We all know the trend of retail is about going digital, mobile and customers being more empowered than ever before.
And Keith Dodds, Thoughtworks director of client relations, told RetailBiz there’s no point denying that. “Retailers need to get up and do something about it rather than moan about the problem,” he said.
So what’s the solution?
According to Dodds, it’s about innovating and it doesn’t necessarily have to cost big money.
“It’s hard for big established companies but it’s imperative. We have a framework called ‘customer driven digital innovation’ that is helping retailers create products and services while getting feedback from users as quickly as they can,” he said.
Dodds said there are three “fool proof” key steps in ensuring retailers can profit in the difficult environment. These steps including, coming up with a viable product that will not cost a lot to produce, get it out quickly and then receive feedback before building on the features.
But it’s not just about product innovation; it’s also about business model and management model innovation.
“Spend a fraction and get stuff out there. You need to learn the changes that are happening,” Dodds said.
“The challenge with big retailers is they’re being run by males in their 50s and then you have a young digitally savvy person who have ideas but don’t know to get stuff out there and that’s a challenge.”