New Quarterly Index Determines Top 75 Retail Technology Companies for Grocers
A new benchmarking platform for retailers, including grocers, can determine the top 75 retail technology companies.
The Retail Technology Index, produced by EIQ Research Solutions and powered by Chicago-based retail solutions company EnsembleIQ, parent of Progressive Grocer, represents the industry’s first algorithm-based, 12-factor, zero- to 100-point index of the retail industry’s most innovative technology companies. The comprehensive assessment helps retailers determine which technology in which to invest their time and effort to roll out customer and business innovation initiatives. Updated quarterly, the index isn’t a ranking, but it does provide innovation metrics associated with each company identified, researched and scored across key criteria.
“We are in the midst of a historic shift in perspective that is affecting companies across the world and across industry boundaries,” said David Shanker, CEO of EnsembleIQ. “Retailers are embracing technology to improve the customer experience and transform their business operations. Our experience tells us that retailers who want to stay relevant need to make a real commitment in technology investments that develop fully connected, engaging customer experiences.
Continued Shanker: “Looking beyond simply driving down cost is becoming more important for retailers. We are delighted to be able to provide our clients with access to this important information through our Innovation Index, thereby enabling them to make better investment decisions and more strategic choices.”
Designed to transparently and objectively measure the performance of more than 450 meticulously selected companies and provide clients with differentiated insight, the Innovation Index scores subjects according to 12 key performance indicators (KPIs) under four overarching pillars: Product, Performance, Ecosystem and Organization. Only companies with scores across all four pillars are assigned an overall score (the average of the pillar scores) from zero to 100.
The top 75 companies with the best overall scores were selected for the index. The plan is to expand the index to 100 companies beginning in 2019.
The launch of the Innovation Index reinforces EnsembleIQ’s vision of delivering information, research, news and analytics to retail and CPG communities. It will leverage several of the company’s existing media and research products and services.