Page 55 - February 2021

or many, especially more traditional retailers, 2. Discover emerging tech and industry trends
this shift was a major reality check. From Whether assigning ownership in-house or by partnering
scrambling to get online to introducing click- with an external resource that can help separate the wheat
F and-collect services and dealing with supply from the chaff, retailers can benefit from dedicating resources
chain and delivery issues, every day organisations found to ongoing discovery of emerging technologies and industry
themselves blocking and tackling new challenges simply trends. For best results, this effort should include research on
to keep their doors (or virtual doors) open. innovative technologies, competitor intelligence, insight into
In 2021, we will see a continued acceleration of emerging technologies in other industries and, of course,
digital commerce and omni-channel. But instead of an understanding of customer behaviors and expectations.
catching up, retailers must now embrace digital initiatives These insights should be shared during regularly scheduled
and innovation at scale. It is no longer enough to briefings for key stakeholders across the organisation.
differentiate by having a great e-commerce site or by Retailers should also consider using this resource to
offering exceptional omni-channel services. Whether proactively source specific technologies to address current
it’s making it easier to buy with contactless payments, and future needs, and prioritise solutions based on proof-
reinventing the in-store environment, leveraging data, points, ease of implementation, impact to organisation, and
providing immersive and hyper-personalised experiences, potential return on investment.
or automating fulfillment, retailers must keep up with
innovation to keep up with customer demands. 3. Solicit ideas and feedback from the entire organization
The pace of innovation was fast before, but now it Employees and staff that engage with customers directly
is operating at hyperspeed. What is new and innovative are invaluable resources for soliciting feedback on how to
today will become tomorrow’s table stakes. For this elevate the customer experience and improve operational
reason, it is critical for all organisations to think about efficiencies. Engaging employees across the organisation to
innovation and emerging technologies in a structured share ideas will foster creative thinking and result in a better
manner. Too many retailers, however, are so busy catching understanding of current challenges.
up, that innovation often becomes an afterthought.
When asked about the things holding them back from 4. Focus on quick wins with big results
innovation, budget, other priorities, and lack of proven Retailers often shy away from innovation because it seems
ROI tops the list with most retailers. It is not easy to keep out of their reach. It is important to note that innovation
up with the status quo and, at the same time, stay ahead is not always about robots, drones, and virtual reality.
of the curve. Some larger retailers are getting in front of Innovation can be as simple as using technology in a different
this by developing in-house innovation labs dedicated to way, to improve on what you are already doing. Often,
testing new technologies and predicting the future. But non-disruptive technology solutions can result in significant
not every company has the time or resources for in- customer experience improvements and boost conversions
house innovation departments. Most retailers can’t even without huge investments.
find the resources to keep up with the day-to-day.
A proven way to make innovation more manageable, 5. Build a testing program and success metrics
and to foster an innovation mindset throughout the For many retailers, a common innovation roadblock is that
organisation, is to introduce an innovation framework testing and implementing new technologies simply feels too
with dedicated resources to make it easier to discover, complicated and disruptive to current operations. This can
test, and implement new technologies. Here are five tips be avoided by building a testing foundation and innovation
for getting started: sandbox that allows for quick onboarding and piloting of new
solutions or by partnering with an agency that can help both

1. Identify and prioritise needs and opportunities across discover and test new technologies. The program should also
the entire organisation include clear testing criteria and success metrics to help quickly
Performing a regular digital diagnostic across all key identify which technologies should move into production.
areas of the business including merchandising, marketing,
content, customer experience and fulfillment, enables Following these best practices will help develop a
organisations to pinpoint gaps and opportunities. framework for keeping up with innovation in a more
When performed regularly, and by engaging the entire organised and structured way. No one can precisely predict
organisation, digital diagnostics offer a holistic approach the future, but it is clear that the industry is once again
to identifying and prioritising needs and provides a reinventing itself. And if the past year has proven anything, it
roadmap for quickly adjusting and adapting to changing is that retail as we know it will continue to be redefined. One
consumer behaviors and unforeseen challenges. thing is for sure – it never gets boring.

FEBRUARY 2021 RETAIL & LEISURE INTERNATIONAL 55