It’s not either/or. Stores are vital to any digital future. Digital is part of an overall strategy. Everything in the physical world has a digital twin. Physical products may be disappearing from some physical shelves, but their data is not.

The Internet of Things (IoT) is going to happen—in fact, it’s already happening—whether we believe it or not. If you have a computer and your computer controls things, you’re in the IoT. When everything is connected, these hundreds of millions of computers are talking to billions of mobile devices, tens of billions for IoT, and trillions of sensors—all generating data on an epic scale. Standards help provide for interoperability that enables the IoT. We don’t want the internets of things. We need just one, which creates a compelling case for standardization.

Unleash the full power of the ecosystem so all benefit. The new normal: keep your challengers close, and leave your options open to join forces with the best of physical and digital.

Business models: All companies could become data, technology, software, or service companies. Convenience is driving a whole new paradigm. Convenience is all about data that leads to personalization.

Brand: The brand isn’t in the product, but in the experience. Traditional ways to grow a brand will come up short. Brands and retailers put things into context for physical, but for digital, consumers create the content. Those who innovate, build differentiation and relevance will win.

Products: Product is important, but experiences and services will become more important. You can innovate and iterate services much more quickly than products. Personalization is changing the way business derives value from data. As more consumers get involved in the product, point-of-sale will become the point of design and curation.

Supply chain: Historically, supply chain ends with the retailer. Now, products can be tracked all the way to the consumer. Instead of a one-way, left to right supply chain, it’s now bi-directional from the brand all the way to the consumer and back again.

It’s not about digital sidecars. Leaders understand that content and data are king and queen. There’s an entirely new infrastructure being put in place, and we need to learn and master new terms and concepts. That’s the essence of leadership—taking people someplace they need to go even when they’re not yet aware or prepared to go there. Blockchain, for instance, is squarely in that category.