I love to drive racecars. And one thing that I’ve learned is that when you are driving at 150 mph, you need data inputs faster so you can adapt and make smart, quick decisions. If not, you can make a mistake, and it can actually be pretty catastrophic.
In this uncertain environment, retailers are driving a version of a racecar. Theirs is headed onto an unfamiliar road where everything they have ever known, every process and model they have ever used, is no longer relevant. The past is no longer useful and there are no historical indicators to reference.
Right now, the vast majority of retailers and brands are not equipped with the data inputs they need to make smart decisions in real-time, particularly on pricing… and many are looking too hard and too long in their rearview mirror.
We are seeing the outcomes of that as more and more retailers and brands file for bankruptcy.