This sector continues to grow due to the increase in E-commerce and the accessibility of products via the internet. Innovation in this sector results from a need to improve the experience of the customer, to increase sales and to provide the best service possible.
In addition to a strong focus on brand marketing and profile, retail companies must also look at their trading platforms and develop technology to remain competitive in an increasingly time focused market.
Examples of problems to be solved through R&D within this sector
- How to solve slow and out of date processes that result in long lead times and poor customer experiences
- What needs to be done to update machinery which is no longer fit for purpose
- How to create a clear marketing purpose or target audience using specialised data collection to ensure maximum sales
- Acknowledging a lack of understanding of how to improve or repair existing products to comply with warranties
Examples of what constitutes R&D in these sectors
The HMRC test as to whether a Company is performing R&D is whether there is ‘appreciable improvement’ in a situation as a result of ‘addressing a scientific and technological uncertainty’.
- Creating a bespoke e-commerce platform that allows for personalised experiences
- Designing new trucks that have the capacity for more pallets per truck
- Producing new blockchain technology to effectively manage shipments and reduce costs
- Designing a platform to capture data about customers and use this to target potential customers
- Updating machinery to ensure that they are effective and quick at completing processes