Change vs. Evolution and the Power of AI for Retailers

Tidal wave at sunset

Change is the new normal. Most fear it. Many fight it. Few embrace it.

Regardless of your relationship with change, one thing is clear. It is unavoidable. When it comes to marketing, change is necessary. To remain competitive in the retail industry, businesses must keep pace with customer expectations and understand their needs as they evolve. In this blog post, we’ll look at the difference between change and evolution from a retailer’s perspective and explore how the power of AI for retailers can help you take advantage of technology evolutions to stay ahead of the competition.

The Self-Aware Retailer

I am a behavioral psychologist by trade. Studying human behavior and continuously pursuing personal growth through self-awareness fascinates me. In my nearly fifteen years of helping furniture retailers and vendors grow their businesses, I’ve observed that those who thrive embrace change, practice self-awareness, and acknowledge the profound impact that technology can have on their businesses.

Therefore, one of the first questions I ask a potential client is: “How often do you reflect on where you were, where you are, and where you intend to go?”

If you are unaware of what you are, what you want to be, or how to get there, you can’t do anything about your situation. It’s this exercise in self-awareness that’s crucial to understanding the expectations and goals you have for yourself and your business. It also lends insight into your relationship with the concept of change.

Change vs. Evolution

Thanks to rapid technological advancements, retailers can use numerous AI technologies and platforms to boost productivity, enhance customer experiences, and optimize operations.

But only some people jump to take advantage of the opportunity. The number of available options (and potential outcomes) is more overwhelming than adopting any of them.

To overcome analysis paralysis and successfully navigate the complexities of this landscape, retailers must first understand the difference between change and evolution.

Change can be seen as a more immediate and purposeful response to a need or objective.It can be planned, initiated, and controlled by individuals or organizations.

One example of a change we at Renaissance anticipated and built a business around was the industry’s adoption of e-commerce.  We realized that as the internet became more powerful and accessible, more consumers would turn to online shopping, and furniture retailers would have no choice but to modify their business models to accommodate this trend.

Moving beyond planned change, we venture into evolution – which implies a more gradual and continuous transformation or adaptation over time.  At this moment, the transformative force driving evolution is the power of AI for retailers.

Riding Giants

Artificial Intelligence is the epic wave barreling towards the shoreline within the majestic ocean of technology. And, as the surge continues to grow, you will have an important decision to make.

Imagine a crowd of onlookers standing on a sandy beach, watching the AI wave swells in the distance. These observers make up the majority, a solid 70%, who stand, entranced by the enormity and potential of AI yet hesitant to step into the waters. They marvel at the technological advancements but remain spectators in the unfolding narrative of AI evolution.

In the same crowd, a notable group of critics exists. They represent about 25% of the population. They scrutinize the wave and those who dare to ride it with their critical eye.

Then there are the brave ones, the pioneering 5% who choose to ride the wave. These are the enterprising entrepreneurs who, recognizing the transformative power of AI for retailers, decide to harness it.

The choice lies with you. Will you remain a spectator, standing at the shore watching the wave pass you?

Will you stand as a critic, analyzing and judging the course of the wave and those riding it? Or will you be one of the bold few who decide to ride the wave? Your decision will be informed by what I’ve shared with you and, more importantly, your reflection upon where you were, where you are, and where you intend to go.

Renaissance’s passion for digital transformation and marketing innovations has helped us to evolve into the industry-leading technology company we are today, serving more than 2,000 clients in over 36 countries around the globe. Learn more about how technology can transform your home furnishings business.

 

 

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