Retail innovation labs can help brands save money while testing new concepts

New Ideas in MarketingEssential news for marketers, summarised by YouGov
July 23, 2019, 1:03 PM UTC

Brands can use the concept to rethink their legacy systems and develop better customer experience.

This piece argues that innovation labs can save retailers money by enabling teams to experiment with forward-thinking concepts before putting it out directly on the stores. Organisations can leverage findings from these labs to guide them to redesign their legacy system and stay competitive.

It can be risky for a company to test out new concepts in an existing retail environment, but labs can provide them with an experimental store to demonstrate innovative ideas. Testing out concepts in these labs can enable marketing teams to move faster and take more significant risks without the fear of failing.

The author contends that retail labs can also be a useful tool for public relation purposes. But, these PR initiatives may not always create a direct impact on customer experience.

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