A line up of technology, logistics and location legends were on the panel, “Surviving the on-demand revolution” at the recent Retail Week: Tech event.
Our CEO and Co-Founder Tim Andrew was joined on the stage by Ryan Perera CEO and Co-Founder of Captain.AI, Ed Bussey Founder and CEO at Quill, Antoine Nussenbaum Partner & Co-founder at Felix Capital and Tim Robinson Chief Executive at Doddle.
The panel explored the challenges of getting to grips with the ‘individual economy’ or as it’s now commonly referred to the Iconomy. Iconomy requires services to pivot around what the customer wants, where they want it and when they want it to arrive. Servicing the Iconomy requires the latest technological innovations to revolutionise the experience, from location aware software to self-driving vehicles and the gig or on-demand workforce.
The delivery, transport and logistics industry has not been able to move at the same pace as consumer expectations. This last mile service sector is realising that it can no longer dictate delivery terms it must integrate and be transparent. Technology can bring process and flexibility to this sector. Thereby eliminating challenges, like waste of resource, escalating costs and poor customer experience. By embracing solutions in day-to-day operations, business improves customer satisfaction rates and reaps cost savings by increasing first time delivery success rates.
Iconomy is disrupting offline industries at an unprecedented pace. Individuals have also access to far more content than before to make purchasing decisions, all this enabled by mobile and social media.
Quill are engaging with the Iconomy which is powered by the digital world, where customers and employees want relevant content when and where they are. Their Founder and CEO, Ed Bussey commented, “The on-demand retail environment requires services to be delivered at a speed and scale we have never seen before. This can be very operationally challenging for retailers. On-demand workforces are the model of the future with the flexibility to deliver the speed and scale that the market now requires, without compromising quality. That’s why we created Quill – using a technology enabled, global talent marketplace to deliver ecommerce content at a speed and scale that retailers simply can’t achieve in-house.”
People now always have several options to purchase from. We believe the winners will be the ones able to combine convenience, consistency, and authenticity in the most efficient way.
"It's a very big challenge for entrepreneurs and retailers to cope with individual expectations while delivering the right unit economics enabling the foundations of a sustainable and fast-growing business. Delivering such unit economics will require partnering with a new generation of logistic players who understand their needs and the power of technology. We believe it is a fascinating space to focus on in the coming years.” Antoine Nussenbaum of Felix Capital.
Dr Ryan Perera, CEO and Co-Founder at Captain.AI feels "The challenge of Iconomy is twofold, catering to multiple competing demands from consumers and providing this cost effectively. I believe technology is a great enabler here. It also feels that ironically the individual economy works best at low scale or high scale. At low scale services can be personalised easily such as at Henchman the on-demand concierge we ran. However at large scale this can also be achieved using an algorithmic and automated approach."
Consumers knows what they want, where they want it and when they want it, whether it is content, product or service . The panel agreed that businesses must pivot to meet the needs of the 'Individual Economy' - #Iconomy to survive.
Thank you Retail Week this 2 day event focused on retail technology it was a resounding success.