Innovation in Retail Marketing

ICIMP-2018 | SPECIAL ISSUE | SEP-2018 | Published Online: 03 October 2018    PDF ( 151 KB )
Author(s)
Mrs. P.L.Supriya 1

1Asst. Professor in Commerce, KTSV first grade college for women, Bengaluru (India)

Abstract

It is widely acknowledged that innovations hold the key to the better performance and the competitiveness of firms. Yet, evidence across countries reveals that only a small proportion of firms engage in innovation activities. To some extent, this can be attributed to the high rate of failure to commercialize innovation efforts. Bearing the above said in mind, this paper explores which factors and forces determine decision of firms to innovate and the market success of their innovations. A retail business model articulates how a retailer creates value for its customers and appropriates value from the markets. Innovations in business models are increasingly critical for building sustainable advantage in a marketplace defined by unrelenting change, escalating customer expectations, and intense competition. Drawing from extant strategy and retailing research, we propose that innovations in retail business models are best viewed as changes in three design components: (1) the way in which the activities are organized, (2) the type of activities that are executed, and (3) the level of participation of the actors engaged in performing those activities.

Keywords
Retail marketing, Innovation, Technology, Development, Industry, Standard of living
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