Results Count ... everything else is conversation.: Innovation Labs: Breaking out of “the box”?

Internet Retailer/Thad Rueter

At IMS, we have a favorite saying: 'eat about it'; some of the greatest ideas have been developed around the dinner table. However, we also say 'read about it'; we are always reading articles, books and blogs. We believe it is important to stay informed about our industry, competitors and retail. We also discover great topics for some blog posts through reading about it, and IMS Results Count has recently published an article on the latest retailer trend of innovation labs, Walmart Innovation Lab … It's not an oxymoron! This week, we found some other articles that discuss innovation labs and a newcomer that entered the arena. Retailers like Walmart, Nordstrom's and Staples are attempting to think outside of the "big box" and try their hand at innovation labs. Target has decided to become a part of that elite group and announced the opening of its Technology Innovation Center.

Below are some articles highlighting Target's approach to help leverage more results and improve their performance across channels.

Target opens an e-retail technology center By Thad Rueter

"Target envisions the center as serving as a lab for retail experimentations. "How do we find those things that are just starting to be funded by the venture capital community?," says center director David Newman in a video comment. He says the goal of the center is to test and learn about the latest retail technologies so the chain doesn't "fall behind." (Internet Retailer)

IMS Results Count: One take-away from our Retail University workshops is, "There needs to be a new four letter word for sell." It is solely based on the merit that retailers should not "tell, but show" the consumer their products. The other four letter word in retail is TEST!! Innovative retailers that are testing to improve and enhance the consumer experience are developing better and longer relationships with their consumers. Bottom line is that results count. Retailers are not going to improve and innovate if they do not test new opportunities.

Target dives into e-commerce with S.F. tech lab By Heather Somerville

"Retail is undergoing a major revolution, and technology is key," Beth Jacob, executive vice president and chief information officer for Target Technology Services, said during a media event at the new office Friday. "You have to be able to operate at warp speed, and innovate very quickly." (San Jose Mercury News)

IMS Results Count: Retailers must embrace the use of technology by the consumer. It is becoming a "Me-Tailing" world, whether retailers are ready for it or not. Seventy-six percent of consumers said they have used mobility in-store to help them make a purchase decision. And, 64% of consumers believe that in-store use of smartphones will turn up information as useful as going online at home. Retailers must test new approaches and methods to capture that tech savvy consumer.

Will Target's New Tech Center Spur Innovation? By George Anderson

"Target is looking to the center to help it improve its performance across channels. Among the items on its wish list are faster page loads and improved search on Target.com. The company is testing technology to support online ordering and in-store pickup. Looking further out, Target is also exploring augmented reality technology to help consumers find products they want around the store using a smartphone." (RetailWire)

IMS Results Count: With Omni-channel becoming the new normal, retailers must adapt to what consumers are demanding. Consumers vote with their wallets or plastic. Retailers need to discover the methods that make the purchasing path seamless for the consumers. Technology will only help yield the costumer experience for tomorrow.

While Target is joining the "lab phenomenon", the real test will be to see what makes it to the sales floor. We will continue to read about what retailers are testing and which retailers are testing it. Not all tests will make it or be successful, but we always love reading that retailers are "trying" new things. Testing is key to finding results that count.

To receive more information and sound bites from IMS follow IMS Results Count on Twitter, Facebook, and Google+.

Sources: