Innovation is tied to investment ability, according to PYMNTS. Larger companies were far readier to innovate; 94% of those with annual revenues between $25 million and $100 million were very or extremely ready, while only 34% with revenues under $250,000 felt prepared.
The study compared payment innovations across channels and select sectors, finding that apparel had the highest implementation rates on websites (56%), at kiosks (53%) and in physical stores (46%)—whereas books and music retailers had the lowest rates.
If you take Amazon out of the equation, books and music stores tend to be small and independently owned. Customer relationships are more important to this segment than they are to big clothing chains, so technical innovation might take a backseat. Just 25% of book and music retailers said they would not be able to survive without in-store innovation.
Yet 92% of bookstores have online inventories, so it would not be a leap to begin implementing consumer-facing innovations (like being able to track online orders or buy online and pick up in-store) without ostracizing the customer base that values human interaction over emerging tech.