How the Retail Industry is Evolving | By Innovation Leader Justin Williams
Our interview with Innovation Bay’s Melbourne Evangelist, Justin Williams, is somewhat different from our interviews before. He shares to us nuggets of incredible insights that would make you think twice on what you’re doing in retail. Take out a notepad and pen, because you’re about to read some bare-it-all tidbits in the retail scene.
RLC: What are some of the most innovative or intriguing things you’re seeing in retail at the moment?
- The rise of marketplaces in Australia (how many can survive?!)
- The continued fragmentation and proliferation of branded products
- The growth of have-now, pay-later services (Afterpay, Zip++)
- Self-service on the rise
RLC: What do you see for the retail industry moving forward over the next 2-5 years?
- A growing separation of convenient fresh food versus resupply of commodity dry/hard goods, as evidenced by Amazon’s entry to dry groceries
- More showrooms or flagship stores and a blending of ecommerce into the CX
- A greater focus on sustainability: materials, recycling, packaging
- Casualties of an increasingly crowded space, with Department stores challenged by single category brands and ecommerce
RLC: What do you hope to see more in the retail industry and how do you want the industry to move forward?
- More optimism and uptake of exciting new formats or routes to market
- Increasing the focus on the experience, rather than just the product
- More daring strategies that challenge the status quo: the come-back of Department Stores!
RLC: What do you think retailers could do to improve their business to continue to stay ahead of the market?
- Be relentlessly focused on the customer experience (online, in-store and the combination)
- Continue to remove friction from the shopping and buying experience
RLC: What kind of knowledge and inspiration can attendees at the upcoming New Retail ’19 event expect from you?
- Design Thinking and innovation: how to see a CX problem/point of friction as an opportunity for creating an innovative solution.
- How a simple method can be shared amongst all staff to engender an empowered bunch of team-mates to make shopping simple and delightful.
Justin has spent the last 17 years in technology and got the bug for human centred design, creativity and innovation whilst he was the Executive General Manager at SAP, where he was responsible for the roll-out of Design Thinking to 350+ staff. Since that time, he has been the CEO of a digital disruptor that lived on Design Thinking and Agile ways of working, and more recently consulted to Australia Post on the launch of Shipster, a challenger proposition to Amazon Prime and eBay Plus.
Join Justin Williams at New Retail ’19 this coming February at the retail capital of Melbourne. Get the knowledge you can’t find anywhere else from more than 70 speakers and network with thousands of delegates at this biggest gathering in retail. Book your seats now or partner with us at this conference you can’t miss!