Successful Retail Innovation in Emerging Markets
The Coca-Cola Retailing Research Council and Booz Allen Hamilton have jointly conducted a study aimed at understanding how successful innovation in retail translates into effective business. In this context, the study focused on understanding the role of consumers in leading innovation and also on characterizing and assessing successful cases, i. e. , cases of true consumer-centered innovation, originated in Latina America and successfully implemented.
Whereas this study focused on the major Latin American markets, we believe its findings and conclusions might be applicable to other emerging markets and some rich countries with, low income consumers—eg: inmigrants Our research found that truly customer-centered, innovative retailers are characterized by the development of an offering which addresses an apparently impossible value equation. More specifically, true innovation caters to the aspirational needs of the emerging consumer. Successful retailers have built a sustainable business by meeting these consumers’ needs in a truly creative fashion. “About this Report”
The objective of the study was to understand how successful innovation translates into effective, sustainable business for retailers. More specifically, the efforts focused on: •Identifying how innovation in retailing can drive leadership with consumers •Mapping the most common avenues to materialize innovation in different retail segments – with emphasis in format dimensions •Identifying the key pillars from which retail concepts are developed and understanding drivers of innovation success •Identifying and selecting innovative retailers in the region, and developing an in-depth understanding of each case.