Innovation in the retail industry

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VOICEOVER: The retail industry
is undergoing
a period of rapid change.Our research showsto stay relevant, retailers
recognise the need to innovate.
This need is driven primarily
by digital technologies.
Today’s digitally empowered
customers demand more –
more ways to buyand a more engaging path
to purchase.
Add new competition,and retailers’ relevance
is being questioned.
Together, these factors can createa burning platform,threatening the future of even
established brands.
The most innovative
retail businesses
employ an integrated
horizontal structure,
embrace a culture of change,support agile, collaborative teamsand dedicate resources
and investment
to innovation.A business environment
fostering new ideas
opens a world of
innovation opportunities.
Mobility – where connectingto customers’ mobile devicesand mobile point of sale
and digital kiosks in store
means improved customer engagement
and service.
Internet of things –RFID, beacon and other connective
technologies
help you better understand
your customer and your business.
And big data –advanced data analyticsto enhance your business
decision-making.
But not all retail businesses
are innovation-ready.
Retailers recognise there can beforces blocking innovation.The retail innovation indexshows how ready your business is.Retail businesses
operating vertically, in silos,
with ineffective decision-making,using old-school approval processes
and resourcing,
feeling too big to move,can stifle innovationand the ability to execute
new ideas.
Too many retailers today
are left wondering
how to innovate and stay relevant.Retailers need to hand-pick
technology partners
who can help them navigate
the emerging digital landscape
and maximise new opportunities.Innovation in retail.Download the report today.

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