into a retail strategy. Specifically identify two retail innovations to ensure you have a global reach.

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Business Finance

Description

For this assignment, you are required to write a Retail Innovation Strategy Essay:


Requirement: Write a 3-5 page paper discussing how innovation should be incorporated into a retail strategy. Specifically identify two retail innovations to ensure you have a global reach.

Research: Additionally, using the APUS Online Library, conduct research and incorporate at least two (2) additional sources other than your readings to support your essay. Use the APA Style to cite your “in-text” references and to list your references on a reference page. A copy of APA Style Examples is located in your Student Course Materials folder. You can view it by clicking on the Course Materials button. Additionally, the APUS Online Library has the APA Style Manual http://www.apus.edu/Online-Library/tutorials/apa.htm available for your use.

Length - Write a 3 to 5 page essay not including the title page and citation page.

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Explanation & Answer

Attached!!!!

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Student’s Name
Institution
Course
Date
Retail Innovation Strategy- Essay
Introduction
Retail innovation refers to fresh and distinguished products. Product innovation is the only
solution when the retailers are struggling with a limited brand or product differentiation, a lower
rate of acceptance of fresh products from the customers and lack of enough fresh businesses from
these new products. Innovation is something that adds value to the client that wasn’t there before.
In retail, innovation may occur in many ways: business model and experience, brands/product,
customer experience. These retailers are mostly concentrating on trying new things all of the above
categories as opposed to attending to just one. Retailers that own their own brands may decide to
improve on the design of their products, packaging or materials. The same innovators may opt to
introduce extra products to come with an innovative solution that meets customers’ unmet wants.
They may also partner with celebrities as third parties to bring value to existing merchandises in
the market.
How should innovation be incorporated in retail strategy?
Digital strategy – the new brand strategy
Old-style companies’ teams are working in silos. This has been seen with the Legacy
retailers who have adopted the latest digital infrastructure. In other cases, teams have been working

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independently in order to reach their common goal. Straight thinking retailers have bridged digital
strategy with general retail strategy.
Companies ought to ...


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