About This Chapter
Retail Innovation: Opportunities & Threats - Chapter Summary
This chapter offers an entertaining examination of retail innovation. Study the opportunities found in retail along with risks and threats of failure. Our engaging lessons take a close look at concepts like experiential consumption, non-store retailing and the direct-to-consumer sales model. Also, look at how businesses use demographic data and predict success for upcoming retail products. As you review each lesson, feel free to check your comprehension of concepts covered by taking the accompanying quizzes. If you develop questions, don't hesitate to submit them to our subject-matter experts. These resources are accessible 24 hours a day via your computer or mobile device of choice. When you're finished with this chapter, you will be able to:
- Explain how retail opportunities arise from demographic shifts
- Define experiential consumption and share examples of successes and failures in retail
- List types and trends in non-store retailing
- Differentiate between services and merchandise retailing
- Detail the history and trends of the direct-to-consumer sales model
- Describe rules and steps of successful retail innovation
- Identify risks and rewards of retail innovation
1. Predicting Success for Upcoming Retail Products
Predicting your business' future success involves understanding customer need, completing competition analysis and utilizing your strengths. In this lesson, you'll learn more about predicting future success and identifying areas of threat and opportunity.
2. How Do Businesses Use Demographic Data?
Businesses have all sort of tricks to help them remain profitable, and one of the best is demographics. Explore how businesses use demographics, and test your understanding with a brief quiz.
3. Experiential Consumption: Definition & Example
What causes us to purchase certain products? Do we buy products because of how they make us feel? In this lesson we will learn how our emotions are often the reason why we buy certain products.
4. Non-Store Retailing: Types, Trends & Examples
Most individual consumers purchase products through retailers. Physical 'brick and mortar' stores are not the only type of retailing in the marketplace. In this lesson, you'll learn about retailing beyond traditional retail stores.
5. Services Retailing: Definition & Difference from Merchandise Retailers
In this lesson, we will learn about some of the qualities that differentiate service retailers from merchandise retailers including intangibility, simultaneous production and consumption, perishability, and inconsistency of the offering to customers.
6. Direct to Consumer Sales Model: History, Trends & Examples
Some brands are moving away from retailer partnerships to sell directly to consumers. In this lesson, you'll learn more about this model, what it may look like and some examples of brand doing it.
7. Successful Retail Innovation: Rules & Steps
In business, profitability is king. Becoming profitable, however, requires some work. In this lesson, you'll learn more about some rules your business can follow for successful retail innovation.
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Other chapters within the Business 328: Retail Innovation course
- Introduction to Retail Innovation
- Strategic Retail Perspectives
- Evaluating Retail Innovation
- Identifying Long-Term Trends in Retail
- Intrapreneurship in Retail Management
- Product & Process Innovation
- Innovation & the Customer Experience
- Innovation through Greentailing
- Gaining a Competitive Retail Advantage