Investing in the Future
How Retailers Use Innovation to Gain an Edge
In this new report from Boston Consulting Group and World Retail Congress, one of the five congress themes is explored 'Winning with Innovation' and how that can be done.
Social media where shoppers make purchases with a single click. Delivery in less than 30 minutes. Virtual stores in the metaverse. Trying on clothes using augmented reality smart mirrors. GenAI-assisted shopping. Hyper-personalised, gamified experiences embedded in shopping journeys. Disintermediated supply chains that drive low prices and traceability. Retailers are innovating more and faster to keep up with changing consumer behaviours and preferences.
Innovation gives retailers an edge—innovation leaders perform markedly better than their peers, according to new research from BCG and World Retail Congress. Retailers that meet our criteria for innovation leaders invest an average of 13% of annual revenue in innovation and achieve a 21% ROI. By contrast, retail laggards invest an average of only 3% of revenue in innovation and earn only a 9% ROI.
In this report:
- Where Innovation Leaders Invest
- Why Innovation is Hard
- Practices that make retailers innovation leaders
- Five ways to amplify innovation
Fill out the form to find out more and download the report now.
