Retail Innovation is Alive and Well
RETAIL INNOVATIONS 8 – trends and new concepts that are transforming retail, was last week released by Retail Doctor Group, showing that innovation is alive and well as retailers around the globe take advantage of the opportunities created by the dramatic shifts in consumer behavior (see diagram).
Retail Doctor Group, in conjunction with Ebeltoft Group – a worldwide group of retail experts – has been formally tracking trends in retail innovation around the globe for over a decade.
RETAIL INNOVATIONS 8 presents a synthesis of the most impactful and recent innovation trends as well as an overview of new retailing case studies that reflect how these trends are shaping today’s retail concepts, ranging from bricks-and-mortar to on-line and cross-channel.
This year’s research releases more than 40 best practice case studies from 16 countries, highlighting the recent global innovation trends identified as a result of the research including:
Customisation and Crowdsourcing – where customers have an active role in defining and determining the retailer´s assortment;
Hyper Local – proof of the real power in truly being local;
Online/Offline Mashup – blending the online and offline retail experience together, allowing customers to shop where, when and how they want.
Featured companies include Top3 by design, Shoes of Prey and Joe Button from Australia alongside Desigual (Spain), Walgreens (US), Fangsuo Commune (China), Tesco (UK) and Adidas NEO (Germany). Top3 by design’s inclusion in the study comes on the back of its recent nomination as a finalist in the 2012 World Retail Award’s Concept Innovation category at the World Retail Congress (WRC’12). The company’s case study was also presented as best practice for Concept Innovation at WRC’12.
In addition, RETAIL INNOVATIONS 8 features the winner of the WRC’12 Retail Innovations Award (C&A Brazil) and five nominated best practice retail innovation retail, selected by Retail Doctor Group and its partner Ebeltoft Group Expert Jury.
Commenting on the study, Retail Doctor Group’s CEO Brian Walker said: “Individual retailers who are poised to take advantage of these key innovation trends have the opportunity to thrive in the future and successfully position themselves within the global retail marketplace. By continuously understanding their audiences and staying one step ahead with innovative practices, they are leaders as opposed to follower brands, demonstrating very fit business practices and we are proud to have a client of ours, Top3 by Design, represented in the study.”
Retail Doctor Group will be releasing 2 full trends and related case studies from the research every month in its Retail Barometer newsletter. A preview of RETAIL INNOVATIONS 8 is available by clicking at www.retaildoctor.com.au/RI8