Research from BCG and the World Retail Congress reveals Innovative retail leaders invest more in creative endeavors and gain higher returns.
Retailers meeting criteria for innovation leaders invest 13% of annual revenue in innovation.
They achieve a 21% ROI, whereas retail laggards invest only 3% of revenue and earn a 9% ROI.
Leaders prioritize investments in three key areas:
Operational improvements (71%)
Big data, AI, and analytics (58%)
E-commerce (60%)
Within e-commerce, priorities include investing in:
Retail media networks (44%)
Marketplaces (42%)
Social commerce (39%)
Innovation leaders adopt a bold approach: They shift customer expectations rather than follow trends.
They accelerate activities by collaborating with third parties and acquiring capabilities.
They invest in multiple initiatives simultaneously.
