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"Leadership is Not a Destination" - An Interview with David J. Katz
Episode 64
"No company can afford to stand still" - we sat down with David J. Katz - a Linked In Top Voice in Retail - to discuss how technology is changing consumer demands and pushing companies into creating better experiences.
Show Notes:
Main Takeaways:
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David J. Katz is here from Randa, the world's largest men's accessory company, that ships more than 75 million units of product a year.
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With the ever-changing technological landscape, retail has is being disrupted with advancements made in technology, and therefore, it's important to change approaches to fit the current retail environment.
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Digitizing the traditional brick-and-mortar shopping experience is essential today when customers rely on their phones for information and recommendations.
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Entertainment has taken a more significant role in retail than ever before but is there a worthwhile and lucrative space for entertainment in the coming years in the commerce world?
The Most Rational, Logical Path You Can Imagine:
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David recounts the journey that got him to where he is today: a journey that began with him as a medical student studying neuroscience that granted him a unique view into the psychology and physiology of human behavior.
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Thanks to a bribe from his family, David took a year deferment before spending the next nine years in med school, and he ended up not going back and eventually went to business school instead.
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He got hands-on experience in operating businesses that had wholesale products and selling those to retailers.
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Brian points out some of David's prolific achievements, such as being named one of LinkedIn's Top Voice in Retail.
Stimulating Customer Response to Grow Your Business:
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Because Randa is dominant in their market, their goal is to stimulate customer response to buy more product as opposed to getting a larger share of the market.
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Phillip brings up a recent Merchant to Merchant live podcast in which he spoke to Filson about how they are combatting the vertical challenge of modern technology by going horizontal with their product line.
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David illustrates Randa's strategy of increasing consumer exposure to belts by surrounding the pants sections of department stores with their products. (Can you sense some of that psychology education here?)
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With their market share and their marketing spend capability, Randa can ensure that every color in every brand is always in stock.
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What happens when you are shopping online? Do all the infrastructure specifications and display strategies put in place by David get disrupted?
Growing Up Technological: The Cycle of Disruption:
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David takes us through the cycle of retail (from the days of the Wells Fargo wagon in fact) and how as technology advances, the retail cycle is disrupted.
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Phillip brings up that he has seen some recent advances in belt technology and asks David if they are able to improve and drive technology advancement to capture those areas of the market.
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"David responds with some serious pearls of wisdom by saying, "Nothing is so perfect, so ideal that you cannot reinvent, reimagine, and innovate to make it better and more relevant."
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As an example of some innovations made in the world of belts, there is Published on 7 years, 8 months ago