Prominent business experts say the growth in the retail industry is accelerating at an astonishing rate. They further predict that this trend is likely to continue in the coming years. However, entrepreneurs and people in charge of operating corporate organizations in this field tend to have a different view. They point out that the statistics such professionals provide to the general public and the government does not reflect the ground realities. Recent research shows a vast majority of these businessmen are of the view that it is becomes very difficult for them to understand and forecast the purchasing trends of their target audience.
Top 3 benefits retail companies can enjoy by introducing innovation labs in their organizations
Such industry experts explain that it is possible for such retailers to overcome the situation they are facing by setting up convenient innovation labs within their establishments. They go on to say that these businessmen just need to look at what retail companies like Walmart, Sephora, Westfield, Neiman Marcus, Lowe’s have been doing in the last few years. In-house research of such corporate organizations shows that processes they have able to introduce because of such platforms are responsible for the significant increase in their revenue. This should give other retailers the inspiration they need to do the same thing to attract more customers to their establishments. They further point out the following important 3 benefits of establishing and using innovation labs for businesses in the retail industry:
- Transfer the experience of their customers
Retailers tend to forget it is important for them to introduce innovative techniques and processes as it is for people working in the tech industry. This is the only way they are going to gain the competitive edge over their rivals in the marketplace. Such labs can go a long way in helping them to introduce digital outlets within their establishments to ensure their customers get a better experience. This goes a long way in boosting the loyalty of such individuals in the long-run.
- Beings together people with diverse skill sets and expertise
One of the most important benefits of establishing innovation labs for retailers is that such platforms being together people from diverse industry backgrounds. Many of such specialists could be developers, strategists, creative individuals, analysts and even veterans. However, they pool together their experts, skills, knowledge, creativity and talents to work as a team to achieve the best possible results for the organization which employs them.
- Employee engagement
Research show retailers who take the necessary steps to introduce such platforms within their establishments not only notice a significant increase in revenue. Such businessmen also witness a drastic fall in labor turnover. Experts say such a trend occurs because such marketers are in a better possible to utilize the skills, talents and expertise of their workforce in areas that generate their interests. The end result is such organizations have content and more engaging employees.
Retailers like other businessmen need to move with the times if they want to understand the purchasing trends of their customers and attract new ones. Introducing innovation labs with in their establishments can help them to achieve this objective. The 3 above advantages proves that taking such a step is a necessity for such organizations to survive in the market.