Retail lagging behind in innovation race, KCOM

Just 36% of retail business leaders say digital transformation is a priority in the next 12 months, according to KCOM research.

Other key findings include: 34% rank lack of stakeholder support among their greatest challenges; 26% spend at least 20% of their IT budgets on innovation projects, compared to the average of 32%. Retailers (74%) are slightly more likely to invest in new technologies than average (71%). Yet the sector lags significantly behind others when it comes to the adoption of identity management services and integration technologies that synchronise data between disparate systems.

James Schofield, Retail Consultant at KCOM, comments: “While retail is doing slightly better than average when it comes to embracing cloud native applications and understanding the importance of investing in employee training, they cannot afford to delay investment in the technologies that will transform the customer experience and ensure that they remain relevant to a new generation of spenders.”