Five retail technology questions for Martyn Cole of Retail Directions
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 Martyn Cole, Director of Commercial Operations at Retail Directions.
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?
MC: I have been around in this game for over 30 years and companies have been making futuristic comments and predictions about technology for as long as I can remember.
Some of them have proven their worth, such as automation with the supply chain and in warehouse logistics management, others I am less convinced of, such as cryptocurrencies and how practical the metaverse is.
Retailers need to be very clear on what they are investing in, and why they are doing it.
In my role, I spend a lot of time speaking to various retailers in the UK, South Africa and Australia about how technology is going to, and does support their business - and the conversations always take the same path - fundamentally, people still want service and there is a high demand for actual human interaction.
We mustn't forget that, ultimately, retail is about selling more, for more profit.
The real focus for retailers over the next three to four years needs to be less about how technology is supporting what retailers think they want to do, and more on retailers focussing on setting, and meeting customer expectations.
Retailers are walking a tightrope between innovation and doing the basics well. Technology adoption and development is paramount, however the time is now to focus on getting the basics right, as consumers regain confidence.
RTIH: Which retail technology trend is overrated in your opinion?
MC: Retail is undergoing a metamorphosis and it is important that retailers are harnessing the latest technology to help them deliver great customer experiences, whilst supporting their employees.
For me, artificial intelligence is overrated and misunderstood. No seriously. At this moment in time at least.
Yes, it is a much talked about topic, with artificial intelligence in its various forms being baked into a lot of new technological innovations.
However, do retailers, their customers and staff really understand what artificial intelligence is, and what it isn’t and how it can support their business?
In too many instances what purports to be AI is often no more than a clever algorithm.
I fear that some retailers are paying premium prices for the latest technology in the belief that it will give them the edge, when in reality it further distracts them from their core purpose - delivering great customer experiences and of course, making profit.
With many retailers pursuing connected retailing strategies, driven by consumer demand for being able to get anything, at any time, from anywhere - retailers have forgotten what really supports their customers - in-store assistance from employees that offer support, relevant to their shopping needs.
RTIH: What are the top five retail tech Twitter/LinkedIn accounts you can’t do without, and why?
MC: Retail Week/Retail Innovation/The Grocer/ Drapers and Retail Technology Innovation Hub (no plugging here!).
I also am becoming less of a fan of LinkedIn these days. There are some crucial connections I have on there, as it acts as a great way to keep up to date with the latest thought leadership from my connections.
However, it is becoming more like Facebook, with my timeline being filled with people seeking self-gratification, rather than sharing knowledge and generating debate.
RTIH: If you could have a dinner party with any five retail pioneers, dead or alive, who would they be and why?
MC: Why retail? Interesting people who can help inspire you about customer experience from all sectors… but if pushed on retail, it would be…
Anita Roddick – The Body Shop – I’ve had dinner with her many times as Head of Retail Operations for the Body Shop in a previous life – she was a true visionary and campaigner and one of the few retail leaders who built retail around her values.
Sarah Blakely – Spanx – an inspiring rags to riches story, from a determined philanthropist who truly believed in her idea.
Nick Beighton, the former Chief Executive of Asos – who led a business to tremendous growth and made his mark on the industry.
Ben Francis, CEO of Gymshark – this is an inspiring story of diversification and brand growth, and an exciting expansion of online to bricks and mortar on the cards.
Harry Gordon Selfridge – his thinking around customer experience and service was way ahead of his time. I wonder what he’d make of retail in 2022?
RTIH: If you decided to run for President, what would your campaign slogan be?
MC: The only way is up! Well, right now, it has to be.
To take a leaf out of Mr. Selfridge’s book: “People will sit up and take notice of you if you will sit up and take notice of what makes them sit up and take notice.” and if the campaign fails, I’ll see you in the 19th hole!
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