Answer to Question #310518 in Management for Asataluli

Question

How product innovation affect retail business industry?

Answer 1

Consumers' needs and desires evolve and change as they get older. In all areas of business, but especially in fast-changing industries like the retail industry, innovation is critical. Adapting to new trends and consumer needs can make or break a retail operation.

In the retail industry, technology has added a new dimension. The emergence of point-of-sale devices, bar codes, and vast storage capacity for invoicing and payment databases has made large setups much easier to administer.