Top Insights on Retail Innovation from Retail Recharged
PRESS RELEASE - 24th OCTOBER 2016
Once again, Retail Recharged, a Rich Insight event, came to London this October and brought together thought leaders from across the communities of retail and retail technology around the topic of retail innovation.
Sponsored by Natwest, Microsoft, Wedlake Bell, PwC and Red Ant, the half-day event covered four key innovation themes of mobile, gearing for growth, customer data and the marketplace channel.
The format included 2 keynotes from leading brands Dyson and Finery, and 4 panels discussing each topic, including founders and senior figures from Mahabis, Monica Vinader, Bloom & Wild, Look Fabulous Forever, Joules, Global Fashion Group, Spartoo, eBay, Google, Facebook and Just Eat. The event also included an innovation competition where retail tech startups pitched to the audience, who in turn voted on their ability to deliver the new ROI – return on innovation.
Held at RBS’ headquarters in Bishopsgate, the audience was 200 strong and consisted of brand founders, CEOs/MDs, and senior board-level decision makers from across digital, commercial and finance departments.
Brands who participated in the voting also reflected a broad cross section of retail businesses, including Co-op, Clarks, Mamas & Papas, Bremont, TK Maxx, Russell & Bromley, Verizon, Joseph Joseph, and the live voting audience polls revealed some interesting insights from across the retail spectrum, including:
- Just 29% of the audience considered their business to be ‘very innovative’
- The top barrier to growth was seen as ‘Personnel & Skills’, with ‘Culture and Innovation’ in 2nd place, and ‘Access to Finance’ and ‘New Markets’ in joint 3rd position. ‘External Market Conditions’ came in at 4th position so fears around Brexit were not top of the list.
- Over 50% of the audience thought that their marketing and product development functions held the largest opportunity for innovation, as opposed to Sales 12.1%, HR & Training 8.6%, Finance 2.5% and Operations 14.1%)
- Over 82.5% of the audience voted ‘the need to understand customer data across all channels’ as ‘very important’ whilst only 7.5% thought they were collecting data well within their business
- Mobile marketing was voted to be the biggest key investment over the next 3 years
Feedback from the event has been outstanding with 98.5% of the audience voting that they would attend again next year.
Rich Insight MD, Richard Hurtley said, “We are delighted with the response we had from last year’s event and again this year. We believe the uniqueness of the format is what has really captured the imaginations and the interest of the audience. Attendees really enjoy the intimacy and informality, combined with the highly engaging interactivity of the event, with live voting by the audience on the winners of each innovation category. The value to the retailer in attending is that they are able snack on key retail innovation insights in a way that they wouldn’t necessarily have time to access throughout the year. In half a day, they can discover what’s new in retail tech, and discover key trends in digital that are affecting all channels. This is cemented by an all-star lineup of speakers.”