In challenging times, it is imperative for innovations to focus on addressing your customers' pain points and reducing post-purchase dissonance. Customers now expect the latest technology in all their transactions, and will happily switch retailers to get the service or product they desire. Innovation can help to create an easier, faster and a more engaging experience.
But it’s not just about what goes on inside the business – it is creating new ways of thinking and collaborative working that harness the creativity of the whole workforce, not just those with R&D in their job title. That's even more true in consumer-facing sectors like retail, where your own people, and indeed your customers, can be your first and best source of new ideas and innovations.
With retailers around the world racing to innovate, a lack of investment in innovation to satisfy customer demands in an enormous and unnecessary risk.
Unlocking value from your own technology is vital of course, though it needs to support strategy, not dictate it: IT is not a substitute for imagination, and information doesn’t turn into insight without human intervention.