Five retail technology questions for Swapi’s Pete Howroyd
RTIH asks major players in the retail technology space for their thoughts on the sector, and throws in a random question to keep them on their toes. This time around, our five questions go to Pete Howroyd, Founder and CEO at Swapi.
RTIH: Looking at the hottest retail technologies right now, check-out free stores, rapid delivery services, the metaverse and NFTs, automation and robotics, blockchain and cryptocurrencies, which ones stand out to you, and for what reason?
PH: Crypto and blockchain stand out for me. These technologies are already changing the way we shop and will continue to change many aspects of our lives in the future.
As retailers and marketers, the opportunities are endless if we embrace decentralised tech. In my view, one exciting aspect of crypto and blockchain is its ability to reduce barriers for businesses who are looking toward global growth.
Ultimately, crypto and blockchain can be leveraged to create more diverse business partnerships and ultimately serve our customers better.
Crypto is still in its teething stage, and so some volatility is to be expected. Regardless, it will become a mainstream payment method that benefits consumers, merchants and retailers alike.
The application of distributed ledger technology, of which blockchain is an example, has only reached the tip of the iceberg, it shouldn’t come as a surprise when it permeates (and improves) the way we shop, live and work in the years to follow.
RTIH: Which retail technology trend is overrated in your opinion?
PH: Overall, I feel that retail tech has made some drastically positive improvements over the last decade, with innovations such as e-loyalty and Click & Collect.
However, I think for some customers self-checkouts, from supermarkets to clothing stores to petrol pumps, can be a particular pain point.
This is especially relevant as self-checkouts become more prioritised by planners in supermarkets and local stores, not just in city centres where life is busy, but in rural stores too.
I doubt I’m alone in feeling my blood boil every time the words ‘unexpected item in the bagging area’ blasts from the screen, but I actually think there’s a real loss to some members of the community who far prefer the 1-2-1 interaction that has long-been a staple of the grocery store.
Many people, such as the elderly, particularly enjoy the human interactions they have access to in supermarkets. It’s an area I believe should be monitored in terms of social impact.
Of course, it has huge cost savings for businesses, but I wonder if some people may start choosing to shop in stores that prioritise human workers and social interaction as we progress.
In my view, contactless should be for cards, not people. We’ve seen banks recognise this, and profit from increased and repeated custom consequently.
RTIH: What are the top five retail tech Twitter/LinkedIn accounts you can’t do without, and why?
PH: I know as founders we are supposed to read everything but honestly, I find myself struggling to find the time at the moment. With that in mind, I’d say there are no particular accounts I absolutely cannot do without.
However, I use LinkedIn’s trending section to stay up-to-date with business news, stories, and events happening within the retail, tech, and business sectors.
I also generally look out for investment news, new tech innovation, and potential partnership opportunities.
Likewise with Twitter, I’m not currently a huge Twitter user but I’ve recently tried to get onboard.
There seems to be a solid community of entrepreneurs and tech enthusiasts, so it’s great for garnering a general view of opinions on certain business and tech trends.
It’s also great to see them interact with the Swapi account, and I have no doubt it’ll come in useful when making improvements to our marketplace further down the line.
RTIH: If you could have a dinner party with any five retail pioneers, dead or alive, who would they be and why?
PH: I am going to blur the lines here between retail, product and publishing, there are many people I look up to in this space, so it’s hard to cut it down to just five.
Alan Sugar, for his ruthlessness in business - actual business -not just The Apprentice. You can learn a lot from his traditional no nonsense approach which sometimes gets lost these days.
He’s demonstrated a keen eye for startup businesses over multiple decades, which is great for innovation and ultimately benefits whole sectors and customer bases.
Anna Wintour - She has had a glorious career and clearly holds an outstanding ability to combine creative and commercial strategy.
Love her or hate her, she has revolutionised the fashion industries positioning in branding and business operations. She’s shared her passion with fans of fashion globally, transcending the industry itself and making high fashion’s exclusivity available to the masses.
Steve Jobs, I know, typical answer. He had the ability to create products that re-envisioned consumer wants and needs. He understood the future wishes of the consumer, before they even knew it themselves.
He was a rare talent in business, crafting a brand and product that went from unknown to essential in the blink of an eye. It’s also important to recognise he did this through consistent failure, I can admire his persistence.
Clive Humby - I work in loyalty so how could I not have one of the pioneers in loyalty and the brain behind arguably one of the most successful loyalty programmes of all time at Tesco.
Tesco has been doing loyalty right for years, and we have Clive to thank for the dissemination of loyalty schemes from flights to coffee! Without Clive, the idea of being rewarded for repeat shops would look a lot more old fashioned than it does now.
So I have him to partly thank for how the sector looks now, for that he can get the biggest dessert portion.
If Ralph Lauren couldn’t attend, I’d reschedule the whole thing. Anyone who manages to put their own name on a business and make it into one of the world’s best-known brands is just amazing.
An expert in branding with a fantastic ability to pivot quickly in challenging retail times, I think every entrepreneur, from start-up to enterprise-level businesses could learn a few tricks from Mr Lauren.
RTIH: What is your favourite line from a film and why?
PH: “Sometimes it is the people who no one imagines anything of who do the things that no one can imagine.” Which is from The Imitation Game - the Alan Turing biopic.
I think this is so true in the startup world, people surprise us with their amazing and wonderful innovations nearly everyday.
There is real inspiration to be had from entrepreneurial individuals who will try, try and try again, and then achieve something amazing.
