The news and media are all buzzing about Amazon's latest move in the marketplace. The purchase of Whole Foods Market by Amazon isn't a ripple in the pond of business it is the fore warning of a major shockwave in the retail space. Forbes magazine has estimated the deal is valued at over $13 billion. What does this mean to you & your business?
It means everything.
A few months prior to the announcement of this mega merger, Amazon showcased it's latest technology for retail businesses. The release of Amazon Go would create a full service, cashier free, super market experience. This model is very simple, here is how it works. Customers download a app and walk throughout the store filling their cart with groceries. Simple enough. How does the check out process work? Even better. Customers walk out of the store & the app immediately registers their cart total and charges the credit card on file. Easy.
The reviews on Amazon Go are mixed but one thing is clear. The face of retail is changing, significantly and it will impact you as well. Employee, Entrepreneur and Senior Business Leaders alike.
There are many lessons to be learned from both the $13 billion dollar deal and the latest technology from Amazon.
But, let's cut right to the main point. "Stay ahead of the game or get crushed".
It's still to early to know if Amazon will implement the "cashier-free" shopping experience. Either way they turn a lesson will be taught to other business leaders.
Lesson # 1- If Amazon Go, becomes a go, there will be a restructuring of jobs while meeting the ever growing demand of convenience in the retail experience that customers are demanding.
Lesson # 2- On the other hand if Amazon finds a way to insert this technology while keeping their staff they become masters of introducing a new technology in a industry that hasn't seen this significant of a change in years. Amazon will also grow their customer base and create a employee centric environment that will probably land them on the list of top companies to work for in the coming years.
All in all. Amazon for the win.
What can we learn now from Amazon? Here are a few lessons that as a business owner should stay front of mind while being re-evaluated every month, or at minimum every quarter.
# 1 - Are we growing our business or struggling to maintain?
Most business owners that we work don't have to think long to answer this question. Outside of knowing their products and services like the back of their hands, all CEO's have a unique ability to listen to their gut. But, it's not only listening to the answers that you already know are answering the questions of why your business is stalling. It's also trusting yourself enough to take action to fix the problem.
# 2- Innovate
Many times businesses find themselves being reactive to the market and not proactive. Not to worry this is a common error that we see far to often. The fix to this positioning is simple. Here is the secret formula to getting unstuck:
Stop, Assess, Get Resources & Proceed
Before we go any further let's be clear on one thing. Stopping isn't a long period of time or the equivalent of taking 6 months to come up with a strategic plan. This part is more acknowledging their is a issue (quickly), immediately moving into assessment, gathering resources and then taking massive action.
#3-Light the Fire
The other day we posted a article that gave three tips on how to retain quality talent in your organization at all levels. If you missed it check it out on our blog here . The one key factor that separates companies, like Amazon, that are blazing new trails in spaces that might not be their traditional market, from others is the team they have in place.
As a leader your team of employees, even the disgruntle ones, are looking for leadership and a vision of what's next. Most people that work for you want a fire lit within them. They are looking to be apart of a cause, something bigger than themselves.
"The unspoken job of a leader is to cast the vision & make in plain."
When your team believes in you, they'll do whatever it takes to get the job done. Oh, and what about the disgruntle employees? They will either get on board, terminate themselves or you'll be in a better place to do that for them.
So what in your business today needs to grow, needs new innovation or to have a fire lit? When you find out what that is within the organization you are one step closer to being a leader in your industry & increasing revenue along the way.
Will you get ahead of the game or get crushed?
Go get em!
p.s. Check out this 2 minute video here to see the new Amazon Go technology. Once your done leave a comment on our Facebook page so that we can connect with you further.