Norstrom labs shows rapid innovation in action

US department store chain Nordstrom is a leader in global eCommerce, putting local players Myers and DJ’s to shame. The merchant, No. 28 in the Internet Retailer Top 500 Guide, brought in $1.3 billion in e-commerce revenue in 2012 (up 42% on 2011), and is aiming to hit  $6 billion by 2020. Since 2008, Nordstrom has been growing its web business 27% per year.

Nordstrom has invested heavily in a strong labs capability to identify and validate new innovation quickly, and this video is a example of lean start-up approaches in action.  Super funds would do well to take note given how fast the financial services sector is being disrupted, both by new players like GoodSuper as well as big 4 banks like CBA who’s significant investments in technology, particularly mobile is driving record profits as well as serious member outflows from traditional super fund players. Since launching at the end of last year, the new CommBank mobile app has attracted more than a million registered users, while a streamlined online account opening processes has slashed times by 80%.