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Why Retailers Are Turning to Third-Party Marketplaces

Harvard Business

Some traditional retailers including Walmart, Target, and Best Buy are adopting third-party marketplaces, which connect customers with external sellers and thereby offer customers a much broader selection. Many other traditional retailers are considering whether to follow suit. Making the choice isnt clear-cut.

Retail 234
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The Role of Design Thinking in Product Development

Tom Spencer

In todays fast-paced, customer-centric marketplace, developing successful products requires more than just technical skills and innovation it demands a deep understanding of users’ needs and a creative approach to problem-solving. What is Design Thinking? At its core, design thinking involves five key stages.

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Large Language Models: What Product Leaders Need to Know

Tom Spencer

For product leaders , large language models (LLMs) arent just another shiny tech trend, theyre reshaping how businesses interact with customers, automate workflows, and make decisions. Implementation Challenges While the potential of LLMs is vast, product leaders must approach their adoption strategically.

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Research: Smaller, More Precise Discounts Could Increase Your Sales

Harvard Business

Retailers might think that bigger discounts attract more customers. But new research suggests that’s not always true. Sometimes, a smaller discount that looks more precise — say 6.8% as compared to 7% — can make people think the deal won’t last long, and they’ll buy more.

Sales 241
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3 Changes Retailers Need to Make to Survive

Harvard Business

Few industries are being disrupted as drastically as the retail industry. More retail purchases are moving online, and a growing number of manufacturers now sell to consumers directly, cutting out retailers entirely. It’s either adapt to the new environment or step aside and make room for a competitor who can.

Retail 129
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For Better Retail Promotions, Ask These Questions

Harvard Business

Discounts and promotions are at an all-time high, often comprising the single-biggest cost within many retailers’ P&Ls. Yet despite these high stakes, and the growing adoption of sophisticated analytics, many retailers continue to take a broad-brush approach to running promotions that results in missed sales and profits.

Retail 128
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How Grocery Stores Should Respond to the Growth of Online Markets

Harvard Business

How will grocery retailers service this new demand stream? During 2020-21 online grocery shopping soared from 3.4% to double digits as Covid-19 made customers reluctant to go into stores. Post Covid, online grocery shopping is still high, forecasted by Forrester (2021) to hit 10.4%

Retail 239