Smart CEOs Pay More Than Just Attention To Digital Capitalism
How fortunate we are to be in an era of smart innovative technology risk takers. They shake up our senses through a multitude of glowing glass entertainment and content pylons in different flavors, sizes and shapes for our home, business and mobile lives.
Welcome to the consumer electronics industry with over 20,000 new product announcements a year and nearly a trillion dollars in global revenue. This robust manufacturing and retail union combined with fresh competitive technology enhancements super-fuels the great digital divide again and again, creating nail-biting losses for some, while creating wealthy success stories for many others.
Welcome to the world of digital capitalism where consumers just cannot resist another piece of smart, glowing connected glass. Where urbane retailers and e-tailors orchestrate tectonic e-foundations in congress with smart and savvy e-tools. Those that do shall rule the world of consumer electronics. Those that don't, well, you already know.
And hurray for consumers who benefit and enjoy a multitude of devices. Consumers are fortunate recipients through a vast emporium of choice in what to buy, when to buy and where to buy. Consumers are looking for the best prices, whether they are at physical locations or through e-clouds. CEOs most certainly recognize by now that for consumers it is futile to resist buying through a beautiful piece of connected glass! The real question is what are the digital tools, levers and language to ensure the utmost competitive market share advantage? The real question is whether or not your CEO has already become a monitoring subject matter expert on the technology tools designed and tuned for retail competitive peak performance.
As we know, consumer low price demands have forced traditional bell curves of product profitability cycles into time-to-volume, razor-sharp business models where profits must be accumulated immediately upon launch, and re-articulated for quicksilver potential in the range of 60 to 90 days. We all agree that the demand to buy electronics is enormous. However, consumers are quick to say "bye bye," not "I'll buy" to any retailer or e-tailor if the experience does not meet their shopping expectations. And consumers have their own mobile e-tools in the form of smartphones with comparative shopping apps. Your smartest and growth-orientated manufacturers and retailers have the same capabilities on the push-and-pull side of the consumer equation in the language of big data, in the language of technology infrastructures.
Peter Weedfald is the Senior Vice President of Sales and Marketing for Sharp Home Electronics Company of America (SHCA). He has also served as President of Gen One Ventures, SVP, Chief Marketing Officer of Circuit City, SVP of Sales and Marketing in North America for Samsung, and SVP of global marketing and EEVP, GM & Chief Marketing Officer for ViewSonic.