Doug Stephens Joins the Voice of Retail to Discuss the Rapid-Fire Change in the Industry
Retail prophet Doug Stephens breaks down the challenges retailers face in today’s fast-paced, hyper-connected, digital world.
Businesses that grew to prominence in the industrial era may have whiplash at the sheer speed of change happening in today’s age of mobile phones and internet shopping. Not only are consumers more aware of the products they’re purchasing and how they’re made; today, anyone with a good enough idea can become a competitor. Take Emily Weiss, says retail veteran Doug Stephens. “She was a blogger that blogged about beauty products,” he says. “Flash forward to today and she is now the head of Glossier, a company that just raised an additional $52 million dollars in funding. And she’s breathing down the neck [...] of industry incumbents.”
Twenty years ago, there would have been too many barriers for Weiss to enter the industry; today, she is a bona fide threat to legacy companies that have been around for decades. This is just one change in a sea of technological, economic, and cultural waves the industry is facing.
To learn more, watch Stephen’s full segment here.
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