In today’s rapidly changing retail environment change needs to be constant and innovation top of mind. Everything needs to be looked at and evaluated when it comes to change and innovation from customer to product and channel to the services you are offering. But retailers aren’t necessarily as good as this as they should be. In a survey of retailers by InternetRetailing in October 2015 only just over one in five (21%) of respondents said they were leaders in innovation with 13% saying they were well behind their competitors. This is despite nearly two-thirds – 64% – of respondents saying that digital innovation was key.
Although the first three growth vectors (Customer, Product and Services and Channels), supported by the relevant business operating model, will deliver some element of growth it is embracing change and innovation that will keep you relevant and top of mind for customers. Continually surprising them – positively of course – will enable further growth. In the digital age there is no excuse not to be pushing boundaries beyond anything you have done before, especially since if you don’t others will.
In this chapter we look at how a focus on change and innovation is vital – and how your business should have the ability to flex and adapt to deliver new industry firsts.
Key takeaways from chapter five:
- Retailers can’t afford to sit still.
- Technology needs to enable change and a culture of continuous innovation.
- Keep an eye on the competition.
- Ensure staff are open to innovation and change within your business rather than resisting it.
- Be proactive not reactive and beware of the disruptors.
- Think how you can disrupt your own sector yourself before someone else does.