Retail Innovators – Intro (2018 Summer NAMM)
The future of retail is right now. So who is winning in this new reality and why? That was the focus of “Retail Innovators,” the opening NAMM U Breakfast Session at 2018 Summer NAMM. Hosted by NAMM President and CEO Joe Lamond, the session featured discussions with some of the most forward-thinking music retailers of today. They shared how they’re thriving with innovative, effective, even unconventional business models—and, in some cases, disrupting the industry as we know it.
The session kicked off with Lamond commenting on the latest future-forward developments in retail.
“This isn’t science fiction,” he said. “The reality we always heard about and read about is happening in real time. Music retail is in the middle of shedding its skin.
“We have people operating multimillion-dollar retail business from their bedrooms using little more than an iPhone. We have news that Amazon now has software that can predict what inventory to buy, how much to buy and even the next big product. We also have the sharing economy coming to the music products industry. Anyone heard of the company called Fretish? It’s an Airbnb for musical instrument and gear rentals.
“So this raises the question. In our industry, who is ushering in the next phase of retail? Who represents what’s now, what’s potentially disruptive and what’s next? And most importantly, how do they view the industry?
“Because if one thing’s clear, the retail model as we know it has been blown up. It used to be kind of a simple proposition—open a store; stock it with great gear, usually your own gear; find some good staff; eventually grow. That is but one of the many ways to operate now.
“So this morning, we’re going to talk about retail innovations. And I thought we’d look at a few retail innovations in everything from business models to serving your customers to how you’re incorporating technology.”
Check out the interviews here: