Innovation in the
Telstra releases new research into the dynamic and
evolving trends shaping modern retail today and
into the future; Innovation in Retail.
Innovation in Retail highlights the technologies that will shape the retail sector in the next 2-5 years - changes driven primarily by heightened customer expectations and increased competitiveness in the sector. The report also covers the opportunities offered to retailers by these new technologies.
Key findings in this whitepaper
The research shows that those retailers who’ve embraced innovation are winning – even when put up against established and traditional high street brands. Innovating not just in the technologies they trial, but by the organisational structures they’ve put in place to foster innovation. To this end, the report has developed the Innovation Index, allowing retailers to gauge their own readiness to compete at the highest level in the retail space.
A summary of the key findings of the Innovation in Retail report is as follows:
- The need for retailers to innovate will continue, as advances in technology offer new opportunities to engage and build relationships with customers, as well as offering efficiencies in business operations
- Not all retailers are equal – some retail segments need to innovate faster than others
- Organisational structures that used to work for large retail organisations are not optimised for today’s disruptive environments
- Horizontal business structures tend to achieve greater success with innovation. An Innovation Index to benchmark and track against can be an effective tool for retailers to help drive innovation and change in their business
- We predict three key technologies Big Data Analytics, Mobility and the Internet of Things (and/or some combination of all three) will shape the retail industry in the coming years
- The importance of finding the right technology partner(s) to enable organisations to achieve success and maintain a competitive advantage will be more crucial than ever.
Register to download full report below or view the Retail Innovation report highlights.