In tough economic times, business leaders are generally looking to rein in spending, so it’s understandable that they require a high return on investment before they give any capital expenditure the green light. But in his keynote speech at last week’s Retail Fest conference on the Gold Coast, experienced retailer and customer-centricity expert Martin Newman told audience members that ROI alone isn’t enough to guarantee success in the future. “Ship from store, click and collect, the endless aisle, free delivery, free returns…I’m not a fan of following what everybody else does,” Newman said. “I’m not suggesting that these things are not relevant for your business, but one size does not fit all. You need to work out what is relevant for your customers.”Rather than defining ROI in purely monetary terms, Newman believes businesses should broaden their understanding of ROI to include initiatives that will have a positive impact on the customer experience. Here are his 10 new ROIs for retailers to remain relevant going forward.1. Return on inspiration“As Peter Drucker, the great strategist said, ‘Culture eats strategy for breakfast.’ You could invest millions with the best management consultancies known to man, and the most amazing looking strategy documents, but in reality, half the time, they’re not worth the paper they’re printed on, unless you can turn them into life,” Newman said.He pointed out that the lack of employee engagement is a major challenge for businesses seeking to improve their customer experience, and that the gender pay gap and the top-down management structure are contributing to this lack of engagement. 2. Return on integritySixty-eight per cent of customers wouldn’t buy from businesses with poor ethics, Newman said. He cited Ikea as an example of a retailer with a reputation for integrity, pointing to its commitment to employing refugees in its stores. He noted that the company’s gross profit last year was nearly $14 billion. 3. Return on inclusion“Every study you’ll ever read will tell you that a more diverse and inclusive business is a more sustainably successful one over a longer period of time,” Newman said. “It kind of makes sense, because you get diverse opinions and people working together. You become more creative and innovative, and solve problems more effectively.” But it can’t just be a tick-box exercise, and most businesses are currently treating it that way, he said: “We’re too quick to celebrate mediocrity.” Some examples of brands that are moving in the right direction are Gymshark, a British activewear brand that has started using mannequins in wheelchairs in its stores, and Specsavers, the optometry chain, which offers home visits for people with disabilities. 4. Return on imageConscious consumption is here to stay, Newman said, so retailers must think beyond selling new products, to include secondhand and upcycled products, as well as products to rent. This is a significant opportunity, with the circular economy growing five times faster than mainstream retail. 5. Return on intervention“It doesn’t matter what you sell, anyone can turn a customer into a fan,” he said. “Not every single customer will become a fan, but it’s the byproduct of what you do, how you deal with them, how you communicate with them […] that will change how they feel about you, from something that is transaction-oriented to having a bit more of an emotional connection.” However, most retailers view customers as a cost centre, rather than a profit centre.“The purpose of a business, I believe, is to create a customer who creates other customers,”  Newman explained. “If you make fans of customers, and build some emotional connection with them, they will bring other people to your brand, because they’ll become your advocates and tell others how great you are.” 6. Return on interactionEight-three per cent of customers expect to engage with someone immediately when contacting a company, Newman said, but many businesses have moved away from human interaction with customers, and adopted email and live chat as cost-saving measures. This is having a negative impact on the customer experience and leading to churn. 7. Return on involvementCompared to single-channel sellers, omnichannel brands enjoy a 15-35 per cent increase in average order values, 5-10 per cent increase in profitability and 30 per cent higher lifetime value, Newman said.  8. Return on improvementEighty-eight per cent of customers say the service a business offers is as important – or more important – than the products it sells, Newman said. He cited the US hardware chain Home Depot as an example of a retailer that has taken this to heart, with the launch of its Do It For Me service. Newman sees multi-format stores as a big opportunity for retailers going forward. Lululemon famously holds yoga classes in its stores, while Jo Malone offers “perfume painting” – a one-on-one service that is associated with a 92 per cent increase in conversion. 9. Return on insightCustomer-centric brands measure what matters, Newman said. “When was the last time you talked to a lapsed customer? Your most unhappy customers are your greatest source of learning,” he said. “The more unhappy somebody is, the more chances are you’ll probably find out what is broken and what you can do to improve the experience.” 10. Return on innovationIf business leaders wait to make an investment until they are 100 per cent sure, they will be 100 per cent late, Newman said. To position themselves for the future, and understand what really matters, they must get closer to Gen Z.