This IDC MaturityScape describes the key characteristics of the five maturity stages of retail business model innovation, range from the lowest Ad Hoc stage (defined as "stuck in legacy") to the most mature Optimized stage (defined as "innovation-culture-driven"). This IDC study shows how retailers should fundamentally point at business model innovation through the development of an innovation culture, the definition of an innovation strategy, the execution based on a retail commerce platform, and the attainment of long-term profitable growth — building up what we call retail innovation excellence. Thus, retail innovation excellence is a continuous process that — based on the efficient and effective execution of retail business model innovation — allows retailers to constantly develop trust in innovation within the company and the broader ecosystem, reinvest profits in the iteration and execution of their innovation strategies, and reuse learnings from failed innovation initiatives.
"Retail innovation directed at commerce everywhere business models is the key for long-term profitable growth. Retailers have the opportunity to generate new value across the extended retail value chain through retail commerce platforms and data-driven internal and external collaboration," said Ivano Ortis, vice president, IDC Retail, Manufacturing, and Financial Insights. "Retailers should carefully assess their business model innovation maturity according to the four core dimensions of vision, people, process, and technology. This will enable them to identify the next best steps to advance toward the Optimized maturity stage, which is characterized by a single innovation strategy."
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