Innovation In Retail

In a recent publication entitled Retail Innovation Opportunities: Ten for 2010 Retail forward identifies ten innovation opportunity areas with tremendous potential for creating new consumer benefits and stakeholder economic value.

Generally over the past few decades, most retail innovations have focused mainly on the response to mass market opportunities. However, as ongoing technological innovations and operating strategies continue to improve, Retail Forward believes future retail innovations will be more customer-facing addressing the unique needs and desires of customers.

So who has the next big idea? Who is going to just wake up randomly dream up a master innovation? Highly unlikely! Potential innovators in the retail industry might what to challenge traditional competition-based strategies and consider a systematic approach to innovation Blue Ocean Strategy.

Retail Forwards first, Catch a Wave. Retailers that apply innovative thinking to a growth souk opportunity created by demographic, societal, economic and technological trends can make major growth and financial performance. The requirements of an aging population, ethnic consumers and the pursuit of a healthy lifestyle give fertile ground for innovative solutions.

Secondly, Solve My Problem. Consumer-centric approach creates opportunities to add value to the shopping experience. This requires adding services, information and support to the product mix to provide a complete solution for task-oriented shoppers. Presenting products in context and bundling products and services retailers create consumer value and competitive differentiation.

Retail Forwards second idea closely relates to the cornerstone principle of Blue Ocean Strategy which is known as value innovation. Blue Ocean Strategys value innovation refers to creating a leap in value for buyers and your company. Value innovation renders competition irrelevant because it seeks to pursue the simultaneous achievement of differentiation and low cost, thereby opening up new and uncontested market space.
As mentioned previously, the retail innovation trends focus mostly on technology. Blue Ocean Strategys value innovation places and equal emphasis on value and innovation because value without innovation tends to focus on value creation on a small scale and innovation without value tends to be technology-driven.

Third, Do It for Me. Demographic shifts and lifestyle changes are driving former DIY consumers into the do-it-for-me (DIFM) market. Retailers are responding to consumers’ increasing demands with innovative services and conveniences. Installation services from home improvement and consumer electronics retailers and home meal replacement options are fast-growing examples of do-it-for-me innovations.

Compare your retail business with other industry competitors by drawing a strategy canvas. Companies can formulate and execute their Blue Ocean Strategy by building their strategic planning process around a strategy canvas. Retail Forwards Do It for Me is a direct observation of how other companies have changed to consumer-centric products and services. Companies that develop a strategic profile on an industry by depicting factors and possible future factors are a great step toward innovation.

Fourth, Help Me Choose. Information overload, too many choices, more complex products and a lack of knowledgeable sales assistance create opportunities for retailers to develop innovative solutions for consumers. Allowing shoppers to sample the merchandise before buying, utilizing on-demand information kiosks, partnering with celebrities to provide a seal of approval and creating online communities provide consumers the help they need.

Fifthly, Come to Me. New distribution models are allowing retailers to connect with consumers wherever they are-at home, at work or in the car. Mobile retailing and target marketing are gaining in popularity as time-pressed consumers seek greater convenience. New-style direct-to-consumer rental concepts also are serving an important consumer niche.

Retail Forward addresses a great point consumers are connecting much more accessibly and in different ways. Blue Ocean Strategy too looks at the engagement of customers, but also addresses the non customers. To reach beyond existing demand one ways is focusing on existing customers. The other is the drive for finer segmentation to accommodate buyer differences. Typically, to grow their share of a market, companies strive to retain and expand existing customers. This often leads to customer preferences. The more intense the competition is, the greater, on average, is the resulting customization of offerings. As companies compete to embrace customer preferences through finer segmentation, they often risk creating too-small target markets. To maximize the size of their blue oceans, companies needs to take a reverse course. Instead of concentrating on customers, they need to look to non customers. And instead of focusing on customer differences, they need to build on powerful commonalities in what buyers value. That allows companies to reach beyond existing demand to unlock a new mass of customers that did not exist before.

Six, Enhance the Experience. Retailers increasingly will differentiate themselves by using experiences to sell the dream-as well as the product-and bring the brand to life. By making stores “super-immersive” and integrating branding into entertainment and other customer experiences, retailers are exploring ways to create memorable brand interactions that resonate with their target consumer.

Seventh, Make It Easy. Innovative process, service and design solutions that are simple, intuitive and in tune with shoppers’ needs-along with new technology tools-can save consumers time and effort. Retailers that implement easier and more rewarding customer experiences will realize sales growth and enhance customer satisfaction and loyalty.

Eight, Do It My Way, shopping becomes more and more individualistic, innovative retailers will look for ways to present more unexpected gratification to shoppers and allow them to communicate themselves in unique ways. In addition to mass customization and personalization, retailers are offering opportunities for customers to contribute in the growth of new products and services.

Ninth, Help Me Connect. Social networking fosters community among customers who share a general interest. Retailers are forging stronger relationships with customers and earning their patronage by helping them to connect in ways that are significant to them and by responding to their expressive and substantial requirements.

Lastly, Speed It Up. Consumers want it fast; they want it now; and, they want it first. The need for speed in the shopping process will continue to drive changes in store concepts, design, location, merchandising, transaction processing and payment.

Retail Forwards Retail Innovation Opportunities: Ten for 2010 focuses on how companies in the retail industry will innovate around new formats and distribution models, product and service offers, marketing and customer communications and other components of the retail business model. These creative ideas and core principles of Blue Ocean Strategy could lead to the next innovator in retail.

How Online Reputation Management Helps You In Business Expansion

Did you know, every second millions of online consumers are searching for products and services on the search engines. Check your business listing on the search engine and what is your business ranking for the target keywords. If your company ranks #1 On Google then you are lucky, as you can redirect a desired percentage of lead for conversion without focusing on internet marketing. Whereas, the negative reviews created by competitors have enough power to end the glory of your business within a short time span. The art of maintaining the online goodwill is known as online reputation management (ORM). With the implementation of the strategic ORM plan the degrading image of the company or brand can be restored.

Beware the competitors are watching your activities on the internet and planning to move ahead by gulping your business. Thankfully, digital marketing agencies Gurgaon are offering qualitative ORM services for managing online reputation for individuals, business owners, corporations and brands.

Below are tips for DIY process for self ORM

Track yourself: Want to remain updated about the google activities related to you or your social profile. Set up and use Google Alert, the trump card for keeping a track of yourself on the internet.

Purchasing your own domain name: Choose and buy the domain name that expresses and relates you appropriately. The web content describing you or business helps the followers and customers understand you in a better way.

Organize your content: Always remember people are searching for you on Google. To ensure the displayed web results rank the best sources of reference, try to maintain blogger account on various portals. Your thoughts, engagements, news and info is displayed via blog sections and posts.

Socializing with social networking: Digital age completely depends on the interaction done by sharing updates about recent activities. The social networking sites such as Facebook, Twitter, Google Plus, Instagram and Youtube are the best platform for broadcasting messages to mass audiences.

Optimize your web presence: Keywords or terms related to your business must be highlighted in the content of your web pages and social networking profile. Instead of keeping a nick name, the user should focus on maintaining their profile by revealing the real name.

Online reputation management can be maintained by the individual himself by following key steps mentioned above. Whereas for users, who face negative links created by the competitors the digital marketing agencies offer ORM solutions. Its 100% safe to trust the digital marketing professionals, to create discreet web presence.

Clean Energy Solar Power Panels or Magnetic Generators Advantages and Disadvantages

By dealing with the several Clean Energy sources available nowadays, the question turns up whether we prefer a Solar Energy System or a Magnetic Power Generator.

Generally speaking, I would say that both sources of energy are very good. Nonetheless, each solution has some advantages and disadvantages that we must bear in mind. The advantages of an alternative, clean and renewable energy are clear, mainly because the gotten energy is totally free and non-contaminating, but it has some disadvantages as well. One of these is the room the setting up of these systems demands in our homes: whereas the solar panels can be built on the roof of our house, the magnetic generator needs a specific space to be placed, usually inside our house. Nevertheless, this small inconvenience should not be an impediment if we truly were for a sustainable, clean energy to power our home.

The biggest impediment when introducing a home alternative energy system is, for most of us, the financial issue. Solar energy for powering our home and its different lights and devices would be wonderful, but a full home solar energy system is actually too expensive to fit in the financial possibilities of the average family in almost all countries in the world.

On the other hand, purchasing a magnetic generator is not as easy as that since, at the time I am writing this article, I do not know about any manufacturer that is making and distributing this kind of generators.

So, the issue in that case would be to build a DIY or homemade energy system, either a solar energy or a magnet generator system, or both!

There are some ways in which we can build a set of solar panels ourselves (which are the most expensive item in the solar energy solution) as well as make a magnetic generator with the help of some mechanic specialists nearby.

In my opinion, we could try both systems, since the solar thermal energy or STE (that is to say, the technology for using solar energy in order to get hot water or heating systems) is not as costly as photovoltaics (which translates solar energy directly into electrical power). In my recent stay in India, I was glad to find that in some guesthouses there was “unlimited” hot water service and this was because of the solar thermal energy systems they had built up on the roof. It was a very encouraging bit of news to see how people are moving into alternative, inexhaustible and non-polluting energy sources all around the world.

As for the power our homes need, a solar photovoltaic electricity system would be the right answer provided that the solar panels were not so outrageously expensive! To overcome this obstacle we have two choices: either we build the solar panels ourselves or we take to the magnetic generator. If you asked me “what would you choose?” my answer would be: “Both!” (If possible, of course, and gradually at any rate).

Finally, if we want to help each other and ourselves by utilising non-contaminating energy sources for the sake of our environment, the two choices mentioned in this article are a very salutary solution. However, they are not the only possibilities to power our homes with clean energy: wind energy is also a very good alternative too, but of this I will speak elsewhere!

Homemade Solar Panel Little Known Ways To Reduce Your Energy Bill

By building your own homemade solar panel you will learn just how much energy you might save.

This might have its pros and cons like any new invention that come to exist. The foremost advantage in using the Homemade Solar Panel reduces the demand on the national power grid, thus leading to considerable monetary savings. Other than this, solar panels are eco-friendly and don’t have a detrimental impact on the environment, as they do not emit harmful chemicals such as CO2 [carbon dioxide] in the atmosphere.

Also, they provide a secure and healthy way of illumination. Through the elimination of global warming elements, homemade solar panel facilitates the protection of our mother earth which gives a great sense of gratification. Reliance on traditional energy resources like fossils-fuels, electricity and gas or oil is trimmed down by these equipments.

Helping out an easy switching over to a renewable energy resource they help with minimizing the carbon footprint. Additionally, solar panels increase the odds to be eligible for government grants, rebates and tax credits. The steeply-priced initial investment that are repaid as electrical savings might be sited as a demerit against solar panels.

Homemade solar panels, secondly, might have some technical limitation in skill as barrier. But this might be circumvented by getting professional guide in building your own home made solar panel.
Inadequate energy production by the solar panel may be quoted as the main constraint as it may not match the quantum of energy when compared with that of grid’s supply level.

Climate conditions also play a vital role as solar panels derive energy from the sunlight to generate electricity . Most people are of the opinion, failing to understand that it assists to save significant sums of money eventually but mistakenly presume that the installation of solar panel is quite costly.

Therefore, whatever is invested today will likely be paid back in course of time. On top of that, our mother earth is protected by solar panels as one of the many ways for our future generations to come. Usage of sunlight for power generation is becoming an increasing trend and is used for all intents and operations.

Inspite of the fact that solar power cannot match the performance of fossil fuel, it is being employed effectively as a heating media in several houses. It’s neither difficult to build your own solar panel nor to get the material that are required for the construction.

Besides, costwise the main supplies are quite economical . In comparison with that of a homemade solar panel, the complete roof paneling is seen as a costly business. Also, a great DIY handbook may help to present a detailed step-by-step procedure about the method of building up a solar panel.

Moreover, one dosen’t have to spend their hard earned money on the commercial systems. Totally free of cost and easy to find, get hold of an excellent online video tutorial that will provide comprehensive assistance to build up one’s own homemade solar panel system. The DIY kit may cost around 50 to 100 dollars and will contain all the essential instructions that is needed to make a solar panels for home use.

Construction of homemade solar panel is quite easy provided these tools and materials are available: necessary tools to make this, plywood, strong glass, solar cells, transparent CD case, electric wire, sodium bicarbonate, electric stove, hot glue, solder sheet and metal shears to cut copper sheets. Having these materials and tools, the next phase will be go making the solar panel stage by stage guided in an expedient ease. To decide upon the type of solar panel to install, the pre-requisites are to locate an area adequate to set up the solar panel, where maximum sunlight might be acquired during daytime .

Overall, if every individual opts for solar panels for home use, our world might be a greener place.

Key Business Franchising Contract Terms

Business franchising agreements are commonplace, and tens of thousands of these contracts are signed every single day around the world. More often that not, the agreements underpinning business franchising arrangements are written by qualified and skilled commercial lawyers experienced in this kind of arrangement. However, thats not always the case, and many business owners choosing the franchising route consider a DIY approach to contract formation, which carries with it its own risks and pitfalls. Whichever route you choose, there are a number of key contract terms you should look out for in franchising agreements that are of importance to both the franchisee and franchisor.

A crucial set of terms included within the typical business franchising agreement are those relating to payment. Business franchising is a worthwhile agreement for both sides, but the payment terms stipulated are of critical importance in determining whether or not its good value all round. Normally, business franchising agreements are comprised of an initial upfront payment along with a periodical payment of royalties, although this varies to a greater or lesser extent. Understanding the exact nature of the payment terms of the agreement will enable you to determine how much you will be required to pay as a franchisee, and will allow you as a franchisor to calculate how much income can be generated from the franchising business model.

Another critical term to look out for, particularly as a franchisee, are those relating to the resale of your franchise, which can determine whether or not a business franchising agreement is. Some franchising models prevent resale without the permission of the franchisor, whilst others requiring strict interviewing of new prospective franchisees or even prevent resale altogether. This can obviously have an impact on whether or not the deal turns out to be good long term value, and it may have an impact on whether or not you should opt for that particular franchise package.

As a franchisor, you should look to include provisions within the contract relating to pricing control, or generally as to the autonomy afforded to the particular franchisee. The business franchising relationship is one of greater or lesser autonomy, and you need to decide how much freedom to give to your franchisees. Remember its your business at the end of the day, and you need to be sure you want to surrender some degree of freedom and of where you want to draw the line. Establishing this within the business franchising agreement will solve any problems that may arise later down the line.

Business franchising can be a particularly profitable business model for both sides of the agreement, but the agreement itself must be watertight to begin with in order to avoid problems as the agreement progresses. By making sure your business franchising agreement is complete and tackles all the relevant issues head on, from payment to resale and beyond, you should be able to prevent disagreements and make sure that both sides understand their rights and obligations as pertains to that business franchising agreement.