Recommended Innovative Retail Practices for Pakistan

Abstract

Innovation is generally anticipated as the major opportunity towards value creation beyond price in the retail sector. Innovation is a main tool for adding value in retail sector. Particularly, in services arena innovation could have a big impact in customer’s satisfaction. In order to plan new services that will be accepted by consumers, retail stores must take into account consumer’s point of view. Existing retail practices include lots of innovative customer services and technology-based methods. Yet, some of these innovations give obvious consumer advantages and have attained high levels of customer acceptance. We conduct a study in order to create, plan and lastly evaluate innovative retail practices and consumer services that create value in the retail context. Using a methodology a customer survey with 50 retail customers are taken in to consideration to create an attitude towards these services. The findings suggest that innovation and technology can improve the shopping experience and increase the perceived value, but the design and applications should be modified according to the unique requirements of customer.