60% of UK retailers are taking more business risks than before the Covid-19 pandemic.
According to research conducted by Opinium and LiveArea, a Merkle Company, businesses are reacting to changes in consumer behaviour and gambling on new services or offerings.
As well as taking more risks, the process of implementation has sped up. When it comes to approving new products, features, or solutions, over half (54%) stated that approval process has become quicker as a direct result of the pandemic. Moreover, 64% of businesses are quicker at making business decisions and 23% are much quicker.
When introducing new ideas to the market, technology was seen to be the main driver. 6 in 10 (60%) stated technology drove innovation, while nearly half thought that profits (49%) and customer demand (48%) were key drivers.
‘The pandemic has highlighted some of the glaring faults in many retail companies. For too long they have feared introducing new technology, utilising new platforms, or stepping outside their traditional audience,” said Samantha Mansfield, Senior Strategy Director at LiveArea, a Merkle Company. “This can simply no longer be the case – brands need to take risks but do so in a data driven manner. The keys to modern retailer success lie in being able to innovate, test, and rollout new products, services and features quickly, and then having the insight and flexibility to consistently optimise its performance. Companies able to so will thrive in our new digital first economy.”
About the research
The study was developed by LiveArea, a Merkle Company and conducted in July 2021 by independent research agency Opinium, surveying 150 decision makers* across retail in the UK.
*Decision makers include owners, chief executives, managing directors, directors and managers
About LiveArea, a Merkle Company
LiveArea, a Merkle Company is an award-winning global customer experience and commerce agency. We bring the full potential of digital business to life, helping brands create meaningful and lasting customer connections. Fusing creativity, strategy, and technology, our services include NXT IntelligenceTM, product innovation, connected commerce, service design, performance marketing, and orchestrated services. We bring together world-class commerce technology, building and launching innovative products and services powered by data-driven insights to elevate customer relationships – online and in-store. We deliver B2B, B2C, and D2C solutions to clients in health and beauty, fashion and apparel, luxury, consumer packaged goods, retail stores, healthcare, and automotive. For more information, visit www.LiveAreaCX.com.