State of the Industry
Technology innovation in retail is revolutionizing the way retailers interact with shoppers and manage their operations. As technology continues to evolve, retailers must embrace new innovations and continuously experiment to find new ways to better serve customers and remain competitive.
This report presents key findings and analysis from a study of 225+ retail executives. The study was designed to understand retailers’ key innovation priorities, and associated investment plans, maturity in terms of their innovation strategies, capabilities, and processes, and current innovation capabilities, and future investment plans.
As consumers continue to reshape their expectations,
enterprises must contend with a uniquely challenging landscape.
The consumer technology landscape is forever changing.
From Pinterest to TikTok, WeChat to Instagram, new experiences can rapidly gain consumer adoption and relevance.
From augmented reality to voice, smartwatches to chatbots, consumers are constantly embracing new interaction paradigms.
Commoditized convenience is eroding loyalty and margin.
Consumers expect convenience. If you can't deliver it, they'll go elsewhere - e.g. next day shipping becoming the new standard.
Walmart will reportedly lose USD 1 billion on eCommerce revenue of USD 21 billion this year as it faces challenges in its bid to complete against Amazon – from trouble integrating its DNVB acquisitions to impact on margin from its next-day delivery operations.
Consumers value experiences that are curated to fit their lives better.
They want to engage, be served, and transact at their time, their pace, their place. They have little patience, infinite choice and the freedom to swipe left at the slightest hint of friction.