1、WINNING WITH INNOVATIONINVESTING IN THE FUTURE HOW RETAILERS USE INNOVATION TO GAIN AN EDGEA WORLD RETAIL CONGRESS PUBLICATIONKnowledge PartnerByChris Biggs,Khaled Tawfik,Jenny Aylwin,Tanmay Jain,Daniel Gospodinov and Allison ZellerPREFACEConsumer needs have changed over the past 35 years and have b

2、ecome increasingly more sophisticated.Yet for the most part,retailers have been slow to innovate to keep up.In fact,a previous BCG analysis of innovation across dozens of industries showed that retailers trailed all other sectors in making it a top priority.Instead,many have chosen to focusor over-f

3、ocuson day-to-day core operations.This lag has led to a significant shift in the ranks of top retailers globally over the past three decades,with innovative newcomers wresting a larger share of the market from former industry heavyweights.The major all-purpose department stores that dominated the in

4、dustry in the 1990s were surpassed by large conglomerate retailers of the 2000s and,in the 2010s,retailers that expanded globally.These have been supplanted by more creative newcomers that enhance their retail verticals with dozens of new businesses to deliver on the needs of the end consumer.Innova

5、tion will continue to be a key source of competitive advantage and resilience.Retail executives need to champion innovation in their organisations by cultivating an open culture that encourages grassroots ideation and developing a fit-for-purpose,agile operating model.They must support governance th

6、at allows experimentation and risk taking and provide sufficient investment in key enablers such as big data,AI,GenAI and modern modular technology stacks.For the past 11 years,BCG has partnered with World Retail Congress to equip retail leaders for the journey ahead,and our latest report focuses on