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Surname1 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 Surname2 independently in order to reach their common goal. Straight thinking retailers have bridged digital strategy with ...
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