Innovation is the key for any successful retail business that keep it going on. With huge competition rising in the retail sector, today many retailers are try their level best to come up with unique innovations by leveraging modern business practices and technology, however only few prove to be successful.
In this article, we will discuss on the top 5 innovative retail companies, and their innovative contribution that automatically attracted millions and millions of consumers across the globe.
Founded in the year 1994, Amazon.com started off as an online book store and soon diversified to selling electronics, apparel, furniture, etc. Founder Jeff Bezos, is considered to the one of the most forward-thinking entrepreneur who constantly believed in not just attracting consumers with special offers and discounts, but also offers service that are valuable to them. Free two-day shipping, same-day delivery, are some of their great innovations till date. It’s next innovation, to use drones for small package deliveries, but still in talks.
Recording a revenues of US$ 88.988 billion in 2014, Amazon has launched it’s first physical store in 2015.
Website: www.amazon.com (original U.S. site)
Founded in the year 1962, today Walmart is considered to the world’s largest company by revenue. Operating a chain of discounted department stores and warehouse stores, Walmart’s innovation was to focus more in smart mobile solution to make their consumer’s experience easy, quick and enjoyable. Allowing customers an ability to skip long-checkout lines and pay for the products using smartphones earned them a good brand value in the retail industry, and still continues till date.
Recording a revenue of US$ 476.294 billion (2013), Walmart has above 2.2 million of employees across all their stores.
Website: www.walmart.com (commercial website)
Founded in the year 1995, eBay started off as an online auction site, but today it is more than just an auction site. The business has evolved into a global ecommerce and payment platforms. Ebay’s RedLaser comparison app allows “showrooming” – an innovative strategy that give customers an ability to scan product barcodes while in a store, and later search for the best deal on that product at that moment, whether in that store, online, or at another store nearby. Another innovative creation, is “eBay’s Connected Glass.” This is a kind of technology referred as “shoppable windows” or “digital storefronts” – allowed passersby an ability to order with the tap of a finger and pay for using the PayPal mobile express checkout. A benefit to both , this innovation did not only save customer’s time but also helped the company generate sales even after store-hours.
Recording a revenue US$16.05billion (2013), eBay has employed innovative people as it aims to be a leading platform for innovation.
Website: www.ebay.in (Official website)
Founded in the year 1974, Zara is a Spanish clothing and accessory retailer which is now considered to be the world’s largest apparel retailer. Today, Zara is known as an innovative solution to both the style and marketing problem. What makes Zara unique, is it believes to get new styles in the market – and has a capacity to develop a new designs and get them to the stores, in just two weeks. It seems to be pretty impressive, compared to six month industry average. The brand produces about 11,000 unique designs annually which estimates thrice more than it’s key competitors. Offering a range of forward design to consumers in a short span of time, encourages Zara lovers to make repeat visits.
With over 2000+ stores worldwide, Zara recorded a revenue of €7.071 billion in 2009.
Website: www.zara.com (official website)
Founded in the year 1858, Macy’s is a mid-range chain of departmental stores owned by American multinational corporation Macy’s Inc. Today, Macy’s with it’s innovation allow customers an ability to order and receive products from any of their stores (recording 850 department stores) and receive their order the same day. Focused in providing a seamless shopping experience and offering same day delivery is the best innovation of Macy’s, which is what encourages fashion lovers to make this brand one of their favorites.
Recording a revenue of $27.93 billion (2013), Macy’s has employed 172,500 skilled workers across their stores.
Website: www.macys.com (official website)