Innovation Labs: Innovate or Die
Are retail innovation labs here to stay or are they just a fad passing through the industry? The largest internet-based retailer in the United States, Amazon.com, serves as an enduring example of what retailers should be doing to maintain longevity. Amazon's relentless pursuit of disruptive innovation has resulted in some of the more intriguing retail technology products, including augmented reality and the Fire Phone, in addition to securing Amazon's longstanding success. Beyond that, innovation labs invest in a company's culture, processes, supply chain and noncustomer aspects of the business.
John Grech is currently the Head of Retail Partnerships at Loop Commerce leading sales, business development and growth for the company. Loop is powering GXM for leaders like Target, Neiman Marcus, Vera Bradley, Coach, Kate Spade Michael Kors, and others. Prior to Loop, he was Co-Founder of Iterate Studio, a venture designed to close the gap on how retailers and brands access early-stage startup innovation. Essentially, Walmart Labs for everyone else and delivered as a service.