Innovating for stronger growth: How retail and consumer leaders use innovation to drive business success

December 2013
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Innovating for stronger growth:  How retail and consumer leaders use innovation to drive business success

At a glance

Among today’s connected consumers, tastes and preferences seem to shift at supersonic speeds. Innovation plays a crucial role in staying ahead of customer trends and driving growth.

In the current business environment, incremental growth generated by marketing or R&D can no longer create and sustain success. As a result, business leaders have realized the clear need for crafting an effective innovation strategy. According to PwC’s new report, 93 percent of retailers and CPG companies consider breakthrough innovation to be their major source of growth, and increasingly necessary to ultimately boost profitability.

Key findings include:

  • Innovation will not be successful without quick and scalable commercialization
  • Open innovation, and collaborating with partners, suppliers, manufacturers, and even competitors, is key
  • Innovation can accelerate development, lower costs and create breakthroughs
  • Collaborating with customers through social media can provide vital insights for innovation