As part of our partnership with the British Retail Consortium (BRC), the lead trade association for UK retailers, we host events for BRC members to access cutting-edge technology and foster innovation through our expertise and network.
We recently held a CEO Technology & Innovation Insights Session, at BRC’s offices The Form Rooms, providing a critical platform for 30 retail leaders to discuss the challenges and opportunities presented by technological advancements. Following a presentation from Matt Truman on the current state of Retail, we focused on three topics presented by Danielle Le Toullec, Jamie Campbell and Liam Buswell: The Future of Brand Engagement, Shrink and Colleague Safety and Back-Office Automation.
Helen Dickinson, CEO of the BRC said, "The forum was a great opportunity to hear insights on the fast-changing tech landscape, and for leaders to share their experiences with each other as they seek to maximise the opportunities from tech and minimise the risks."
Here are the key takeaways of our discussions throughout the course of the workshop:
Customer-Centric Strategies: Retailers are intensifying efforts to truly understand customer behaviour. By observing how customers navigate stores, they can design layouts that cater to different shopping preferences, from those who prefer self-service kiosks to those seeking more experiential elements. Loyalty programs are being carefully managed to cater to each retailers target audience, looking at either price-driven strategies combatting the cost-of-living crisis or conversely money-can’t buy experiences.
Security and Shrinkage: As economic pressures continue; consumer behaviour is rapidly changing and crime rates are increasing. Security remains a top concern, with increased investment in technology to combat theft and ensure staff safety. Retailers are collaborating to address urban crime, particularly investing in training staff to handle conflicts, de-escalation and improving overall safety. Retailers are balancing the need to invest in technology with the necessity of managing labour and operational costs. Campaigns to deter the purchase of stolen goods are part of broader efforts to address these economic challenges.
Technological Investments: Technology is recognised as a vital tool for enhancing both customer experience and operational efficiency. However, the cost and uncertainty of return on investment pose significant challenges. Successful tech adoption hinges on effective change management and ensuring all employees are on board with new systems. Advanced AI-driven technology and rigorous back-office processes are critical in preventing internal theft and fraud. We recently launched our report on this.
Loyalty and Community Engagement: Relaunching loyalty programs with a focus on exclusive experiences and early access is key to fostering customer loyalty. Engaging with communities to shape brand messaging ensures that customers feel valued and heard.
Retail Innovation and Product Diversification: Exploring new product lines and generational marketing strategies helps broaden a brand's appeal. Emotional connections with customers and community driven strategies are leveraged to enhance brand loyalty and improve the overall shopping experience.
If you’re interested in discussing these topics in further detail, get in touch via hello@true.global.
