In this, our latest report, our focus is on digital innovation – something that most retailers will claim to do to some degree or another and one of the latest buzzwords in retail.
For pureplay retailers digital innovation is a must do but traditional store retailers, whilst having got to grips with ecommerce, are still trying to blend the world of online and stores through digital innovation and improve their business as result. In a survey for this report 92% of retail businesses said that digital innovation was either vital or very important for their business with nearly three quarters chasing additional revenue from it.
We also surveyed consumers – finding that more than half would be put off shopping with a retailer that was slow to innovate
But it’s not easy. True digital innovation requires a concerted effort across the business to pay more than just lip service to the concept but instead to truly deliver something new and exciting that has customers constantly coming back for more.
This is a report not necessarily to investigate all the latest and greatest innovations that are out there – since that is something that changes by the minute – but more to examine retailers’ attitudes to innovation and their ability as businesses large and small, old or new, to rise to the digital innovation challenge and how they are reshaping their businesses to do so.