Question

Let's discuss Strategic Perspectives in the Retail Industry on how technological advances have brought on by innovation represent a threat or an opportunity and why? Let's also research and highlight an article that discusses now the new innovation was implemented into the marketing by retailers

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Answer 1

1. technical advances poses both threats and opportunities

Threats

• digital innovation increases the reach for consumers and thus creates a competitive pressure on the retailers. The new age customer demand better services that they get through sophisticated channels and thus putting mediocre players into risk
• Retailers used to cash on customer loyalty, but digital innovation has led to a decrease in customer loyalty. customers now prefer to shop around and explore options at the convinience of a finger tip
• Customers are themselves chosing their preferred technical platform and hence it is a challenge for retailers to spot the most ideal channel and engage customers through the channel to own stores

Opportunities

• Potential to implement sophisticated services at low cost by identifying what customers are using.
• Digitization will generate lot of customer data which can be analysed for better lead generation and targeted marketing
• Having customers connected to the retail through multiple technology interfaces and platforms will increase customer loyalty

2. Article - Innovation used for marketing by retailer: Walmart

http://www.adageindia.in/marketing/cmo-strategy/how-walmart-found-its-footing-in-the-amazon-era/articleshow/60850949.cms