Retail Transformation Briefing: 17th April 2024

Another week whizzes by and this week, we're being inspired by the world of politics and outlining a manifesto for change. (Although I hope that our industry can deliver more effectively on our goals compared to a typical manifesto!).

And read on to find out when you can meet me for a book signing at the upcoming Retail Technology Show, and when I'll be speaking at the event.

Launching your own manifesto

Frozen food specialist Iceland Foods is launching a customer-driven election manifesto ahead of the political elections later in the year. Executive Chair Richard Walker wants to give customers a voice and will supply the findings and recommendations to all political parties. The initiative will be informed by a small customer panel that meets regularly and a larger survey of Iceland customers.

It's a really interesting initiative to help propel consumer views. And it got me thinking.

A manifesto is essentially a wish list of policies and changes that a politician or political party stands for. In theory, it represents the most pertinent issues and outlines a viable solution with the hope of winning votes from people who also believe in that future vision.

So, what if we had a retail transformation manifesto? A recognition of the most pertinent issues and a vision for how they can realistically be overcome. We'd be seeking the support and buy-in of colleagues across the business and would aim to win the custom of consumers who also believe in that future vision.

What would be on your manifesto to win customers over? What would need to be on there to earn the support from colleagues?

How could you bring that manifesto to life so people understand the future vision and can be energised by it? How would you get the word out there about your manifesto? What do you think competitors would put on their manifesto?

Thinking about a manifesto for customers can be a creative way to get teams thinking differently. We are liberated to think freely. We can focus on the issues that would make the most difference and be noticed most by customers and colleagues.

But with a manifesto in mind, the obvious follow on question is: Is this different to your current strategy and plans? And if so, why?

So, what would be on your manifesto?

Retail transformation news headlines

?? In the US, JLL Retail has launched a virtual shopper at 13 shopping centres. The digital avatar named Cindy was designed by Imaginuity and represents multiple ethnic characteristics to resonate across geographies and customer segments. She's being positioned as a "virtual shopping bestie" and her presence is on each shopping centre's website and on social media to help build rapport with customers.

?? 耐克 announced they are starting a "multi-year cycle of innovation" and might be ready to accelerate product development. The initiative seems to suggest a number of product innovations will come, although I'd suggest that the scope will be larger than this, especially given the company's previous focus on innovating through flagship stores, services, experiences and digital shopping channels like apps. Nike's Chief Innovation Officer, John Hoke, said "We’re obsessing new technologies like AI engines and rapid prototyping to continue exploring the unlimited possibilities. Now we can create Nike products with unprecedented fidelity, velocity and impact." With the evolutions of time-to-market driven through companies like Shein, rapid product development could be a big opportunity.

?? Perfect Corp. revealed an AI analysis tool that allows customers to analyse their hair type and texture in seconds. The AI-powered technology will allow more personalised product recommendations for hair care. Coupled with user preferences, this sort of technology would quickly allow a customer to explore a range and find their perfect product from a potentially overwhelming choice of shampoos, conditioners and other products.

?? 亚马逊 has launched Live shopping on TV via Prime Video and Freevee. The "FAST" (free, ad-supported) channel will feature content creators and influencers, and allow customers to tune in and buy. Additionally, they are continuing to develop the "shop the show" feature that they launched in line with their own show, Citadel, allowing customers to quickly add products to cart while streaming.

?? Argos are renewing their sponsorship of the TV show, Coronation Street, and will see the brand appear in the show. As part of the deal, a Sainsbury's and Argos shopfront will appear in the show's set. Additionally, characters will be seen with branded products and shopping bags. We've seen product placement in TV and movies before but this is an innovative move to naturally embed a retail brand into a TV show.

New podcast episode: Segmenting shrink to uncover the real challenge - #290

Shrink in retail isn’t just about hoping the number resolves itself; it’s about understanding the intricate web of causes that lead to loss. While shrink has perennially been a concern for retailers, recent escalations in retail crime and aggressive incidents have thrust it into the spotlight with renewed urgency. In this episode, I'm exploring and segmenting the nuanced causes of shrink, from theft and shoplifting to internal errors and process failures. Listen in to uncover insights on the true nature of shrink and prepare yourself with the knowledge needed to address these challenges effectively in your retail operations.

Listen to episode 290 of the Retail Transformation Show and:

• Learn to segment different types of theft to understand their specific impacts on shrink.
• Discover the importance of analysing upstream supply chain activities to identify hidden shrink contributors.
• Understand the effects of inadequate reporting and lax compliance on shrink issues.
• Gain insights into interpreting shrink data to address underlying performance issues effectively.

Also, check out these recent episodes:

#289: Igniting a start-up spark in big business

#288: How our own brain blocks meaningful work

#287: Why the change is not realising the benefits

Meet me at the Retail Technology Show

If you're heading to London's Retail Technology Show on the 24th and 25th April, it would be great to catch up. I'll be signing copies of my book, "Driving Retail Transformation: How to Navigate Disruption and Change" at the show.

I'm proud to be teaming up with great companies who drive innovations and improvements across the industry. So join me:

• 24th (Day 1) book signing with Red Ant - stand 6A88 at 11:30am - 12:30pm
• 24th (Day 1) book signing with VoCoVo - stand 6C40 at 3:30pm - 4:30pm
• 25th (Day 2) I'll be speaking on the Tech Talks stage, alongside experts from Planet and XY Retail at 11:30am, discussing evolving customer needs, experiences and expectations.

If you've already got a copy of my book - bring it along if you would like to upgrade to have it signed by me! If not, come and meet me and get a special signed copy.

If you've not already booked your free ticket for the event, then head on over to RetailTechnologyShow.com and register now. I'll look forward to seeing you there.

As always, keep transforming better,

-- Oliver

?? I help retailers build effective operating models and drive transformation and change - with hands-on services or through advisory support. Message me to see if I can help you to define or deliver your change or strategy.

?? I speak about the evolving retail industry and delivering transformation and also host the podcast, the Retail Transformation Show.

?? My book, Driving Retail Transformation: How to Navigate Disruption and Change , is out now.