What is Retail Innovation?

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Innovation,

POSTED

July 13, 2021

In the modern world, corporate strategy relies upon innovation. However, business is more than just simple innovations and designs. A firm must understand and implement innovative approaches to achieve the best results amongst customers while also gaining market share. Read on to find out about retail marketing and its importance.  

What is Retail Innovation? 

Technological advancements have proven to increase the marketing techniques for a company. According to research, around 73 percent of consumers purchase products and services through multiple platforms. Modern retailers strive to understand their customers and give them the right products and services while also meeting them through channels and devices they use. Retail innovation is all about developing products and modifying them in a manner that is most suitable for their customers. 

New developments or advancements in technology, services, goods, or business systems are examples of innovation. It provides convenience and value to consumers while providing growth and a competitive advantage to retailers. It is a strategy in which something new adds value to the customer that wasn't previously possible. Merchandise/product, consumer/customer experience, and business model & process are the three main areas where retailers innovate. Retail innovators focus on all these elements simultaneously rather than considering them as an individual elements. 

Why is Retail Innovation important in the retail sector?

Innovation plays a significant role in all business aspects. A reason behind this is that consumers' needs constantly change with time. All businesses must learn to adapt and modify their products and services to meet the needs of their customers. Apart from this, retail innovation is significant as it allows a competitive gain in the markets. However, retail innovation comes with multiple benefits - 

Consumer convenience 

Consumers can benefit from retail innovations because they receive the products and services they are willing to buy. They have access to a wide variety of products making it a platform for retailers to grow their business. 

Accessibility 

Innovative strategies can aid in the creation of products and services that are accessible to customers in all geographic places, which is especially important because retailers frequently get products from multiple sources. 

Supply chain 

Innovations in the retail sector make the supply chain an easy task. Retailers serve as a bridge between producers and consumers. A business can develop significantly through the best supply chain management techniques that make the products and services cost-efficient. 

Economic development

Retailing is one of the factors that promote economic development for a country. Products and services that are efficient can help in the growth of a firm and the nation as a whole. The retail sector drives enormous economic growth in the global markets. 

Latest Retail Innovation Trends 

Social Commerce 

The online shopping industry has experienced a rise over the past few years mainly because of its reliable and feasible options for a customer. According to research, roughly 41% of customers stated they were purchasing goods online for items they would ordinarily buy in-store in 2020.

Influencer marketing 

Influencer marketing is an innovative trend that stands out to allow businesses to compete amongst each other in the market. It is a growing industry and will continue to bloom over the next few years. Brands and influencers and their authentic voices are all a part of this technique. 

Online stores in offline businesses

These techniques allow a person to pick a product online but interact with the product offline. The ultimate benefit is that a company acquires loyal customers due to the dependable products and services it provides. 

Brief about MIT ID Innovation 

MIT ID Innovation is a leading platform for online courses in innovation and design thinking. Our courses can guide you through the basics of innovation and how everything about retail innovation and its latest trends to gain the right market drive for your business. Visit our website to find out more! 

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