BNPL: retailers need to innovate or risk become obsolete

Retailers must innovate to survive, especially with a new Covid variant threatening the high-street yet again. That means providing consumers with greater flexibility and choice.

Critically, retailers must transform their ways of working, bringing solutions to market quickly to cater to constantly evolving consumer demands. However, our research found that over two thirds (70%) of retailers believe they are not investing enough to innovate and meet customer needs.

Have we not learnt anything from the past two years? Those that rapidly innovate, test and implement will survive and thrive, leaving others by the wayside. 2021 saw many high street stalwarts fail precisely because they failed to grasp the importance of digital agility and innovation.

The key to modern retailer success lies in being able to try new products, services and features quickly, and then having the insight and flexibility to consistently optimise its performance. Companies able to do so will thrive in our new digital first economy.

 

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