- 0:16of
- 0:17Ann's
- 0:17and
- 0:17mine
- 0:17at
- 0:18Simbi.
- 0:18And
- 0:19she
- 0:19is
- 0:19here
- 0:19to
- 0:19discuss
- 0:19the
- 0:20ongoing
- 0:20evolution
- 0:21of
- 0:21merchandising,
- 0:21a
- 0:22subject
- 0:22you
- 0:22all
- 0:23know
- 0:23is
- 0:23near
- 0:24and
- 0:24dear
- 0:24to
- 0:24our
- 0:24hearts
- 0:24here
- 0:25at
- 0:25OmniTalk.
- 0:25Mary
- 0:26Beth,
- 0:26welcome
- 0:26to
- 0:26OmniTalk.
- 0:27Let's
- 0:27get
- 0:27started
- 0:28with
- 0:28this.
- 0:29What
- 0:29is
- 0:29different
- 0:29about
- 0:30merchandising
- 0:30now
- 0:31relative
- 0:31to
- 0:31even
- 0:32five
- 0:32years
- 0:32ago?
- 0:33My
- 0:33favorite
- 0:33topic,
- 0:34merchandising.
- 0:35One
- 0:35major
- 0:35change
- 0:36that
- 0:36I've
- 0:37seen
- 0:37is
- 0:37that
- 0:37merchants
- 0:38now
- 0:38have
- 0:38responsibility
- 0:40for
- 0:40both
- 0:41in
- 0:41store
- 0:42and
- 0:42for
- 0:42the
- 0:43online
- 0:43assortment
- 0:44instead
- 0:44of
- 0:44having
- 0:44two
- 0:45organizations.
- 0:46This
- 0:46is
- 0:47such
- 0:47a
- 0:47relief
- 0:48for
- 0:48suppliers
- 0:49I
- 0:49work
- 0:49with
- 0:49a
- 0:49lot
- 0:50now
- 0:50who
- 0:51are
- 0:51often
- 0:51caught
- 0:51between
- 0:52two
- 0:52merchants.
- 0:52It's
- 0:53better
- 0:53for
- 0:53the
- 0:53customer
- 0:54because
- 0:54the
- 0:55product
- 0:56assortment
- 0:56itself
- 0:57hangs
- 0:57together
- 0:58better.
- 0:58Right.
- 0:59And
- 0:59it's
- 0:59certainly
- 1:00better
- 1:00for
- 1:00the
- 1:00merchants
- 1:01because
- 1:01they
- 1:01can
- 1:01gain
- 1:02an
- 1:02even
- 1:02deeper
- 1:02understanding
- 1:04of
- 1:04customers
- 1:05and
- 1:05purchase
- 1:05behavior.
- 1:06Not
- 1:06to
- 1:06mean
- 1:07that
- 1:07it's
- 1:07easier
- 1:08because
- 1:08as
- 1:08any
- 1:09merchant
- 1:09will
- 1:09tell
- 1:09you,
- 1:09a
- 1:10hit
- 1:10online
- 1:10may
- 1:11not
- 1:11transfer
- 1:11in
- 1:12store
- 1:12and
- 1:13vice
- 1:13versa.
- 1:14Well,
- 1:14Mary
- 1:14Beth,
- 1:15as
- 1:15merchandising
- 1:16teams
- 1:16are
- 1:16trying
- 1:16to
- 1:17kind
- 1:17of
- 1:17stay
- 1:17on
- 1:17the
- 1:17cutting
- 1:18edge,
- 1:18how
- 1:19would
- 1:19you
- 1:19recommend
- 1:20that
- 1:20they
- 1:20kind
- 1:21of
- 1:21try
- 1:21to
- 1:21capitalize
- 1:22on
- 1:22this
- 1:22new
- 1:23way
- 1:23of
- 1:23working?
- 1:24The
- 1:24new
- 1:24way
- 1:24of
- 1:24working
- 1:25with
- 1:25having
- 1:25responsibility
- 1:26for
- 1:27online
- 1:28and
- 1:28in
- 1:29store
- 1:29typically
- 1:30comes
- 1:30when
- 1:30that
- 1:30change
- 1:31is
- 1:31made
- 1:31with
- 1:31a
- 1:31narrower
- 1:32product
- 1:33responsibility.
- 1:34So
- 1:35this
- 1:35should
- 1:35allow
- 1:36the
- 1:36merchants
- 1:36to
- 1:37truly
- 1:37become
- 1:37experts
- 1:38in
- 1:38the
- 1:39product,
- 1:39everything
- 1:40about
- 1:40that
- 1:40product
- 1:41category
- 1:41from
- 1:41the
- 1:42brands,
- 1:43the
- 1:43need
- 1:43for
- 1:43a
- 1:44private
- 1:44label,
- 1:46what
- 1:46most
- 1:46matters
- 1:47to
- 1:47customers
- 1:47and
- 1:47they
- 1:48can
- 1:48really
- 1:48become
- 1:49technical
- 1:49experts
- 1:51in
- 1:51the
- 1:51category
- 1:51and
- 1:52partners
- 1:52to
- 1:53suppliers
- 1:53and
- 1:53bringing
- 1:53new
- 1:54products
- 1:54to
- 1:54market.
- 1:55And
- 1:55Mary
- 1:55Beth,
- 1:55I
- 1:56imagine
- 1:56this
- 1:56comes
- 1:56with
- 1:57even
- 1:57more
- 1:57data
- 1:58now
- 1:58than
- 1:58than
- 1:59ever
- 1:59before.
- 1:59They
- 2:00were
- 2:00already
- 2:00getting
- 2:00inundated.
- 2:01But
- 2:01how
- 2:02do
- 2:02you
- 2:02recommend
- 2:03that
- 2:03now
- 2:03with
- 2:03a
- 2:03narrower
- 2:04product
- 2:04focus
- 2:05that
- 2:05they,
- 2:06they
- 2:06use
- 2:06the
- 2:07data
- 2:07that
- 2:07they're
- 2:07getting
- 2:08to
- 2:08be
- 2:08successful.
- 2:09There's
- 2:10always
- 2:10been
- 2:11in
- 2:11my
- 2:11mind
- 2:12two
- 2:13issues
- 2:13with
- 2:14data.
- 2:14And
- 2:15one
- 2:15is
- 2:15can
- 2:15you
- 2:16trust
- 2:16it?
- 2:17And
- 2:18two
- 2:18is
- 2:18that
- 2:19for
- 2:20so
- 2:20long,
- 2:20I
- 2:20mean,
- 2:21hundreds
- 2:21of
- 2:21years
- 2:21of
- 2:21organized
- 2:22retail,
- 2:23it's
- 2:23always
- 2:23been
- 2:24backwards
- 2:25looking.
- 2:25Right?
- 2:26Right.
- 2:26So
- 2:27now
- 2:28that
- 2:28you
- 2:28know,
- 2:28they're
- 2:29deploy
- 2:30their
- 2:30technologies
- 2:31rather
- 2:31that
- 2:31are
- 2:31being
- 2:32deployed
- 2:32such
- 2:32as
- 2:33digital
- 2:34shelf
- 2:34labels,
- 2:35RFID
- 2:36and
- 2:36certainly
- 2:37Simbis
- 2:37Tally
- 2:38that
- 2:38we
- 2:38get
- 2:38to
- 2:38collaborate
- 2:39on,
- 2:40we're
- 2:40finally
- 2:40entering
- 2:41an
- 2:41era
- 2:41where
- 2:41the
- 2:41data
- 2:42can
- 2:42be
- 2:42trusted.
- 2:43Right.
- 2:43So
- 2:43we
- 2:43can
- 2:43eliminate
- 2:44that
- 2:44pain
- 2:45point.
- 2:46And
- 2:46since
- 2:46it
- 2:46can
- 2:46be
- 2:47trusted,
- 2:48we
- 2:48can
- 2:48now
- 2:49turn
- 2:49to
- 2:49AI
- 2:49to
- 2:50mine
- 2:50that
- 2:50data
- 2:50for
- 2:51trends
- 2:51that
- 2:51no
- 2:52human's
- 2:52going
- 2:52to
- 2:52see.
- 2:53And
- 2:53like
- 2:54here's
- 2:54here's
- 2:54my
- 2:55favorite
- 2:55story.
- 2:56If
- 2:56we
- 2:56had
- 2:57had
- 2:57this
- 2:57technology
- 2:58way
- 2:58back
- 2:58when,
- 2:58this
- 2:59would
- 2:59be
- 2:59different.
- 3:00Story
- 3:00of
- 3:01Blue
- 3:01Moon
- 3:01beer,
- 3:01which
- 3:02we
- 3:02always
- 3:02enjoy
- 3:03with
- 3:03an
- 3:03orange
- 3:03slice.
- 3:04Yeah,
- 3:05well,
- 3:05when
- 3:05that
- 3:05beer
- 3:06came
- 3:06out
- 3:06like
- 3:06that,
- 3:07what.
- 3:07The
- 3:07orange
- 3:08slice
- 3:08wasn't
- 3:08a
- 3:08thing
- 3:09yet.
- 3:09And
- 3:10the
- 3:10retailer
- 3:11that
- 3:11I
- 3:11was
- 3:11with,
- 3:12like
- 3:13some
- 3:13really,
- 3:14really
- 3:15smart
- 3:15store
- 3:15manager
- 3:17observed
- 3:17that
- 3:17in
- 3:18his
- 3:18or
- 3:18her
- 3:18community,
- 3:19came
- 3:19back
- 3:19to
- 3:20the
- 3:20store,
- 3:21did
- 3:21a,
- 3:21you
- 3:21know,
- 3:22pallets
- 3:22of
- 3:23the
- 3:23product
- 3:23together,
- 3:24and
- 3:24it
- 3:24was
- 3:24a
- 3:24hit
- 3:24that
- 3:25went
- 3:25up
- 3:25through
- 3:25the
- 3:26district.
- 3:26And
- 3:26then
- 3:26finally,
- 3:27you
- 3:27know,
- 3:29nationally,
- 3:30we
- 3:30were
- 3:31asking
- 3:31the
- 3:31stores,
- 3:32please
- 3:32do
- 3:32that.
- 3:32Right.
- 3:33Where
- 3:33your
- 3:33liquor
- 3:34laws,
- 3:34you
- 3:34know,
- 3:35make
- 3:35that,
- 3:35allow
- 3:35that,
- 3:36but
- 3:36think
- 3:36about
- 3:36that.
- 3:37That's.
- 3:37Oranges
- 3:38are
- 3:38in
- 3:38produce.
- 3:39And
- 3:39then
- 3:39of
- 3:39course,
- 3:39you've
- 3:40got
- 3:40the
- 3:40adult
- 3:40beverage
- 3:41buyer.
- 3:42They're
- 3:42never
- 3:42going
- 3:42to
- 3:42see
- 3:43that
- 3:44connection.
- 3:45So
- 3:45it
- 3:45feels
- 3:46to
- 3:46me
- 3:46like
- 3:46AI
- 3:47and
- 3:48shelf
- 3:48intelligence
- 3:49is
- 3:49just
- 3:49bringing
- 3:49us
- 3:50out
- 3:50of
- 3:50like
- 3:50the
- 3:51merchandising
- 3:51equivalent
- 3:52of
- 3:52getting
- 3:52smoke
- 3:52signals,
- 3:53you
- 3:53know,
- 3:54from,
- 3:54from
- 3:55each
- 3:55retail
- 3:56store.
- 3:56Yeah,
- 3:56the
- 3:56vodka
- 3:57buyer
- 3:57might
- 3:57be
- 3:57talking
- 3:58to
- 3:58the
- 3:58olive
- 3:58buyer,
- 3:58but
- 3:58the
- 3:59beer
- 3:59buyer's
- 3:59definitely
- 3:59not
- 4:00talking
- 4:00to
- 4:00the
- 4:00orange
- 4:00buyer.
- 4:01That's
- 4:01for
- 4:01sure.
- 4:02Right.
- 4:03Yeah.
- 4:03But
- 4:03the
- 4:03other
- 4:03point
- 4:04that
- 4:04raises
- 4:04too,
- 4:05which
- 4:05I
- 4:05think
- 4:05is
- 4:05also
- 4:05important
- 4:06to
- 4:06think
- 4:06about,
- 4:06you
- 4:07know,
- 4:07as
- 4:07you
- 4:07take
- 4:07that
- 4:07up
- 4:08a
- 4:08level,
- 4:08take
- 4:08it
- 4:08up
- 4:08to
- 4:09say,
- 4:09the
- 4:09chief
- 4:09merchant
- 4:10level,
- 4:10which
- 4:10is
- 4:10what
- 4:10you
- 4:10were
- 4:11in
- 4:11your
- 4:11previous,
- 4:11you
- 4:12know,
- 4:12and
- 4:12you
- 4:12previously
- 4:13in
- 4:13your
- 4:13career,
- 4:14like,
- 4:15there
- 4:15starts
- 4:15to
- 4:16become
- 4:16some
- 4:16territorial
- 4:17overlap
- 4:17between
- 4:18the
- 4:18opera
- 4:18people
- 4:19that
- 4:19own
- 4:19the
- 4:19operation.
- 4:20So
- 4:20let's,
- 4:20let's
- 4:21say
- 4:21for
- 4:21sake
- 4:21of
- 4:21argument,
- 4:22the
- 4:22COO
- 4:22side
- 4:23of
- 4:23the
- 4:23organization
- 4:23and
- 4:24the
- 4:24chief
- 4:24merchant
- 4:25side
- 4:25of
- 4:25the
- 4:25organization.
- 4:26What
- 4:26advice
- 4:27do
- 4:27you
- 4:27have
- 4:27for
- 4:28navigating
- 4:29that
- 4:29blurring
- 4:29of
- 4:30lines,
- 4:30so
- 4:30to
- 4:31speak?
- 4:31You
- 4:31know,
- 4:31the
- 4:31relationship
- 4:32between
- 4:33operators
- 4:34and
- 4:34merchants?
- 4:35I
- 4:35think
- 4:36it's
- 4:36like
- 4:36cats
- 4:36and
- 4:37dogs,
- 4:37like,
- 4:37since
- 4:37the
- 4:38beginning
- 4:38of
- 4:38time,
- 4:39like,
- 4:39it's,
- 4:39it's
- 4:40full
- 4:40of
- 4:40friction.
- 4:41But
- 4:42a
- 4:42lot
- 4:42of
- 4:42that
- 4:42friction
- 4:42is
- 4:43really
- 4:43productive.
- 4:44You
- 4:44know,
- 4:44operator
- 4:45Ally
- 4:45is
- 4:45going
- 4:46to
- 4:46be
- 4:46the
- 4:46first
- 4:46one
- 4:46to
- 4:46tell
- 4:46you
- 4:47when,
- 4:47like,
- 4:47this
- 4:47set
- 4:48isn't
- 4:48working
- 4:48or
- 4:48you're
- 4:49missing
- 4:49something.
- 4:50The,
- 4:51the
- 4:51packaging
- 4:52is
- 4:52just,
- 4:52it's,
- 4:53it's
- 4:53horrible.
- 4:54It's,
- 4:54it's
- 4:54not
- 4:54good
- 4:55for
- 4:55the
- 4:55stores.
- 4:55Right.
- 4:56And
- 4:57then
- 4:57the
- 4:57merchants
- 4:57are
- 4:58always
- 4:58just,
- 4:58they
- 4:58just
- 4:59want
- 4:59to
- 4:59see
- 4:59their
- 4:59set
- 4:59executed.
- 5:00And,
- 5:01you
- 5:01know,
- 5:01and
- 5:01the
- 5:01sales
- 5:02happen
- 5:02and
- 5:02they
- 5:03want
- 5:03their
- 5:03inventories,
- 5:04like,
- 5:04always
- 5:04corrected
- 5:05and
- 5:05adjusted.
- 5:06But
- 5:06then
- 5:06the
- 5:06poor
- 5:07operator
- 5:07takes
- 5:07that
- 5:08adjustment.
- 5:08It
- 5:08can
- 5:09look
- 5:09like
- 5:09shrink,
- 5:10right?
- 5:10It
- 5:10looks
- 5:10like
- 5:10their
- 5:10shrinks
- 5:11out
- 5:11of
- 5:11control.
- 5:13So
- 5:13the
- 5:14endless
- 5:14quibbling
- 5:15over
- 5:16good
- 5:16faith,
- 5:16receiving
- 5:17execution
- 5:18and
- 5:18inventory
- 5:19levels
- 5:19is
- 5:19just,
- 5:19it's
- 5:20just
- 5:20unproductive.
- 5:21Right.
- 5:23So
- 5:23just
- 5:23like,
- 5:24you
- 5:24know,
- 5:24I
- 5:24mentioned
- 5:24earlier,
- 5:25we're
- 5:25over
- 5:25the
- 5:25debate
- 5:26about
- 5:26online
- 5:27business
- 5:28killing
- 5:28the
- 5:28stores
- 5:31shelf
- 5:31intelligence
- 5:33like,
- 5:34like
- 5:34Simbi
- 5:35and
- 5:35our
- 5:36friend
- 5:36Tally
- 5:36is
- 5:37going
- 5:37to
- 5:37move
- 5:37the
- 5:37industry
- 5:37past
- 5:38that
- 5:38squabbling
- 5:38and
- 5:39providing,
- 5:40helping
- 5:40the
- 5:41operators
- 5:41and
- 5:42the
- 5:42merchants
- 5:42and
- 5:43supply
- 5:43chain
- 5:44provide
- 5:44what
- 5:45the
- 5:45customer
- 5:45needs
- 5:45and
- 5:46when
- 5:46they
- 5:46need
- 5:46it.
- 5:46So
- 5:47my
- 5:47advice
- 5:48to
- 5:48retail
- 5:49executives
- 5:50in
- 5:50this
- 5:50day
- 5:50and
- 5:50age
- 5:51is
- 5:51that
- 5:52when
- 5:52you
- 5:52deploy
- 5:53technology
- 5:54like
- 5:54Simbi
- 5:55and
- 5:55Tally,
- 5:57please
- 5:57do
- 5:57that,
- 5:58but
- 5:58cross
- 5:59functionally.
- 6:00It's
- 6:00an
- 6:00enterprise
- 6:01level
- 6:01project
- 6:02that
- 6:04will
- 6:05maximize
- 6:05the
- 6:05investment
- 6:06will
- 6:06when
- 6:07it
- 6:07has
- 6:07executive
- 6:08sponsorship
- 6:09from
- 6:09the
- 6:09chief
- 6:09merchant,
- 6:10the
- 6:10chief
- 6:11operator
- 6:11and
- 6:12the
- 6:12head
- 6:12of
- 6:12supply
- 6:13chain
- 6:13to
- 6:14maximize
- 6:15the
- 6:15investment
- 6:15and
- 6:16utilize
- 6:16the
- 6:16data
- 6:17and
- 6:17take
- 6:18advantage
- 6:18of
- 6:18the
- 6:18whole
- 6:18suite
- 6:19of
- 6:19products
- 6:20that
- 6:20are
- 6:20available
- 6:20now.
- 6:21So
- 6:21welcome
- 6:22to
- 6:22the
- 6:22future.
- 6:23Well,
- 6:23thanks,
- 6:23Mary
- 6:23Beth,
- 6:24that
- 6:24was
- 6:24great.
- 6:24Thank
- 6:24you.
- 6:25Thank
- 6:25you
- 6:25so
- 6:25much.