In all modern societies, retailing occupies a splendid position in the economies. Nowadays, more retailing firms further expand their retailing scope and confront with development of retail globalisation. A lot of global and globalising retail firms are much timid to face the challenge then those faced by other firms in different industries. Innovations as the responsive to the characteristics of particular national market and comprehensive aggregations of markets such as mature market and less developed market are important to the achievement of global and globalising retailers. Under this background, this literature view focuses on the topics of the retail innovation in globalisation environment, in order to determine the challenges and opportunities that the retail firms faced if they want to become Global Company, how the challenges could be transformed into opportunities with retailing innovations and where innovation is necessary to overcome particularly mature market and less developed market.
Table of Contents
1. Introduction
2. Review of retail innovation in the global environment
2.1 Retail globalisation
2.2 New challenges
2.3 Importance of retail innovation
2.4 Challenges in mature market and less developed market
3. Conclusion
Research Objectives and Key Themes
This work aims to provide a critical review of retail innovation within the global environment, focusing on how companies can identify and navigate the challenges of international expansion by transforming them into opportunities through strategic innovation. It specifically investigates the necessary adaptations required for success in both mature and less developed markets.
- Theoretical foundations of retail globalisation and internationalisation.
- Categorization of global retail challenges: consumer-based, industry-based, and legal/regulatory.
- The strategic role of retail innovation in achieving competitive advantages.
- Comparative analysis of operational difficulties in mature versus less developed markets.
- The integration of branding, technology, and business models for retail success.
Excerpt from the Book
2.2 New challenges
The global retailing has been grown relentless over past twenty years (Kumar, 2005). However, it is not easy to become the international retailers though many large retail have expand to international markets by developed their marketing strategy base on domestic market. There are many kinds of challenges and risk of global sourcing, such as the differences of culture and languages, foreign exchange rate fluctuations, and so on(Jinsook et al, 2001). Specifically, according to Reinartz et al (2011), there are three broad types of environment factors. Basically, these three factors present the main innovation to retailers, also determine the challenges and opportunities that will affect the success and failure of innovation.
Consumer based challenges – as the challenge related to differences of characteristics of consumers no matter in mature, emerging or less developed market. Customer involvement should be highlighted in order to develop innovation. In fact, the ability of address the recent needs of customers, or address the potential of customers needs will influence the success of innovation. A lot of companies found that it is important and critical step that customers need to engage in innovation process (Verhoef et al, 2010).
Industry based challenges – as the challenge related to the different natures of competitions, technology and supplier chains in different markets. The success or failure of an innovation management is dependent on both the intension of competition and manage the supply chain in the market (Reinartz et al, 2011). Likewise, how to develop technology is the main aspect, which becomes a major force of retail innovation (Verhoef et al, 2010).
Summary of Chapters
1. Introduction: This chapter defines retail internationalisation and outlines the scope of the literature review, highlighting the shift from domestic to global market expansion.
2. Review of retail innovation in the global environment: This chapter examines the forces driving retail globalisation, the specific challenges retailers face in new environments, the strategic importance of innovation, and the unique difficulties inherent to mature and less developed markets.
3. Conclusion: This chapter synthesizes the findings, emphasizing that successful retail globalisation requires a holistic approach to innovation across business models, branding, and technology.
Keywords
Retail globalisation, Internationalisation, Retail innovation, Consumer engagement, Business models, Supply chain management, Market expansion, Mature markets, Less developed markets, Branding, Customer experience, Strategic orientation, Regulatory environment, Competitive advantage, Global retailing.
Frequently Asked Questions
What is the primary focus of this academic work?
This work provides a critical review of retail innovation within the global environment, analyzing how firms can adapt to international challenges.
What are the core thematic areas discussed in the document?
The work covers retail globalisation, the classification of environment-based challenges, the strategic importance of various types of innovation, and market-specific difficulties.
What is the central research question addressed?
The text seeks to determine the challenges and opportunities retailers face during internationalization and how these can be converted into opportunities through innovation.
Which scientific methodology is applied here?
The work employs a literature review methodology, synthesizing insights from various books and journal articles regarding retail strategy and innovation.
What topics are covered in the main body of the text?
The main body covers the definition of retail internationalisation, environmental challenge factors, the necessity of innovation for growth, and specific market comparisons.
How would you characterize this work using keywords?
Key terms include retail globalisation, internationalisation, innovation, customer experience, and strategic competitive advantage.
How do 'Consumer based challenges' differ from 'Industry based challenges'?
Consumer-based challenges focus on the varying needs and characteristics of local buyers, whereas industry-based challenges relate to competition intensity, supply chain management, and technological integration.
Why is infrastructure considered a major hurdle in 'less developed markets'?
As noted in the text, poor infrastructure and a lack of basic amenities, combined with inconsistent government stability, significantly hinder standard retail operations and investment success.
What role does 'branding' play in the context of retail innovation?
Branding is identified as a multi-sensory innovation dimension that impacts consumer experience and helps retailers differentiate themselves from competitors in global markets.
- Citar trabajo
- Qi Le (Autor), 2013, A critical review of retail globalisation, Múnich, GRIN Verlag, https://www.grin.com/document/272203
