Australian retail innovation lags behind average

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Australian retail innovation lags behind average

Australian retail innovation lags behind national average”

Commonwealth Bank’s recent report provides concerning insights into the current lack of innovation by Australian Retailers:

Of all Australian Retailers, only 41% spend time and money on uncertain capital ventures, as opposed to the national industry average of 53%. #DISCOVER
Whilst 74% of businesses across all industries respond to attractive opportunities, Commbanks Report shows a lower 63% by Retailers. #INQUIRE
Also concerning is that only 72% of Retailers are willing to look for new ways to benefit the market and tech changes, 5% less than the national average. #JOURNEY

“While more retailers are adopting certain behaviours needed to support innovation, the research suggests that critical drivers of change, such as gathering customer feedback, responding to behavioural shifts, and the reality of disruptive threats, are being ignored across the industry,” Mr Macey said.

Read the full report here