Fung Group tapped Wall Street veteran Deborah Weinswig to be its eyes and ears in the world of technology. Weinswig, who spent 12 years as a retail analyst at Citi, will serve as executive director and head of global retail research and intelligence at The Fung Business Intelligence Centre. The company said Weinswig would help “provide insights into disruptive technology trends and innovation reshaping the global landscape for the retail industry worldwide.” Weinswig will be based in New York and work to help the group better serve its retailer partners, which include Kohl’s Corp. and Wal-Mart Stores Inc.
“We want to work hand-in-glove with the retailers we supply,” Weinswig said. She’s starting off with research into predictive analytics and opportunities in big data and Internet of Things, which promises to increase efficiency through Web connectivity and help retailers understand how consumers shop their stores. “You have the tech companies getting into retail, the retail companies getting into tech and you’re starting to see a convergence,” she said. “It’s still early, but I think you’re starting to see it and we want to make sure we’re right at the forefront.” There are also opportunities to export Fung Group’s supply chain expertise to its retailer partners as they ship more goods from stores, she noted.
Weinswig said retailers need to use mobile and other technologies to create a smoother and more profitable shopping experience. Ultimately, she will try to answer one key question: “How do retailers use technology to maximize the spend of the customers they have and how do they figure out how to get new customers?”
