Innovate—or Lose Your Seat at the Top Table, Retailers Warned
A new report by BCG and World Retail Congress reveals that top retailers have struggled to retain their position over the past 30 years, with many being too slow to innovate in the face of fast-evolving customer needs.60% of retail innovation leaders are prioritizing investments in e-commerce—with the top three areas of investment being retail media, marketplaces, and social commerce.Innovation leaders take a bold approach: they invest in multiple innovation initiatives simultaneously, collaborate with partners on innovation, and steer consumer preferences versus react to trends.PARIS—Over the course of the past three decades, the composition of the top global retailers has seen significant churn, with few managing to maintain a lead position. Established players have been usurped by creative newcomers that have prioritized innovation, staying ahead of the curve in terms of technological advancements and changing consumer preferences. A new study by Boston Consulting Group (BCG) and World Retail Congress (WRC), launched at World Retail Congress 2024 this week, detailed how retailers can successfully ignite their innovation engines.