While the Pandemic Triage is well in the rearview of retail executives, we have been hearing of the need for sharing and discussion around more deep challenges facing the sector. New in 2023, TBOR is tackling the next round of complexities. Here is our first - Re-Innovating Retail.
As the retail industry transitions through a high-speed technological revolution filled with overwhelming mounds of data, Ai, robotics, and digital transformations. The power to lead, leverage, and innovate will belong only to a few.
Many didn’t expect the disruptive innovation of the last decade to take place, then came the Pandemic no one anticipated its duration and impact, then we were hit by supply chain challenges, inflation, and higher interest rates, needless to say a consumer that is fatigued.
Retaining a brand’s position in the market is a challenge. The need to develop an ongoing aptitude to innovate is one response. 80% of retail executives cite Innovation as one of their top 3 imperatives in 2022, but only 10% where satisfied with their organization’s progress.
A few brands are able to overcome that challenge and those that do have a formula. In today’s retail landscape, staying ahead of the curve is no longer just a choice or luck—it’s a necessity and takes planning and management. A deep focus on Innovation at the business core is an option many seek, but few find. This is a recent discussion exploring the opportunities and challenges true innovation brings retailers - and why those adept at tuning their existing processes may need a paradigm shift.