n a recent Total Retail article, the author writes about the Chief Technology Officer (CTO) role in a rapidly evolving technological landscape. The retail industry has undergone a profound transformation. Once relegated to managing back-end infrastructure, CTOs in retail now play a pivotal role in driving innovation, enhancing customer experiences, and ensuring operational efficiency.
To succeed in this evolving landscape, CTOs need diverse skills, including expertise in omnichannel strategies, e-commerce and digitalization, data analytics and AI, operational efficiency, supply chain optimization, and strong collaboration and leadership skills. These skills are essential for driving innovation, efficiency, and success in the ever-changing world of retail.
What is new in Retail:
Walmart’s “Let’s Grow! 2023 Walmart Marketplace Seller Summit” in Las Vegas gathered 1,500 attendees. They plan to expand the
Marketplace to Chile next year, in addition to their existing markets in the U.S., Canada, and Mexico. On their website, Walmart introduced enhancements like improved local pickup and delivery, expanded Walmart Fulfillment Services, and digital brand shops. They’re also waiving peak season storage fees for early inbound sellers until Oct. 1, with sellers typically experiencing a 50% increase in gross merchandise value through Walmart Fulfillment Services. Walmart continues to introduce services, including Inventory Transfer Services and specific customer segment targeting options like Walmart Business and Walmart Restored
Amazon and Shopify are deepening their logistics partnership, allowing U.S. Shopify merchants to integrate Amazon’s “Buy with Prime” feature into their Shopify Checkout process via Shopify Payments. This collaboration enables Shopify sellers to reach Prime members while maintaining control over their brand and customer data. While the rollout timeline for other markets isn’t specified, this move aims to enhance commerce accessibility and offer more options to merchants and customers. It allows Shopify merchants to offer fast, complimentary delivery and easy returns to Prime members outside of Amazon’s platform.
A strong commerce network has become vital for retailers and brands in today’s competitive retail environment. It enables an extensive partner ecosystem that benefits both parties. A key component of this network is advanced software that facilitates efficient partner matching and data-driven decision-making. This network saves time, helps retailers meet customer demands, and allows supplier brands to strengthen ties with major retailers. It streamlines partner vetting, leading to mutually beneficial collaborations, and fosters tailored inventory models. Overall, a cutting-edge commerce network has the potential to transform the retail landscape by promoting collaboration and unlocking growth opportunities for all participants.
