We usually think of innovation more for the manufacturing industry than for retail. There was a good article titled “Retailers Need to Be Innovators Too” that appeared in The Retailer last year. The following are excerpts.
Retailers need to know what their customers want. Abercrombie & Fitch has done its research to find what constitutes a unique experience for its core customers.
Consumers are becoming older, wiser and harder to please. EVERYTHING should be assessed: music, layout, displays, customer service, lighting, mirrors, technology, even aromas (men’s favorite scent is cinnamon rolls).
- You must strive for continual improvement. Sustainable innovation – in response to continuous changes in the marketplace – is the key to survival and success. You must continually refresh your competitive advantage.
- You must challenge conventional wisdom, your ingrained assumptions, things that have been done the same for years and years. Always be thinking of developing a better product and providing better service. Innovation also means a close focus on customer research and operational excellence.
- Develop your competitive strategies through Strategy Innovation – Reinvent your business:
1) Your business model (like Dell).
2) The way you are organized, structured.
3) The way you do things (processes, procedures) including logistics.
4) Technology.
5) Marketing
6) Product / Service
When seeking to be creative and innovative, these provide the best input and feedback; ask them for ideas:
#1 – Customers
#2 – Employees
# 3 – Suppliers
Think about those things you need to do, make a list, pick out the top three or four things, go after #1, then #2, until you’re finished. Do this on a continual basis and you will succeed, even in this recession we face now.
Dick McCormick www.BizSuccessWithLess.com
Check out: www.PeakPlanningSpecialist.com
Tags: Innovation, Retail
