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PSFK Report

Accelerating Innovation In Retail

The pace of innovation has accelerated exponentially due to an increasingly competitive business landscape marked by industry disruptors, as well as a demand to deliver a seamless yet engaging customer experience. As a result of this pressure, companies, specifically innovation teams, are using new methods to develop new products and services through technology, craftsmanship and creativity in order to create optimal value for customers.

From data-driven strategies to creative conversations with super fans, brands and retailers’ innovation teams are fostering a culture of collaboration that enables them to develop more engaging products. Innovation teams are also using augmented resources to strengthen testing phases of new products, while mitigating risk often associated with innovation projects, whether incremental or breakthrough.

The following report explores articles and examples related to innovative ways that companies are fostering innovation through internal processes, such as labs or intrapreneurship programs, as well as leveraging external means, such as startup support, strategic partnerships and venture capital investments, as a way to accelerate change and stay ahead of the competition.

Published April 2019