53% of U.S. retailers avoid decisions for fear of failure
NEW YORK (PRWEB) October 04, 2021
A new study from LiveArea, a Merkle company and a global customer experience and commerce agency, finds that the majority (53%) of U.S. retailers cite fear of failure as the biggest barrier to innovation. Retail decision-makers who responded to the online survey say their main barriers to implementing new ideas are lack of time (33%), company culture, and lack of ideas ( 27%), followed by legacy technologies (22%).
A need to improve process innovation
- Having an internal process is essential to stimulate innovation: 47% of respondents say there is no process in place to suggest new ideas for products, solutions or features
- More than spending on R&D, it’s about investing in people: 69% say they are not investing enough to innovate and transform their businesses to meet customer needs
Pandemic impacting business decisions
- More than half (56%) of those polled say innovation has become a higher priority during the COVID era, while 44% say their business is making decisions at about the same speed as before the COVID era. pandemic.
- 47% say the approval process for new products has been faster due to the pandemic
“The good news is that today’s barriers to innovation in retail are self-created in part due to cultures that have traditionally underestimated agility and speed,” said Barry Fiske, vice president principal of global customer experience and innovation at LiveArea, a Merkle company. “The hesitations of employees to innovate are real and can be corrected without significant financial investment or overhaul of organizational charts.”
To read what retail decision makers think are the biggest barriers to innovation and who is responsible for innovation internally, visit https://marketing.liveareacx.com/inspiring-innovation-building-retail-agility .
About Livearea, a Merkle company
LiveArea, a Merkle Company, is an award-winning global commerce and customer experience agency. We bring the full potential of digital commerce to life, helping brands create meaningful and lasting customer relationships. Combining creativity, strategy and technology, our services include NXT IntelligenceTM, product innovation, connected commerce, service design, performance marketing and orchestrated services. We bring together world-class business technology, creating and launching innovative products and services powered by data-driven information to improve customer relationships – online and in-store. We provide B2B, B2C and D2C solutions to clients in the health and beauty, fashion and apparel, luxury goods, consumer goods, retail, healthcare and personal sectors. automobile. For more information, visit http://www.LiveAreaCX.com.
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