The Local Commerce Universe Defined: A CEO Address (video)
Since BIA/Kelsey SMB in September, we’ve been talking about the Local Commerce Universe (LCU). It’s a new concept and construct that will define how we view “local,” and how we package and deliver it to you.
BIA/Kelsey CEO Tom Buono took the chance to explain it at last week’s BIA/Kelsey NEXT. Building from Mitch Ratcliffe’s on-site reporting, we now have the full video for LMW readers (embedded below).
Tom’s main takeaway: the increasingly competitive and changing local landscape forces us all to think beyond just our own products, customers and business plans. There are several layers of variables beyond that locus.
Success in this environment is impacted by adjacent areas of technology. That can be a double edged sword: There are lots of enabling technologies developing in other “galaxies” … but also looming competition.
In either case, the key is to be informed. This is underscored by the LCU’s quantitative analysis: It indicates that dollars and market shares are shifting quickly. Where, how, and how much, will be key pieces of intel.
Stealing from Tom’s Star Wars analogy (NEXT took place next to the Chinese Theatre where The Force Awakens premiered Monday): It will require Jedi-like awareness of immediate and faraway surroundings.