This IDC presentation provides data, insights, and perspectives on how innovation is central to the digital transformation (DX) journey for retailers in India. With online retail sales and local neighborhood stores pushing organized retailers to rationalize assortment and consolidated store formats based on renewed customer preferences and shopping behaviors, most Indian retailers will have to rethink their product and customer experience innovation strategies. Indian retailers will have a quarter of their budgets dedicated to their innovation efforts, with 40% of these monies going into technological/digital innovation most ideally basing the operations on an omni-commerce platform to deliver their products and services through an omni-channel distribution mechanism.
This report covers the strategic and tactical innovation priorities and outcomes. It essentially offers observations and suggestions on how retailers can benefit from having a clearly defined, technologically supported, and centrally funded innovation agenda to bring their DX efforts to life.