According to their data gleaned from a survey of more than 400 executives from a cross-section of global retail sectors, innovation investments have a direct correlation to success in retail. Newcomers who allocate resources to technology like AI, operational improvements and e-commerce are even gaining a larger share of the market previously held by industry heavyweights.
Still, while data finds that it is imperative to invest in innovation, the authors of the report acknowledged that truly innovating is hard. To ensure profitable investments, they said, executives must “champion new grassroots ideas, launch multiple initiatives rather than only one or two big ones, invest in innovation-related technology and talent, cultivate a culture that breeds creativity and experimentation and develop an innovation ecosystem by collaborating with external partners.
With e-commerce investments retailers are targeting retail media, marketplaces and social commerce, experimenting to meet sophisticated needs, growing gross merchandising value and improving profitability. Investments in retail media are being set up by innovative retailers on retail media networks so that brands and other third parties can pay for advertising space on the retailers’ owned properties and media.
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