Innovation in retail, you too can innovate

Jim Papas who is the managing director of myeyes will show you how he has successfully developed and implemented an innovative retail solution.

RB: Briefly (in one or two points) explain what you'll be speaking about at the Conference?
JP: Retailing today is undergoing structural changes. Consumers buying behaviours are continually evolving and retailers are faced with fierce price competition. Technology has allowed consumers to drive this change. I have been asked to present at the conference on how we have implemented an innovative retail solution which has been able to solve many issues faced by retailers today. The innovation has resulted in an ability to create a repeatable personalised engaging buying experience which differentiates the brand, improves customer loyalty and increases sales across a multi store environment.

RB: Why do you believe this/these topic(s) are important and relevant to retailers?
JP: The structural shift that is occurring with the added competition of low cost global pricing makes it difficult for Australian bricks and mortar retailers due to their higher costs of occupancy, labour and regulation. It’s through innovation and evolving the retail offer which will see Australian retailing able to remain profitable and competitive. That is why reviewing and learning how one can innovate their particular retail segment becomes so important and relevant in today’s environment.

RB: Can you provide comment about the current state of the Australian retail sector and ONE tip you'd give to retailers?
JP: Currently an Australian retailer has the one of the highest occupancy costs in the world. This is coupled with one of the highest labour costs and regulatory on costs which make retailers vulnerable to global price competition. This has resulted in sales erosion and loss of volumes. The present retailing business models for retailers and for retail asset property managers will need to change for retailing to thrive.

Bricks and mortar retailers need to provide a reason for consumers to come into their stores. One of which is to provide an exceptional customer service that cannot be replicated easily on line. As social creatures we still enjoy the human interaction and working how this can be delivered in an innovative way to make this stand out is of utmost importance in today’s environment.