Managing Innovation in Business: Future Trends and Building Future Innovation Capability

Managing Innovation In
Business

Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
Future of Industry in 2020 and beyond........................................................................................1
Requirement of innovation in business in 2020 and beyond.......................................................2
Building of future Innovation capability of organisation............................................................4
CONCLUSION................................................................................................................................7
REFERENCE...................................................................................................................................9

INTRODUCTION
Innovation is introduced something which is completely new in market. It can be in terms
of product, idea, service, technology. Innovation is important for organisation for its survival
without innovation an organisation can be failed in terms of advancement. Purpose of innovation
for any business is that it provide them with opportunity for success and growth. It helps them to
face adverse situation and increase their profitability along with decreasing cost. Mark and
Spencer is a UK based company providing their service in different country in retailing sector.
The organisation is providing different products like home product, food product and clothing.
Company is providing their products and service both in online and offline stores. Company will
adopt innovation like augmented shopping which create experience of virtual trying of product
and service. For this, company is closing some of their offline store so they can focus on limited
stores. They are adopting innovation as it helps them to get competitive advantage in market and
also provide them opportunity of growth and success. It also enhance experience of customer of
shopping from Mark and Spencer. This project report include innovation and future of
innovation for business in 2020 and beyond. It also include requirement of innovation in 2020
and beyond, building of future innovation capability of organisation.
MAIN BODY
Future of Industry in 2020 and beyond
Digital shop window: Online shopping in increasing as customer are more likely to
prefer online shopping (Ali, Warren, and Mathiassen, 2017). It is increased due to global
pandemic as people are avoiding physical touch and prefer online shopping. After lock down ,
people are still enjoying online shopping in retail sectors. It helps in avoid spreading of disease
along with provide variety of product at one place without moving. Small business are also
shifting to online store as it does not require much investment due to trend of online shopping in
customers. For retail industry, online platform provide huge opportunity.
Bringing online and offline experience together: Due to increase trend of online stores,
business are planning to provide offline experience with online shopping as it will helps them to
increase sales in online stores (Bahl, Lahiri and Mukherjee, 2021). It will provide this industry
with huge profit and growth as customers are prefer online shopping. This will helps them to
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