In this episode, we delve into key insights from an interview with Mirko Saul, the SVP of Innovation at Schwarz Digital, featured on the Off Bounds podcast hosted by Paula Macaggi. Schwarz Digital, the parent company of Lidl and Kaufland with 14,000 stores across 30 countries, is a significant player in the retail landscape. Mirko shares his team's structured approach to technological innovation, which includes problem-first technology scouting, rigorous preliminary research and vetting, lab testing in a controlled environment, defining KPIs from day one, incremental store rollouts, and thorough integration versus evaluation. These methodologies ensure that technological advancements are cost-effective and aligned with core business goals. The discussion also offers valuable lessons for retail media, emphasizing the importance of starting with business objectives, simulating testing environments, validating vendor scalability, and making strategic decisions on data sovereignty and in-house development versus external partnerships.

Link to podcast interview that Kiri refers to in this epsiode: https://www.youtube.com/watch?v=HrYSTb9-zfg&t=80s

(00:00) About Today's Topic
(01:35) About the Show
(01:57) Introduction to Schwarz Digital Team's Innovation Approach
(02:05) Problem-First Technology Scouting
(03:32) Preliminary Research and Vetting
(04:19) Lab Testing in a Simulated Store Environment
(05:07) Defining KPIs from Day One
(06:37) Incremental Store Rollouts
(07:10) Integration and Evaluation
(07:50) Key Takeaways and Final Thoughts
(11:27) Outro

Website: https://www.retailmediabreakfastclub.com

LinkedIn: https://www.linkedin.com/in/kiri-masters/

YouTube: https://www.youtube.com/@retailmediabreakfastclub

Apple: https://podcasts.apple.com/us/podcast/retail-media-breakfast-club/id1782187624//

Spotify: https://open.spotify.com/show/3s5MuqcrsOmQDKn3uMYJKb