Hurry Up and Wait

I recently presented a technology and service at an ecommerce retail tradeshow. The technology is undeniably best in class and the service is unique and uniquely designed for retail. These were the prevalent comments from a satisfyingly long list of retail executives. The pricing is attractive, the effort required is minimal, and the application to their brand was clear.

However, one of the largest cultural issues impacting retail raised it's not so pretty head. This product and service, which enable real video commerce, do not represent an improvement or extension of something most retailers are already doing. At the time, no one was "already doing it". As a result, this innovation, like so many others before it, started to be relegated to the stack of "interesting but not immediately relevant". Put in perspective, two years ago, intelligent product recommendations were treated in a similar way. Now there are five or six major providers of the service, virtually every major ecommerce retailer either has it, is working on it, or is in the process of upgrading what they started out with. But if you talk to the people who first brought the innovation out....well, it was the same thing. Nice, we're focused on other things right now.

Well, retail executives: someone else HAS done video commerce. And they've done it, on their own, at enormous expense, implemented almost exactly the way the Future Merchants service and technology were designed to do. Here's the link: Ralph Lauren Shoppable Fashion Show

So it's been done. And by a reputable company. With lots of money, and one that decided to go ahead and figure out how to enable video commerce without waiting for it to become mainstream. Are you ready to reprioritize now?

This isn't just about video commerce. Retail must find a way to embrace innovation. Otherwise the industry, by and large, will continue to be characterized by one of two traits. Either it's a "last adopter" of already proven technology or strategy, OR it's too early in the game, long before the technology or strategy has been developed or adapted for retail (think mobile commerce).