Retail Innovation Workshopslideshare
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Transcript of Retail Innovation Workshopslideshare
RETAIL INNOVATION: A STRATEGIC PERSPECTIVE
FUTURELAB
1. GET ON A PLANE TO LEARN AND NETWORK
FUTURELAB
2. IMPORT – SKILLS, IDEAS, FORMATS
FUTURELAB
3. SECURE AND TRAIN THE BEST PEOPLE
4. INNOVATE LIKE ONLY ROMANIANS CAN
COPY MODIFY CREATE
Introduce global formats that already exist
Modify existing concepts to better match local needs
Develop new concepts, targeting specific local segments and needs
DEGREE OF INNOVATION
FUTURELAB
Quiz: Which % of innovations fail?
97%FUTURELAB
Why Customer Centric?
REMARKABLE
FUTURELAB
Apple Retail 2001Sorry Steve, Apple Stores Won’t Work
(Business Week)
Apple Retail 2004: Fastest retailer ever to reach the
$1 billion mark a year
Apple Retail 2006Fastest retailer ever to reach
$1 billion/quarter mark
Apple Retail 2007Sales per sq.meter = $ 30,176
(as comparison: BestBuy = $10,643)
FUTURELAB
HOW DID THEY DO IT?
Watch video on http://www.youtube.com/watch?
v=m-Y7vZMEPrU
DRIVERS FOR RECOMMENDATION IN ICT
Source: Net Promoter ™ Economics: the Impact of WOM, Satmetrix, 2008 FUTURELAB
• Careful segmentation and focus on students, educators and creative professionals (even now consumer appeal broadens)
• A retail experience differentiated by service before, during and after sales (Genius bar)
• Scenario or lifestyle Marketing & Sales vs. Product « What do you want to do ? »
• Style & design
FUTURELAB
THE RESPONSE
Source: Net Promoter ™ Economics: the Impact of WOM, Satmetrix, 2008
•No commissions
•Team bonuses
•Focus on experience
•Fashion & design people to run computer retail
•Hire for personality, attitude and customer fit … train the rest
•High identification: Tshirts, iPod, discounts, …
•3 week immersion at start of job ONLY on customer relationship skills and understanding customer needs/lifestyle
• All product training is online (except geniuses)
• Training on store computers or borrowed laptop
Ron JohnsonTarget
MickeyDrexlerThe Gap
BREAKING ALL THE RULES
FUTURELAB
13,8
6,5
24,3
8,46,2
0,8
5,5
HP Dell Apple Xerox Sun NCR Pitney Bowes
Revenue Growth % 2007 vs 2008Source: Fortune Magazine, May 5,2008
RESULTSFUTURELAB