Innovation in Retail Technology
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Guest speaker at “Innovation and Entrepreneurship in Retailing”, the annual Dublin Business School & Lidl Retail Management Conference in March 2013.
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Innovation in Retail Technology
- 1. Innovation in Retail Technology Winning Business in the UK Aislinn Mahon, Enterprise Ireland UK DBS and LIDL Retail Conference March 14th 2013
- 2. Overview • Background • Enterprise Ireland • The UK Retail Industry • The Retailer Ready Programme • Innovation in Irish Retail Technology
- 3. Background
- 4. Enterprise Ireland Enterprise Ireland is the government organisation responsible for the development and growth of Irish enterprises in world markets “Where innovation means business” •EXPORTS and JOBS •30 offices around the globe in key export markets − Enterprise Ireland UK
- 5. Enterprise Ireland Client Exports by Territory 2011
- 6. New Market Entrants Team • “High Potential Start Ups” (98 new HPSU’s to UK each year!) • Sustainable market entry strategy Assessing in-market opportunities Identifying routes to market Identifying potential customers and competition Influencer/buyer introductions • NOTE – it is not an extension of home market • Cross sector
- 9. The UK Retail Industry • Market value +1.8% to £300.7bn in 2013(Verdict Retail) • Challenged high street spending • Value Retailers, Mid Market & Upper End
- 10. Online, Mobile and Multichannel
- 11. eCommerce and Multichannel Development “Those with a good multichannel offering will have an advantage especially with the increase in tablets – portable retail experience is going to be the next big thing” Global B2C eCommerce market is valued at €825bn (approx. £720bn) in 2012 •£78bn (approx. €89bn) – UK online retail market 2012 V €3.7bn spent by online shoppers in Ireland (Sources: IMRG, Retail Excellence Ireland) •Shopping through mobile devices continued to grow in 2012 − 300% growth of mobile commerce − 20% of UK online sales made through mobile devices (including tablets) − 80% of smartphone and tablet owners use their devices while watching TV
- 12. eTail at the Embassy
- 13. A Highly Competitive Market for Vendors • Top 100 online-retailers dominate • Fewer than 500 with online revenues greater than £5m • Complicated landscape - dozens of interlinked technologies • Hundreds of inbound enquiries per day! • Industry gorillas dominate Very Competitive Need to prepare before “Retailer Ready”
- 14. The Retailer Ready Programme
- 15. Programme Timeline Collect and Analyse Weeks 1 to 4 Market Entry Strategy Weeks 5 to 7 • The competition • Your company and value • Influencers and partners • UK retailers and segmentation • Which segments have you chosen? • Why are they a good fit? • Which one target retailer? • The Perfect Pitch
- 17. Innovation in Irish Retail Technology • Delivery as a Competitive Advantage • Instore Engagement and Virtual Inventory • The Instore Mobile Experience
- 18. Delivery as a Competitive Advantage • Customer: Convenience, speed, low cost • Retailer: Reduce cart abandonment and cost of failed deliveries (£851m)
- 19. Instore Engagement and Virtual Inventory • Customer: Choice and a interactive, fun shopping experience • Retailer: Offer full product range in bricks and mortar stores
- 21. The Instore Mobile Experience • Customer: Price match, no queues, instant payment, choice • Retailer: Quicker buying decisions, better customer service “Showrooming - 57% of customers said that a price match of the item would have persuaded them to purchase the product/brand instore”
- 22. Summary Irish technology companies can help retailers to deliver innovation, improve the customer experience, and gain competitive advantage
- 24. Sign up to our website www.retailer-solutions.com Follow @retailer_sol and @EI_amahon for updates