An Insights Report for the world of retail

Retail Innovation Hub, a pioneering initiative aiming to boost networking, discussions and synergies among startups, businesses and everyone involved in the sector is one of the latest projects we are involved in. We have partnered with Cardlink to create a series of activities, enthusiastically sharing their vision to foster innovation in the retail sector.

One of the first ones was the Retail Leaders Workgroup, organized on January 20th 2022, where a limited number of executive members of the Greek corporate ecosystem had the opportunity to share insights and identify challenges that widely affect the industry, have a big impact, and need solutions. An Insights report was created by Found.ation based on research and analysis of the conclusions of the discussions that took place. By putting them together and further enriching them, this report offers a rare view into the Greek retail ecosystem, and provides intriguing facts and ideas.

From meta-COVID to the future: The challenges and trends that shape the industry

One of the industries that significantly transformed due to the pandemic was that of retail. As physical stores remained closed for a long time, sellers had to become creative and adopt methods that would help them maintain their clientelle, while ensuring that the whole customer journey would remain simple and easy for them. The new experience resulted in a change of habits and mindset from the client side as well, who, accustomed to the ease of online ordering, now demand a similarly frictionless experience with personalization and payment options. This is often called OMO (Online-Merge-Offline), but for retailers the challenge is also part of their omnichannel efforts. The customers also demand quick delivery – enter the need for “last-mile” solutions.

There is also an ongoing discussion about the future of payments, as digital wallets and options like “buy now, pay later” have emerged to address a digital-savvy generation of consumers who demand maximum convenience. In terms of cutting edge technologies it’s interesting to see that AR technologies are now used more than ever before, mainly in the form of virtual trying rooms. In addition, a new generation of consumers with different expectations is now in the spotlight: Gen Z. What are their concerns and demands?

Innovation is the answer

There’s no doubt that the shopping experience has changed as a whole. The ways retailers can react are thoroughly explored in the Insights Report. All this new experience, the challenges it brings, as well as the role of technology and the evolution of retail, are part of the Retail Innovation Hub activities, an open innovation program created by Cardlink in collaboration with Found.ation and involving experts, startups and technology companies.

Read all the insights from the 1st Retail leaders Innovation Workgroup, by downloading the Insights Report for free.