Revo Hub at CACI's 2023 Retail Briefing
Published on March 28, 2023
Some of our Revo Hub committee members attended CACI Ltd's 2023 Retail Briefing last week on #Innovation in #uncertainty. These were their key takeaways:
- There were some really useful examples of companies using data to develop innovation and creativity to drive sales and footfall for example Greggs have analysed their customers and how they move and where/when they buy and have recently launched a trial 24 hour drive-thru service as part of their expansion plans.
- It was very interesting to understand the adverse impact on company sales if companies do not innovative and/or embrace change – ‘standing still is not an option’. The shopping centres were a great example. If you look at the top brands 10 years ago for example Debenhams, M&S, House of Fraser, Topshop, John Lewis, BHS etc. Most of the retailers that have survived are the ones that have embraced online and embraced change.
- The power of the circular economy in retail. The UK buy more clothes per person then any other country in Europe and extending the life of clothes can really help reduce carbon, waste and water footprints. As a result, the sustainable fashion industry is starting to become very popular and part of everyday life. It is even starting to take on major retail brands for example Vinted’s sales have increased year on year and are now at a similar level to Asos.
The CACI event was a great mix of learning, networking and we can’t forget the fantastic drinks and canapes!!
- Understanding Gen Z and younger shoppers – these shoppers are a growing segment of the market, fast gaining their own independent wallets, and understanding their behaviours can be a challenge for retailers and landlords where decision makers are often from a different generation. There were two nice examples, the first was the use of the Lone Design Club vinyl at Liverpool One to monitor engagement and see what content the 18-24s were actually interested in, the second was dessert bar alley in the Shaftesbury estate, clustering together bubble tea and ice cream parlours to attract the younger audience.
- Digital has to have a purpose – a key message was that digital needs to improve the customer experience or reduce friction for retailers and used to understand behaviours and engagement for landlords.
- The unpredictable power of social media – there were a couple of examples of how social media can amplify brand experiences, like the flower giveaway at Liverpool One for Valentines Day, or create a backlash to an otherwise logical and data-backed decision, such as not renewing an underperforming brand.
Kayley Buxton, Revo - Retail. Property. Community.
- Challenges and uncertainty may seem daunting, but they often give rise to incredible innovation. Throughout history, technological breakthroughs and data-driven solutions have emerged during times of difficulty. Think about how the internet was born during the Cold War or how contactless payment systems and video conferencing skyrocketed during the pandemic. In fact, when faced with a challenge, innovators and entrepreneurs are often forced to think outside the box and find new solutions looping in technology and data.
- It was also great to see some of our previous event speakers highlighted as leading examples of utilising data, technology and innovation to provide a solution for the industry such as Situ LIVE and Sook. By leveraging the power of data and cutting-edge technology, we can solve problems, improve efficiency, and create new opportunities.
- But remember, too much data can be paralysing and human judgement and local intelligence are still considered the most powerful tools. Innovation should be powered by data, delivered with tech, and driven by people.
What are some examples of technology and data innovation born out of uncertainty or challenges that you've seen or experienced? Share in the comments below!