"There is no perfect product, only perfect products." This little nugget of advice comes from the 70s – and makes far more sense after you hear the tale of Howard Moskowitz.
Imagine a world where a brand could make a digital blueprint of a product – the customer could choose a specific blueprint, select a fabricator to make it and have it shipped straight to them. This is just one possibility in the future world of 3D printing, and no matter how sci-fi it sounds, the rapid advancement of tech has brought this scenario closer.
Throughout recent history, ideas and innovations originating in the retail industry have subsequently influenced other areas of business. From the idea of “the customer is king”, to the use of psychology in affecting customer behaviour and tools such as promotions and rewarding loyalty, the retail industry has always looked ahead and its ideas have frequently been copied by others.
Augmented reality, smart devices and interactive TV will boost UK retail sector sales by four per cent. SMEs should embrace the trends and change their thinking.