Market Research
Bridging The Innovation Gap: State of Transformation in Retail and CPG
Q4, 2024
Retail and CPG industries are facing a growing innovation gap, hindered by underfunded efforts, technological complexities, and the urgent need to meet evolving customer expectations. Companies often find their current digital capabilities insufficient, impacting their competitiveness. Enhancing digital customer experiences and investing in scalable, innovative solutions are essential to address these challenges and align with the fast-paced demands of today’s market.
This market research report reveals promising strategies for retail and CPG leaders to close the innovation gap and drive growth. By investing in Generative AI and other emerging technologies, brands can significantly enhance customer experience, streamline operations, and boost digital readiness. Although innovation efforts are often underfunded and primarily focused on efficiency, there is universal agreement on the transformational potential of Generative AI, even as adoption remains cautious. The findings aim to guide strategic decision-making and investment in innovation, ensuring that brands are well-equipped to meet future challenges and capitalize on new opportunities.
FOUR KEY B2C COMMERCE IMPERATIVES
Incisiv
Here’s a preview of the report. The full report is available for free download via the form below.
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.
