In what areas of the industry are there opportunities for innovation?
In the retail industry, there are many areas for opportunities for innovation. Lately, in the industry, the iPhone has been a way for shoppers to shop or get rewards and see the newest and most popular 2011 trends and styles in stores. Through the apps on the phone, retail chains have been giving shoppers news more quickly and easily (About.com). Technology has really boosted the retail industry and is an opportunity for retailers to give their consumers information or allow them to even purchase.
Amazon.com has an app and allows people to purchase right from the app and shop rather than go online and to their website. They are automatically logged in on the app and purchase goods ASAP.
Aside from technology, retail innovations in 2010 focused mainly on the response to mass market opportunities. There has been a focus on the needs and desires of consumers. With the requirements of an aging population, ethnic consumers, and the pursuit of a healthy lifestyle, give fertile ground for innovative solutions. Retailers have added services and should continue to give information and support to the product mix to provide a complete solution for task oriented shoppers (squidoo).
Back to technology, mobile retailing and target marketing when consumers are at home and not in stores has gained popularity as time pressed consumers seek greater convenience. Rental concepts are also serving as an important niche to consumers (squidoo).
Design solutions are a way to be innovative and have an opportunity to grab the consumer as well. They are simple and with time and effort, new attractions are easy to create.
Overall, there are so many ways like rewards as well for consumers and discounts too to give retailers a way to reach out to their consumer body.
Retailers have opportunities that are uncountable to help them succeed.
1. http://retailindustry.about.com/od/technologyinnovations/Global_Retail_Innovations_Technology.htm
2. http://www.squidoo.com/innovation-in-retail
FALEN RAUCHWERGER
I think Falen made a great point here in mentioning technology as the biggest area for innovation within retail. Inventions like the iPhone and iPad that allow consumers to purchase items on the go have really changed the entire retail industry. Some retailers give discounts if a purchase is made from a mobile device, and retailers are realizing this emerging market and putting money towards growing their mobile stores. It used to be that you had to physically get up and go to a store to purchase an item. When that transformed into people being able to buy items from the convienance of their home through computers, the industry as a whole changed and had to be transformed as well. We are in the midst of another one of those transformations, and I think it was an awesome point that Falen made.
ReplyDeleteFalen,
ReplyDeleteMobile commerce is definitely a big trend in the retail industry. While looking up for information for my blog, I came across another interesting article titled: "Mobile Commerce: The New Retail Therapy". This article points out that mobile customers will increase their mobile spending budgets by 53% in 2011. Definitely retailers should be looking on expanding their mobile stores to make it more costumer friendly in order for them to increase sales. And if you are an entrepreneur, you should take into consideration this trend if you really want to compete when you set up a business.
The opportunity in the mobile industry is very promising because of the huge movement in the "App world." If retailers can take advantage of this it can be extremely rewarding. For example, Abercrombie gives out codes that one has to type into an app in which they receive a discount next time they shop. This is great because of the convince it provides for the customer. The retailers can also track what consumers are looking at the most on their apps. This information is very useful because they can figure out what is and or isn't trending.
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