Many UK retailers avoiding innovation push due to fear of failure
A fear of failure is crippling UK retailers, with 53% avoiding making decisions due to the possible consequences, according to research conducted by Opinium and LiveArea.
150 decision makers across retail in the UK were surveyed for this.
81% stated that innovation has become more important as a result of the pandemic. However, 70% believe they are not investing enough to innovate and transform their businesses to meet customer needs.
This is borne out by the fact that a quarter have no process in place for discussing new ideas for products, solutions or features, while a further one in ten do not know if such a process exists within their business.
As well a lack of structure, legacy technology (37%) company culture (33%), and lack of time (22%), were seen as the biggest barriers to business innovation.
“Covid-19 has changed UK retail forever. Those that have been able to rapidly innovate, test and implement are surviving and, in some cases, thriving, leaving others by the wayside,” says Samantha Mansfield, Head of Strategy EMEA at LiveArea.
“Many of the high street stalwarts that have failed have done so because they failed to grasp the importance of agility and innovation.”
“No retailer can accurately predict consumer behaviour, so they must build a platform that can adapt quickly. Fundamentally, that means shifting to a digital, speed first approach, developing technology and a culture to inspire innovation.”
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