Final answer:
It is true that retailers must embrace technology and innovation to stay competitive due to the increased competition fueled by advancements in technology and globalization, which allows consumers and businesses to connect on a global scale.
Step-by-step explanation:
The statement that retailers cannot afford to be too conservative due to intense competition is true. In the context of rapidly advancing technologies and the widening reach of globalization, retail businesses face increased competition not just locally, but also from firms across the globe.
This has been further exacerbated by the rise of 'business-to-business' websites and consumer platforms that allow transactions to occur worldwide, heightening the competitive landscape.
Consequently, to remain competitive, retailers must adapt by incorporating these new technologies to enhance the shopping experience, reduce costs, and integrate multiple sales channels.
This adaptation is crucial to survive and thrive in an era where customers have a wealth of options at their fingertips, thanks to the improvements in communications technologies, including the internet.
Being conservative and resisting change can lead to a loss of market share to more technologically advanced competitors, ultimately affecting a business's profitability and longevity.