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Saturday, December 10, 2022

Innovation in the post-pandemic era: Point of sale and retail

Law and business firm BC&B presents the first ever Retail Innovation Report, where it analyzes point of sale and retail trends nationally and internationally. Globally, the COVID-19 pandemic resulted in an unprecedented surge in innovation, reveals a WIPO study. Mexico ranks 55th globally and third in Latin America, but with notable gaps in investment in science, technology and research.

One of the lessons of the COVID-19 pandemic is that it was a trigger for consumer trends, as a significant part of commerce shifted from physical locations to digital ones to offer products in a complex environment.

Although many of these trends were already visible in the business environment, the pandemic was a significant push for their consolidation. “In the case of retail And point of sale, the trend is constant innovation, as building closer relationships with consumers is increasingly necessary to ensure their loyalty and return to the physical store after a contingency,” said George, partner at BC&B, law and business firm. Saldivar said.

At BC&B he took over the task of compiling the most important innovations retaillocally and globally, resulting in the first retail innovation report, to understand the potential for innovation in Mexico, and in particular retail And it is useful to know the point of sale, global scenario.

innovation today

WIPO publishes the Global Innovation Index (IGI) every year. The 2021 edition has received special attention, as it analyzes the impact of the pandemic on innovation. The study analyzes criteria relating to institutions, human capital, research, infrastructure, credit, investment, creation, absorption and dissemination of knowledge as well as creative products.

Among its results, it is clear that there were significant peaks (by country and activity) of investment in innovation, which was reflected in rapid growth in some countries, such as the Republic of Korea, which ranked in the top 5. However, very few first positions have changed. grade of innovation.

The top three places are Switzerland, Sweden and the United States, although this does not mean that innovation is balanced across the IGI’s seven criteria; Switzerland, for example, excels in innovation in technology and knowledge products, but ranks 9th in terms of its institutions. The US has more trade and market sophistication, while its infrastructure ranks 23rd.

The case of Mexico and Latin America
Countries in Latin America rank below 50, with Chile, Mexico, Costa Rica and Brazil being the leaders. about mexico, retail innovation report Explain that its backwardness is due to the lack of investment in science, technology and innovation, which has decreased significantly in recent years. Compared to other OECD countries, Mexico “invests eight times less in research and development, has nine times less research staff, publishes 5.5 times fewer articles and its residents apply 20 times fewer patents,” said Jorge Saldivar. Told.

innovation at the point of sale
“To ensure consumer preference, the differentiating factors are the inspiration and reimagining of the point of sale through the creation of spaces for fundamental innovation, whether through technology, new processes, various communication tools or new customer service techniques. Saldivar said.

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