Getting Innovative With Innovation At #NRF15
By Erin Harris, Editor-In-Chief, Cell & Gene
Follow Me On Twitter @ErinHarris_1
If I had a dollar for every time I heard some form of the word innovation at this year’s NRF BIG Show, I’d be lounging in some tropical paradise sipping the local libation instead of writing about a renewed appreciation for what’s possible in retail. Innovation was a key theme from this year’s BIG Show, and rightfully so. Hurdles are imminent (e.g. EMV adoption), but there are plenty of operational upgrades and retail technologies that can help drive the customer experience. How so? In a word — innovation.
Innovation is one of those grand, esoteric terms that doesn’t mean much unless it’s paired with a specific revenue-driver. I heard and said the word innovation more times at this year’s BIG Show than I have in months. But we were not talking about innovation for innovation’s sake. There was substance to these conversations — the what, how, and why for the need for innovation in retail.
Indeed, the theme of retail innovation could not have been louder at this year’s BIG Show; retailers, analysts, and retail professionals alike emphasized the need to take risks with retail technology and to adapt the business-as-usual mindset. Trust me, I get it; that’s hard to conceptualize let alone put into practice, especially for SMRs who are too focused on the day-to-day operations of their business and don’t have time (or money) to wrap their heads around what qualifies as innovation let alone what innovation can do for the brand.
Breaking down “innovation” into something meaningful to your business and your role within it should alleviate some of the concern. I clocked several hours attending educational sessions at this year’s show, and every single one of them focused on innovation in some way. From tactical innovation (i.e. problem solving) to next-gen innovation that sets one brand apart from the rest, presenters discussed how they embraced change to move forward.
First, innovation does not solely exist within the newest, shiniest technologies. Processes should be innovative, too. What can your ops teams be doing differently to drive change and improve the customer experience? Thinking differently about how to draw in new customers while keeping loyal customers happy is innovative. Birchbox is a prime example of innovation based on customer feedback. In the session “Global Retail Innovation: The Latest Concepts and Ideas Driving Change,” Katia Beauchamp, co-founder of Birchbox, explained how the company got its start by shipping sample sizes of beauty and grooming products to its subscribers. Once Birchbox became a success, Beauchamp explained that her team needed to find a way to be relevant for everyone (i.e. men). This meant conducting brainstorming meetings with her team to identify new and innovative ways to expand their reach. They tailored content for a range of mobile devices. They opened a physical store. They listened to and applied customer feedback whenever possible.
Letting go of channel-heavy retailing is not innovative, it’s necessary. The innovation comes in when the C-suite works together pragmatically yet inventively to solve the channel conundrum by focusing on the customer.