In this business growth show Jo Malone discusses why it is up to British retailers to stimulate high street shopping. Business growth show: UK high streets I think we have got to wake up and dust ourselves down and [...]
Business growth show: High Street complacency has to end
In this business growth show Jo Malone discusses why it is up to British retailers to stimulate high street shopping. Business growth show: UK high streets I think we have got to wake up and dust ourselves down and [...]
The digital economy means that some brands will actually need to undigitise to entice people in. Ibrahim Ibrahim give his perspective in this TV show.
The digital economy has created an opportunity for nostalgic brands
This whole idea of facial recognition, for me is really, really interesting.
There is an issue of privacy but it’s inevitable and as Mark Zuckerburg said, it will be entirely normal for everybody to know everyone’s location at any time, and that’s what will happen.
It’s how we deal with that and I think also as we live these increasingly digitised lives, people will crave, sort of, compensatory intimate physical experiences.
And there’s an opportunity there for brands to undigitise, to unconnect.
And just as an anecdote, there’s a great club called The Do Nothing Club. You go there and do nothing.
There’s a school of life and you can see this growing explosion really of markets and of charity shops. There’s much more intimate physical, nostalgic places.
I think retail will have to take part of that on. I think there’s going to be a move from what we call back of house to front of house where customers want to see behind the brand, see transparency, see things being made.
They don’t want them now, and more in the future, being made in Vietnam or in China.
They want things, yes, partly made but then finished off in the shop where people can see the craft and the kind of skills.
And there is I think, more and more of a return to crafts.
Every trend has a counter trend, and I think there’s going to be a counter trend.
There is more content about the digital economy on Connected Economy TV
In this business growth TV show Ibrahim Ibrahim discusses how big brands like Illy are creating a culture, which consumers can participate in both through digital connectivity and in person.
Business growth show - Illy's Approach
Now, Illy used to be a coffee brand, it’s no longer a coffee brand, it’s no longer about silver tins of coffee
Illy is about a brand which absolutely engages customers with, yes, the cultural coffee, yes, coffee’s placed in society, yes, art and crockery and books on art.
Illy has become a culture brand. A culture of coffee, but also a culture in the big scheme of things.
And it has connected with a whole group of customers that are part of that brand, are part of their social network and it gives those customers, through constant connectedness, through digital, lots and lots of value about art, about coffee, yes, they can go and buy coffee as well, but it’s part of a bigger, bigger picture.
And when you get to an Illy shop, it’s not a coffee shop, it’s where this art and culture and sociability and debate and the whole idea of the old coffeehouses, comes to life.
But that won’t be a coffee shop and it isn’t, you know, at the moment it’s a container that opens up, arrives and closes down.
And more and more brands will do this, Marmite are doing it, Heinz are doing it.
______________________________________________________________________Connected Economy TV is following developments in retail and the digital economy. There will be another business growth show soon.
The internet of things is the next step in the revolution of the connected digital economy, as David Moschella explains in this TV show.
What is the internet of things?
Yeah, to us probably the next great wave of what’s going on is the so called internet of things, which is bringing computer technology and sensors to all kinds of physical objects.
You see it now in this whole explosion of healthcare devices that check your blood pressure, your diet, your sleeping patterns, your fitness patterns.
You see it now in doorknobs even, that wherever you are, will show you a picture on your phone of who’s ringing your doorbell.
Virtually every product now can have a connected intelligent item.
And you see it just really reinventing the whole idea of products and manufacturing in the same way that that information has been reinvented in the last 10 or 20 years.
Connected Economy TV is very interested in the internet of things and technology's potential. We have plenty more expert discussion to come.
Nigel Palmer: "We talk about retail but maybe services are going to be more important to it. You know, we heard today an idea about click and collect and actually making that not a warehouse type experience but an enjoyable experience where you say, “Great, click and collect, we’ll go and have a sit, we’ll go and have a read of the paper or we’ll go and get the kids in the kids area.” It is the heart of it. You know do shopping malls in the future have their own delivery sort of service as well? And I still think there’s too much traditional thinking going on and not thinking about what the customer wants, what makes it easy for them. What will make it pleasurable for them, because shopping centres, big square blocks, but consumers feel happy in shopping centres, safer in shopping centres. And they need to exploit that in the best sort of possible way."
Nigel Palmer: "We’ve clearly seen more of the mix of food in shopping centres. And I think the mix of food retailers will probably increase as well as competitors as it is. But for me, the high streets have got to change. They’ve got to become less shops that people walk in and out of and then experience where people can go to their accountant, get their bike serviced, have their hair done, get their kids entertained, place their bets, get their cloths and get their food and it’s thinking about how that is. And maybe some other, governmental services come on there as well to help people out as well. It’s a community, that’s what high streets are, that’s what shopping centres are, and it’s what that community wants to do on the high street, and it isn’t about lining shops up I don’t think."
Nigel Palmer: "We heard today from Javelin who clearly have got massive knowledge because they - across the industry really broadened in terms of what they do. And we saw charts of, store only sales, online only sales, click and collect sales. And then we saw this big part which is really going to increase, store sales that are influenced by online, almost like online was doing all this for it. There is a counter one which I think is not thought about which is people going into stores and then going home and shopping or shopping while they’re in the coffee shop, because that’s an online sale. And you’re not distinguishing those, in other words it’s becoming increasingly impossible to categorise them. And I wonder why spend huge amounts of time categorising it and don’t just concentrate on what that customer journey is, the customer - is changing, for the customer in terms of the way they live their lives and trying to embrace that. And with the money and the long-term investment in property, I don’t see those sorts of things coming out of the property industry and working as much in harmony with them. Of course I fully understand wanting to protect their investment. But it is a long-term investment and some longer term thinking I think needs to be coming rather than maybe some short-term defensivism. I heard one person say today, “It’ll be fine because we’ve got the best property, so we’ll be alright” which for me isn’t a strategy, it’s a tactic."
Karolin Forsling: "What I think is hard, is that the retailers, we are always talking about we want to be online and connect the digital world and the real world. But I find this hard because we talk about it but I have seen a few good examples about how we can actually do it. And we had an idea for example that if you have a gallery of 60 stores, you will shop on it, online, and say, I want these trousers, these sweaters, and when you come to the shopping place you can actually have an own dressing room, and you can have all the clothes. And then you have a personal shopper with you who says, “Okay, you clicked on this, your collection is here, but let me know if I could supply you with anything else.” Then you have the stores and I had done, as a consumer, shopped in every store, not just one brand, one store, but the whole area that the gallery actually can give me. But I go there physically to try it on and then I just pay with my smart phone and I go off. It could be an example about how we can do it."
How to bring massive store footprints into city centre?
Karolin Forsling: "We have a project now that we are just in the first phase, that is so central, where there’s so many people in the central part of Stockholm, that we’re actually looking at. Can we do an online and digital world in reality, for big brands that haven’t the space or can’t have the space in the kind of cities, but wants to come in, like IKEA or like a huge store that you found out on a field somewhere because they are huge big boxy store. And they want to have about 100 square metres and do it like a live shop. And you can take your food or your living room or something and you can just put it on this site, then go to work before meeting when you have lunch and you click on it and it all comes back to your home when you want it. So we are investigating together with some retailers and seeing how can we do this actually, how, and not why anymore and see about. We have to. We know we have to, and few have done it actually. And now we are like trying us together with the retailers. And I think the retailers have not come so far in this area. They talk about it, but when you actually get their hands on their heart, they aren’t there yet. They don’t know how to do it. And I think there’s an opportunity for a landlord or a developer to be a part of it, to understand it, because the rent as well will be apart from retailing, the turnover, so how can we do it."
Ibrahim Ibrahim: "I think what’s driving the change is expectations from different types of - let’s call them tenants, different types of “retailers”. And there will be fundamentally two new types of tenant, there will be the pure players, online brands that will see retail, retail shopping centres, retail parks, high streets as an important channel to come into and to create engagement – physical engagement with their customer tribes, let’s call them because that’s what they will be. But their demands will not be 10 year leases in concrete boxes in shopping centres, their demands will be spaces that are programmable, that are changeable, that are there for a day, a month, six months. The second is FMCG brands, Procter & Gamble, Unilever, all the guys who have got consumer brands will be coming more and more prevalent in shopping centres and in developments. And again their demands will be different. So for shopping centre owners, for asset owners, their culture will change, will have to change, particularly their leasing culture and their leasing model."
Digital brings retail opportunity growth not change
Ibrahim Ibrahim: "Change will be fundamentally driven by the massive explosion and growth in shopping in a different way. I’m not going to say online shopping because I don’t think it actually distinguishes or separates like that. It’s shopping in a very different way, the notion of the shop will change, the function, the idea, the pure, pure idea of a shop will, I think, will change. And I say these things, not as an absolute because there will be exceptions, there will be very functional shopping, that you’ll still have supermarkets to a certain extent. But much of shopping will change and that will be driven by the fact that people will shop for stuff, for things with their mobile devices, inside or our outside shops. And what they will get from shops will be the collection of those things. And when they collect the experience of collecting, the collect experience will be at the heart of the shop. And that collect experience will be yes, to collect your goods, but also will be at the heart of it maybe food and beverage, will be event driven experiences, will be where brands take space, will be demonstrations, will be other experiential consumer behaviour, consumer offers. So the collect experience will be key. So when I say the notion of a shop, the notion of a shop means that it’s not where we’ll buy stuff, we won’t buy merchandise, we will buy mementos."
Ibrahim Ibrahim: "This whole idea of facial recognition, for me is really, really interesting. There is an issue of privacy but it’s inevitable and as Mark Zuckerburg said, it will be entirely normal for everybody to know everyone’s location at any time, and that’s what will happen. It’s how we deal with that and I think also as we live these increasingly digitised lives, people will crave sort of compensatory intimate physical experiences. And there’s an opportunity there for brands to undigitise, to unconnect. And just as an anecdote, there’s a great club called the Do Nothing Club that you can’t, you go there and do nothing. And there’s a school of life and you can see this growing explosion really of markets, of charity shops, there’s much more intimate physical, nostalgic places. And I think retail will have to take part of that on. I think there’s going to be a move from what we call back of house to front of house where customers want to see behind the brand, see transparency, see things being made. They don’t want them now and more in the future being made in Vietnam or in China. They want things, yes, partly made but then finished off in the shop where people can see the craft and the kind of skills. And there is, I think, and will be more and more a return to crafts. So there will be every trend has a counter trend. And I think there’s going to be a counter trend to this mass digitisation."
Ibrahim Ibrahim: "There will be hybrid spaces, they won’t be a particular category, I think they’ll be where categories come together. There’ll be lots of brand partnerships. They may be anchored by food and beverage, so it’s sociable. It certainly will be places that are geo located and gamified, so it’ll be places that are centred around a brand that has a tribe of customers that link to that brand digitally through social networking and something happens as a reward in this space after some gaming application. So there’ll be lots of things going on, this connectedness digitally with their customers. And the culmination or part of that digital physical journey will be in this space."
From marketing communications to marketing connection
Ibrahim Ibrahim: "If we’re talking about two/three year’s time, then this idea of merchandise to mementos is very key. I think not only is retail changing and being turned upside down, so is marketing. Everything I’ve learnt as a marketing student is now irrelevant, it’s completely irrelevant. The idea of messaging, the idea of communication, the whole idea of marketing communications where brands talk to or at customers, it seems like so last century, is as I said in the presentation, it’s a shift from marketing communications to marketing connection. It’s taking that message and turning it into something that creates emotional connection, has an element of entertainment of engagement, but very importantly has an ability to share. So connection is about, or connectedness is about taking a message, we’re creating entertainment and allowing it to be shared, ideas that are shared, that’s what the future of branding is about and the future of marketing and therefore the future of retail."
Ibrahim Ibrahim: "That shift from merchandise to mementos I think is really, really key. So a memento of that experience, so what you’ll be getting from shops beyond collecting your goods is something you can’t buy online, it will be something which will be customised, it will be something that’s made for you. I think one thing that will make that change will be 3D printing. I think 3D printing is tantamount to industrial revolution, I think it will allow and it will deliver to customers and to retailers, complete and utter mass customisation, where every product you buy can be customised and be different for you. So as I say, it turns manufacture, it turns consumerism and it turns retail on its head. And now you can buy a 3D printer for $1400. I used to use them as a designer to make models of the things that we used to design for clients. And to make one model used to cost £20,000, it was called stereo lithography, now it’s called 3D printing. And it’s going to completely change the notion of what a shop could be. And think about what a Lego shop can be in the future. Think about are you going to go in and buy plastic pieces or is a Lego shop a design studio where you go in and you design a toy and it’s made there in front of you. More importantly are you going to design a toy and buy that toy as software over the net, have it at home and print it at home? So start now projecting that into other categories and into other retailers and think about what 3D printing will do in the next decade. So if we’re talking about a decade time, they’re the kind of things we should be talking about."
Architects designs changing to consider public realm
Ibrahim Ibrahim: "The idea of building these concrete monoliths that are fixed and stagnant, these shopping, these hermetically sealed spaceships that are dropped into communities and turn their back on communities, that are overrun by security guards is an anathema to what customers will expect, but particularly the new digital generation. So the developers have to rethink that, certainly local authorities have to rethink that and will rethink it. But very, very importantly, architects have to start thinking about designing space that’s stage set, that is programmable, that is soft, that could be changed. And it may not be the whole shopping centre but it will certainly be a big proportion of the shopping centre which is a flexible space, physically and digitally. And I think it questions the whole model of how you design, how you finance, design, build and run a shopping centre. And there are shopping centre clients that have 50, 60, 70 shopping centres that are shitting themselves because of this I think."
Changing retail landscape makes us development virgins
Ibrahim Ibrahim: "HMV should have been here to have this discussion five years ago, so should have, tens and tens of other retailers. If we had a discussion with HMV and others, if Comet had these discussions five years ago to predict what consumers will be demanding and the kind of difference in behaviour in shopping. And we have only just started. The shifts and as I put in my quote, the change, this rapid changing retail landscape is making virgins of us all and as Richard Branson said, I think it is critical. So what do I say to it, I say I look at the societal changes and I really do believe that these hermetically sealed shopping centres have had their day and is beginning to happen in America, old shopping centres are taking their roofs off, they’re opening them out. You cannot build a shopping development – any development that turns its back to the community. It cannot be a selfish commercially driven entity when it has such a massive impact on a community, you cannot ignore the mantra of citizen first."
Shopping more experience orientated betters public realm
Ibrahim Ibrahim: "The revenue model at the moment is based on a 70/30 net to gross, let’s take a shopping centre, 70% tenanted space, 30% public realm. To raise the finances of the investment to build a shopping centre you need generally 60% pre-let, a couple of department stores, some line stores. Those stores will be reducing in size as front of house because of the collect experience thing because they’re going to have less stuff. So the amount of pre-let, 60% of the space will be questionable, okay. The demand from these other new players for different types of place, for different types of space, not these concrete boxes, more programmable space in public realm will mean that the public realm will increase. So the 70/30, I think will be 50/50. I think maybe 60/40 in favour of public realm. So suddenly we have in a shopping centre public realm that’s much, much higher proportion and that public realm will need to from a revenue perspective, but from the demand of retailers will need to be programmed, will need to be commercialised. But that commercialisation is not about leases, it’s about a calendar year of programmed space. So it’s much more akin to exhibition space than retail leasing. So that’s going to change the culture of shopping centres and the kind of environment."
Carmel Allen: "In three years from now you could be walking down the street with your mobile phone, you walk past your coffee shop, it will automatically stamp your loyalty card which will be a virtual loyalty card in your phone, whether or not you cross the threshold or not, you might get two stamps if you actually go in and buy a coffee. You will then, and it’ll keep that receipt for you, it’ll log it. You then might walk a little bit further down and it might alert you that there’s a sale going on in another shop nearby where they know you’ve purchased before because your receipt history will be on your phone. You might then walk into another store and see a shirt that you particularly like, you’ll take a picture of it, send it to your wife, see whether she likes it. She might send back and say, “Oh, that’s great, but I’ve got a discount for it if I buy it online from Amazon.” And you say, “Oh no, but the assistant here is very nice, I’m going to try it on, we’ll see.” And there might be this play out between the showroom, the shop as a showroom and also the actual service. And hopefully in three years time the service will out win and the actual face-to-face service that you’re getting in the shop will mean that you will buy there and you won’t just use it as a showroom. And again I think that is finding this balance in retail between technology and service and the virtual world and the digital world’s terribly exciting but it can never replace that face-to-face one-to-one attention and thrill that you get with a really good real life shopping experience."
Big data & mobile drive the next retail revolution
Robin Bevan: "What you can say though with some clarity is that really what’s going to drive this next generation of the evolution of retail is going to be customer insight on the one hand and mobile technology on the other. And clearly those two overlap significantly in a lot of ways. But it’s really from the customer side and the merchandising side, it’s around much more detailed understanding of your customers, more real time understanding of your customers and then the mobile technology, allowing you to interact with your customers much faster and in situ. That’s going to be the big, big change in terms of the relationship between brands and retailers and their consumers."
Robin Bevan: "Real accurate prediction is extremely difficult. I used an example this morning from Forrester research from the start of this year when they predicted that one of the big trends in retail is seen as being some Near Field Communication, NFC technology that will drive a lot of the interaction between consumers and retailers. And they made a very clear prediction that they felt that the Olympics was going to be the tipping point and that the technology around the Olympics was going to suddenly bring NFC very much into the heart of the interaction of retailers and brands with consumers. That just didn’t happen. Now, that’s not to say it’s not going to happen and it won’t happen, but really predicting when things will change is fraught with some difficulties."
Shoppers in heaven as retailers struggle for attention
Robin Bevan: "Shopping is getting better, retail is getting tougher. And I’m talking about one from the consumer angle. So from a consumer angle, retailing has never been better and it’s only going to get more and more interesting and exciting a place to be a consumer, all be it perhaps constrained with money given the economic situation we’re in. So very exciting times for consumers, they’re leading the way in terms of pulling retailers with them in terms of how they want to interact with those retailers. For retailers getting tougher and tougher as a retail environment for many different reasons, so one of the things that this sort of multichannel revolution does is it multiplies the level of competition that retailers face. So in days gone by, if you were a traditional retail store you faced competition from the other stores on your high street, now you face competition from those guys. But because of the ability of consumers to interact with brands all over the world and throughout the country almost instantaneously you’re facing competition from international brands, from dot coms as well as from national chains who aren’t necessarily in the locations where your stores are located.
So it’s completely upgraded the level of competition retailers face. It’s also clearly added a level of complexity in the way in which retailers need to organise themselves around many different aspects of their business model, right the way from how they’re organised to distribute merchandise through to how they effectively market to their customers as well, through to how they plan stores and how they plan their store format. So it’s having major impacts on the complexity of retail. And in many ways, whilst retailers are well positioned to adapt to that change, because retailing’s always been about change, I think this is a period probably unlike any other in the history of retail in terms of the speed of that change and its fundamental restructuring of the industry."
Robin Bevan: "It opens our eyes and gives us opportunities to think about different twists on the things that we already know. So it’s about evolving and understanding that for example, if we’re advising a shopping centre developer about space usage within their shopping centre, and again our traditional approach will be about understanding how much space you need for different types of retail. It’s also about how understanding the new technologies might completely change the way in which shopping centres can present propositions to their customers, so whether that’s through augmented reality, so putting a store in a space where it doesn’t actually exist or whether it’s through very proactive in situ promotional activities. All of these things give a different twist on what’s the right mix to present to consumers, but also through which channels. So from my personal perspective, recognising that shopping centres are themselves multichannel and are not just about the physical shops that they’re offering, but are also increasingly going to be about multilayered communications with their customers and with their tenants. That for me is an important learning and insight that gives us some question marks to go and challenge our own thinking about as well."
30% reduction in store space by 2020 a conservative estimate
Robin Bevan:"We predict that by 2020 in the UK, anything up to about 30% of space in some of our key categories will not be supportable in town centres. Now, that’s a pretty big percentage over quite a short timeframe. And when we came to that conclusion before we actually sort of went public and discussed it in a white paper we released, we talked to a number of chief executives of retail businesses about that to see whether they shared our view, whether they thought we were being a little bit sort of overly dramatic. And actually the response was, if anything, we were being a bit conservative, and that the chief execs thought it was going to be a bigger impact than that. Now, whether we’re right or whether they’re right, doesn’t really matter, it’s them that are making investment decisions. So if they’re seeing the future in such stark terms in terms of the speed of change on the high street, it’s them that are taking investment decisions about where they’re going to open stores, close stores, or how they’re going to support the network. So first change, quite a lot of contraction. Personally I think that the obvious response to that, given some of the other more social changes in the UK, has to be a much greater proportion of residential development going back into town centres, with the hope that at some point the increased demand created by that increased residential comes into equilibrium with the smaller space footprint that’s there."
Robin Bevan: "The concerns are partly that this period of major change are happening when there are lots of other macroeconomic issues, that are also making retail a very tough environment. And in the short term the consequence of that is that there are perhaps lots more retailers that can’t survive and fall off the end of their sort of sustainability curve if you like, rather sooner than they otherwise would have done. And they just don’t have the time to adapt. So the need for recognising and responding to change is that much of a shorter time period that it probably raises the bar in terms of how successful you need to be and how fast you need to be successful in the changes that you’re making. So I guess the concern I have is that there will be retailers and brands that might fall by the wayside that actually would still have had a credible position if they’d had a little bit longer to respond. But it’s that speed of response that’s going to place real pressure on retail organisations. And organisations that sometimes won’t be naturally inclined to respond to that change. And again if you think about the senior managers in many retail businesses, they won’t necessarily be very familiar with a lot of the ways that the consumers that they’re trying to sell to are interacting with them."
Multi-channel retail measurement difficult to achieve
Robin Bevan: "Organisationally within retail, there is still a huge amount of change to come. And a couple of examples of that, one is the way in which retailers need to understand their business models. So traditionally it’s been, up to now, many retailers still tend to think in a slightly siloed way about the sales that e-commerce generates and sales that stores generate. And clearly, given the fact that consumers are dipping in and out in between channels as part of the same purchase, that’s a slightly way of understanding what’s really driving value for you as a business. So understanding that consumers are shopping in that way, retail businesses need to start picking apart their value chain a little bit in order to guide them as to where is the most appropriate place to invest their funds and what sort of return on investment to achieve. So all of these things and there’s lots of others as well, have big, big implications on retailers in terms of the changes they need to make to their business model, to their organisation and to the way that they communicate with their customers."
Dominant town centre shopping to become multifunctional
Robin Bevan: “Whereas retail has become almost by default the defining characteristic of town centres in the UK, I don’t think that will be the case in the future. Retail still has a very important place to play in town centres. But it needs to be supported and interplaying with a number of different functions, whether those are leisure services, health services, not social services but social functions if you like. So I think in a sense the town centres will have to become a much more sort of multifunctional, in the way that they probably were, back in the day, and retail almost cracked up and came to dominate town centres. It would have been nice for many of us if that could continue that world, but that is changing. So reduction in scale and significant change in usage I think is the likely order of the day in the next 10 years."
Nick Cole: “The greatest change has been over the last two or three years where people are actually closing shops down, so the number of retail outlets particularly on the high street is becoming less. Out of town has become less common to certainly invest in, and people are trying to sell more things in smaller amounts of spaces."
GRAEME CODRINGTON: "Retail stores of the future are only going to need one item of each of the products they sell because people still want to go and feel and smell and touch and maybe even try on various objects. But you don’t need to have a whole warehouse and a whole storage facility because people will do that, make the purchase and then obviously have it home delivered. This happening all the time, I see it with the younger generation where they go into a store, they’re browsing but while they’re browsing they’ve got their smartphone and they’re double-checking comparative prices. They might even be ordering from Amazon while they’re standing in your store. They are certainly checking quality and they are bypassing your entire sales mechanism as a retail store because they just take a photograph of the barcode and download all the information from the International Barcode Registry. And so they don’t need to speak to your salesperson. In addition, they’re looking at online reviews and looking at 100 other peoples’ opinions on the product in their store. And that’s while they’re standing in your store. So even if you can get people into your retail environment you have no guarantee that they’ll buy from you or in any way be loyal to you. And just those two thoughts, online we’ve known for a long time is going to threaten the retail store itself. But what people actually do while they’re physically in your store is dramatically changing with smartphones now. And retailers are going to have to get their heads around it. They’re going to have to give people a new reason for coming to the store, that reason is not about buying your products, it has to be something else. You have to be giving them an experience and engagement and interaction, something more than just a purchasing opportunity."
GRAEME CODRINGTON: "One of the most remarkable technologies of the next few years is going to be something called 3D printing. If you haven’t seen this, do a quick Google search or do a search on YouTube for some 3D printing examples and be prepared to have your mind blown. This is literally taking something the size of an old inkjet printer and instead of using ink cartridges you use cartridges with composite materials or plastics or even molten metal and you literally print out physical products and objects layer by layer. And within 20 minutes you’ve got a usable object, you could have a glass if you’re inviting people over for dinner and you don’t have enough glasses, you just print them out and 20 minutes time you’ve got a glass or two extra. Now, if you can think that we could have a factory in our kitchens in every home well that’s going to have a huge impact on the manufacturing industries, on China and all the other Asian countries who are giving us cheap manufacturing now, with huge impact, shipping and logistics. So there’s a whole scud of industries that could be affected by just one invention, by just one object. And that object is coming soon to a home near you."