In my latest article for Forbes, I explore Marks & Spencer Chairman Archie Norman’s session at the Retail Technology Show, where Norman declared that grocery e-commerce is a “desert of profit.”
He explained that although retailers around the world feel compelled to move into e-commerce, “nobody is really making true profit from food online.”
“There’s been more wealth destroyed in people trying to develop food online businesses than any other industry I can think of.”
Jeremy Schwartz was the turnaround CEO of Pandora, the world’s largest jewellery company with 2,500 stores and e-commerce sites in 90 countries. Prior to that, Jeremy was Chairman and CEO of The Body Shop from 2013 to 2017. He also previously spent time at Sainsbury’s and, as Brand Director, he was the architect of the grocer’s turnaround in 2005 which saw a decade of growth after years in decline. He is the former Managing Director of L’Oréal UK and, as Innovation Director for Coca-Cola Europe, he invented Coke Zero. Jeremy is currently the Chairman of Kantar’s Sustainability Transformation Practice.
In this episode, recorded live on stage at the Richmond Retail and E-commerce Directors’ Forum, Jeremy and Natalie discuss:
You can watch in full on YouTube.