As the socioeconomic situation is changing at a dramatic speed, so are new trends in the retail industry. Beyond balancing the need to innovate toward Commerce Everywhere business models and the efficient management of daily retail operations, retailers are facing new and disruptive challenges. The relationship between innovation and profitability pushes retailers to abandon legacy structures and accelerate their path toward business resiliency.
How can retailers prepare themselves for the future of retail while driving innovation at speed and scale? Not all retailers are equally responsive to change. Retailers such as Walmart, Kroger, and Walgreens are leading the way for Commerce Everywhere business models, investing on the essential capabilities of a retail commerce platform and on innovative technologies. According to IDC’s 2020 Global Retail Innovation Survey, building a platform for innovation remains the top challenge for innovation strategy–laggard retailers. Around 64% of retailers globally plan to implement retail commerce platforms over the next 12 to 24 months. This trend might differ across: