Retailers are entering a new era of consumer shopping behavior fueled by the digital world in which we live. The explosion of digital content has major implications for retailers across all of the channels through which they offer products and services.
In fact, a new study just released by the Cisco Internet Business Solutions Group (IBSG) reveals that web-based digital content is now the most powerful influence on buying decisions for shoppers across all retail channels. The study surveyed 5,000 shoppers across five countries: the United States, United Kingdom, Brazil, Mexico, and China.
The study’s results highlight the need for retailers to “catch and keep” today’s consumers, who now effortlessly “mash-up” digital and physical shopping. At this week’s National Retail Federation (NRF) Convention & Expo, Cisco will explain how retailers can take advantage of this evolution in consumer shopping behavior.
Better decisions don’t necessarily come from the existence of better information. The information is usually somewhere in the organization, but there’s no benefit to the decision-making process unless people actually use it. Executives often don’t take full advantage of all the specialized knowledge that employees can contribute. Maybe they don’t know the information is there. Maybe they know it must be somewhere, but don’t know how to get it. Or, well, maybe they’re just not looking for it in the first place.
Improving the decision-making process comes as a result of evolving ideas around collaboration and by connecting people and empowering them to work together. Cisco IBSG calls this “Decision-Driven Collaboration” and outlines three core elements that build upon one another in the decision process:
Collaborate to Engage: Identify key contributors, solicit input, share ideas.
Collaborate to Evaluate: Shape the matter to be decided, consider viable alternatives.
Collaborate to Execute: Make a clear decision, align relevant parties, put it into practice.
Although the executives in an IBSG survey rated their own decision-making ability highly, the managers and individual contributors were (surprise!) not nearly as confident in the decisions handed to them to execute. Making critical strategic decisions without engaging the right people and information in your organization should be a candidate for a new definition of risk in the next edition of the dictionary, followed closely by leaping out of an airplane minus a parachute.
Just ask Borders. Borders missed the online retailing boat in a big way. How big? Read More »
These days, professionally produced video can be accessed through a dizzying array of hardware and delivery choices. But which concerns are top of mind for typical video consumers?
To better understand the dramatic changes in the consumption of professionally produced video, Cisco IBSG surveyed 1,152 U.S. broadband consumers between the ages of 13 and 75+ in March 2012. The overall goal of the survey was to understand how consumers watch video: their habits, preferences, and the devices they most prefer.
Decisions have consequences. It’s a simple fact that not even my fourth grader will dispute. But if it’s so simple, why do organizations often have so much trouble making good decisions? Or, knowing the potential consequences, why do they pay little attention to how they go about the whole decision-making process?
It’s easy to find outside factors at which to point fingers when things go wrong – economy, competitors, politics, weather, Mercury in retrograde – but honesty requires that we acknowledge that internal factors and poorly made decisions are at the root of most major organizational failures. But it seems that most leaders aren’t ready for that level of self-reflection. Just ask them.
Cisco IBSG asked more than 1,000 executives to rate the ability of their companies to make successful decisions on critical issues — such as corporate strategy, acquisitions, product launches, and entering new markets — 71% chose Read More »