Lessons learned on how you can transform business failures into success

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The Philippine Retailers Association (PRA) successfully held its 50th Virtual Learning Series and first VLS webinar for 2022 last January 12 via zoom. We sat down with My Perfect Failure Podcast Host Paul Padmore on innovative and creative ways business leaders can learn from failure in the age of recovery. 

My Perfect Failure is a weekly growth mindset podcast on motivation, inspiration and education. It will take you on a journey and show how our “failures” can often be our gateway to a brighter and more fulfilled future at the same time provide us exciting opportunities. He is also the Head of Engagement at Innovation Bubble (Insights Consultancy).

During his presentation, he shared his views about his inspiration when he started his podcast. “How do people navigate failure? Failure is quite pivotal to success. If we don’t experience and understand failure and the ability to approach ourselves and to try different things, then we will never achieve some of the great things from personal life and business life”, he said.

Paul also stated a strong definition of failure which says “Failure is the state or condition of not meeting a desirable or intended objective and may be viewed as the opposite of success; the condition or fact of being insufficient or falling short. An act or instance of failing or proving unsuccessful; lack of success: His effort ended in failure.”

“It’s important to distinguish between wasteful failure and intelligent failure. In retail, we should be mindful to always deliver world class customer service and listen to feedback from our customers thus avoid needless failures and problems”, he added.

When asked why companies should innovate during crisis? Paul said, “The pandemic has caused crisis, disruption and mayhem for retail and business alike globally. Innovation has proven historically decisive ensuring businesses.” 

On the other hand, Padmore discussed the principles of VUCA. “Newer, more agile and pragmatic processes are the key to managing in the VUCA World. Make innovation, creativity, understanding clarity, and agility your guiding principles to counteract the threats of VUCA and to turn them to your advantage.” 

The idea of mindset that was shared is inspired by Carol Dwek, who championed the Growth Mindset and distinguished the difference between fix mindset and growth mindset,  “she really looks at challenges and having flexibility if we come up across the dead end, we will look at solutions to navigate the different situations,” Padmore elaborated.

On insights regarding shopper behavior, Padmore revealed that customers still want to experience brick-and-mortar. According to Global YouGov data, in every one of the 17 nations featured in their study, the majority of the public say experiencing products in-person is a key reason to shop in a brick-and-mortar store. In Singapore (65%) and in Indonesia (58%) cited this influence respectively. One thing we’re also seeing is digital-first brands are opening up brick and-mortar stores such Amazon, and UK Athleisure Digital fitness brand Gymshark.

On the COVID-19 and acceleration of e-commerce, the retail strategy in reaction to the pandemic has been pivot to e-commerce. In the Philippines, 73 million Filipinos are registered internet users. 99% of them are active and on social media platforms. The average Filipino spends a whopping nine hours and 45 minutes on-line daily 3 hours and 53 minutes of which is spend browsing social media sites.

“It is important for every business to establish their e-commerce platform. Those who pivot faster and those who can ensure safety and reliability of transactions, wins” Paul affirmed.

When retail brands take an experience approach, they can understand and predict customers’ needs through designing and outlining a strategy with business goals in mind. The studies, data and its analyzation can be a tool to transform the process and experiences to create strategies that will enable you to get a greater result.

Atty. Paul Santos, Chairman, PRA & President, Picture City, welcomed the attendees and JT Solis, Co-Founder and CEO of MAYANI PH – the Philippines’ fastest-growing, impact-driven, farm-to-table platform empowering over 12,000 smallholder farmers, moderated the event.

The 50th Virtual Learning Series is in partnership with My Perfect Failure, sponsored by Globe Business (NRCE Premium Platinum Sponsor) and program partner MAYANI.

For more inquiries about PRA virtual learning events, visit www.philretailers.com, and social media accounts (Philippine Retailers Association Facebook and LinkedIn Page).