What business problems can innovation solve? For retailers, it's everything from making sure products meet consumer needs to improving the shopping experience for customers. Companies that take a common approach to innovation are more likely to solve strategic problems.
To maximize the returns on innovation investments, the types of innovation that retail, footwear and apparel companies choose to invest in should support strategic growth objectives for the company.
These companies should also look at connecting innovation types within the organization, allowing teams who work on product development innovation and consumer/customer experience innovation to learn from each other, and enabling a common approach to innovation.