Five retail technology questions for Wunderkind’s Richard Jones
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 Richard Jones, Chief Revenue Officer at Wunderkind.
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?
RJ: The first one that jumps out is check-out free stores integrated into truly omnichannel retail. This tech driven approach to shopping is designed to enhance and streamline the customer experience.
It also allows brands to better understand an individual’s in-store shopping habits, which, if the right processes have been put in place, can be balanced against their online buying and browsing behaviours.
Brands are continually seeking ways to use data to personalise marketing and messaging, and this ‘hybrid’ shopping model is going to play a huge role for many brands going forward.
Shoppers want ‘experiences’ and physical stores can do that in a way that complements and completes a buyer's digital journey.
Rapid delivery services are also very exciting. Again, they’re all about improving the customer experience and making shopping more convenient, and that’s something I’m passionate about.
Regardless of the product or service you’re selling, you’ve always got to think about how the customer benefits, and what you as the brand can do to make buyers’ lives easier.
RTIH: Which retail technology trend is overrated in your opinion?
RJ: The metaverse. While there are some interesting early examples of how brands have integrated experiences in early ‘metaverse’ players, such as the Nascar experience in Roblox, the reality is that the metaverse doesn’t exist yet.
They’re really just siloed virtual worlds led by gaming companies. That’s not the promise of the metaverse, which is, at this time, just an unrealised concept.
There are huge privacy issues we have to deal with as a society before the metaverse can be fully realised.
I mean, who would trust Facebook to run a virtual GP surgery without strict rules on how they can monetise the service?
There are reasons we don’t allow the builders of airplanes or skyscrapers to set the construction and testing regulations for their respective industries.
The same should be true of the metaverse, because it will, eventually, touch all areas of our lives.
RTIH: What are the top five retail tech Twitter/LinkedIn accounts you can’t do without, and why?
RJ: I’m a big fan of consuming as much content as possible, so this is the perfect question for me. In terms of LinkedIn and Twitter accounts I’d have to go for:
Stratfor Intel. Geopolitics impacts retail futures in a big way, and Stratfor does a great job of getting you the detail you need to stay ahead of the competition.
Retail Dive. If you’re looking for serious journalistic insight and expert analysis on all things retail, Retail Dive needs to be on your reading list. It’s a comprehensive resource that provides valuable information, and shines a spotlight on trends that are worth acknowledging.
Retail Brew. This is basically a one stop shop for everything you need to know about the major happenings across the retail world. It tends to focus on the US, but it’s worth keeping an eye on Retail Brew’s output regardless of where you’re based.
The Retail Advisor - aka Melissa Moore - has worked with some of the biggest names in retail and is a real voice of reason. Her podcast, The Retail Tea Break, is well worth a listen.
Steven Bartlett. Steven is a genuine breath of fresh air. He’s smart, engaging, happy to dish out advice, and very willing to listen and learn.
His podcast, The Diary Of A CEO, is fantastic, and has had some incredible guests, from survival expert Bear Grylls to Brewdog’s James Watt, Strava’s Michael Horvath to politician Matt Hancock.
RTIH: If you could have a dinner party with any five retail pioneers, dead or alive, who would they be and why?
This is a great question, as long as none of the guests expect me to cook, of course! I’ll go for:
Rowland H. Macy: A man who truly benefited from persevering! He opened at least five stores that failed, but he learned valuable lessons and kept going.
After years of striving he opened Macy’s, arguably New York’s most iconic department store, which is now worth around $6.75 billion.
Ben Francis: Ben saw a gap in the market and went for it full throttle. He has only just turned 30, but Ben, Founder and CEO of Gymshark, is one of the most exciting visionaries in U.K. retail. I’d love to grill him about what he’s going to do next!
Steve Jobs: Who wouldn’t want to sit down and have a chat with Steve Jobs? Not only was he a marketing genius, but he was so far ahead of his time that it’s almost frightening.
He predicted the rise of e-commerce in 1996, back when the internet was still a baby, and he really understood how transformative technology was going to be for retailers.
Yvon Chouinard: Yvon is the mastermind behind Patagonia, the outdoor clothing and apparel brand that has a strong environmental focus.
Yvon proved that business success and sustainability could go hand in hand, and has done more than most to showcase the importance of quality over quantity. His dedication to using recycled materials is also laudable – Patagonia was making fleeces out of plastic soda bottles back in 1993.
Simon Mottram: Simon, alongside creative superstar Luke Scheybeler, launched cycling brand Rapha in 2004, and the company has gone from strength to strength.
One of the coolest sportswear names on the market, Simon has managed to build a brand that is equal parts stylish, high tech and boundary pushing.
There aren’t many retailers that produce clothing for elite athletes, collaborate with names like Paul Smith, and also donate $1.5 million a year to non-profits.
Also, the Rapha Clubhouses, which are meeting spots designed to allow cyclists and fans of the sport to hang out, chat and watch live cycling events from around the world, have helped establish a really passionate community.
RTIH: Which song lyric best reflects your approach to business and why?
RJ: Another great question. I think I’ll have to go for ‘Born to be Wild’ from Steppenwolf’s 1968 classic song of the same name.
If you’re going to make a difference you have to be adventurous, you need to be unafraid of failure, and you have to be bold in the face of the unknown – essentially, you have to be a bit wild.
Innovators and entrepreneurs attempt to do things that’ve never been done before, and I think that if you’re determined enough, you’re open to challenges and you take risks, you’ll succeed eventually.
Also, the song features heavily in movie masterpiece Easy Rider, so that’s another massive plus.
