In the recent years retail sector has become one of the most crucial perpetrator of economic and business growth in developing countries. As the retail sector in the developed nations is experiencing slowdown in turnover and profitability and as the buying tendency in the western countries is constantly taking downturn, various emerging markets in the post globalization economic scenario is being viewed as the most likely places for next level of growth in retail. Definitely the retail management practices of the older order is not going to give the same expected result in the post globalization economic scenario and several economic as well as financial factors in the present world economy are going to make the innovation and creativity crucial for the sustenance and growth of the retail industry. There had been a wide array of most innovative retail management practices that provided the basis for the recent growth and success in the retail industry across the developing economies. We would introduce here some of the most innovative retail management practices that are instrumental to the success of many large companies in the retail sector.
Use of Social Media
Use and monitoring of popular social media sites like Facebook, Twitter, etc., for grasping the consumer trend and easily routing the customer service issues to company's customer service channels for subsequent follow up by the professionals is one of the most innovative retail management practices that paid hugely to many top retail brands and companies with creative marketing strategy.
Use of Technology for Store Intelligence Innovation
The use of specific technology and tailor made applications for maintaining transaction records, customer data, buying attitude and behavior paid some of the top retail brands enough dividends because of the predictability of these data in respect of determining future customer relationship and customized sales strategy. This use of information and technology is globally regarded to be the most innovative retail management practice.
Customer Engagement Initiatives
Engaging customers in the retail business process of the company is globally recognized as one of the most important factors for accelerating growth in sales and expansion into target customer audience. Many of the world's biggest retail brands could not have come to such enormous operational size without the innovations in customer engagement in business concepts and strategies. This is the reason why customer engagement initiatives always regarded to be one of the most innovative retail management practices.
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