Managing Innovation in Business: Future Trends and Requirements for Tesco

Managing Innovation in
Business

TABLE OF CONTENTS
EXECUTIVE SUMMARY.............................................................................................................3
INTRODUCTION...........................................................................................................................3
MAIN BODY..................................................................................................................................3
Future of the retail industry-........................................................................................................3
The Organisations Innovation Requirements 2022-....................................................................4
Building the Future Innovation Capabilities for the Organisation-.............................................6
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................10

EXECUTIVE SUMMARY
This report will discuss the future of the industry in the year 2022 and beyond this as well as the
innovation requirements of the organisation for making threw effective innovation in the
organisation. Along with this, the report will also illustrate the building of the innovation
capabilities for the organisation as this will help them in implementing the innovations which
will help them in becoming successful in the future.
INTRODUCTION
Innovation management can be described as the process of managing the innovation procedure
of the organization from the initial stage till its final stage of the successful implementation. It
involves taking the decisions, activities as well as the practices for devising and implementation
of the innovation strategy. Innovation management is basically handling of the overall activities
which are needed while introducing new things by the organization (Pantano and Gandini, 2018).
The things here mean coming up with the new ideas or thoughts, developing as well as
implementing them and putting them into the practice. Tesco is the British Multinational
company which engaged in dealing the groceries as well as the general merchandise retailer.
This company is headquartered in the Welwyn Garden City in England and this company is
considered as the third largest retailer in the world as this is measured by the gross revenue. The
main purpose of this report is to convey as well as learn the future of the retailing industry. This
report will discuss the future of this industry as well as the organization requirements for the
innovation. Along with this, the report will also cover the future innovation capabilities for the
organization.

MAIN BODY
Future of the retail industry-
The year 2022 is considered as the interesting year for the retail sector or industry after
overcoming the challenges of the last two years due to the coronavirus. The future of this
industry is looking very exciting as using the technology has paid several ways for the good and
effective online experience, changes in the consumer behaviour as they are driving both product
and business model of innovation as well as the biggest brands of the world are taking the
responsibility of handling the issues and the problems which are been faced by the society and
the overall planet because of the businesses. The biggest trends of the retail industry in UK are
the online offering of the products and services, connection of the online and offline customers,
social media business or trade is boosting, efficiency improving due to inventory management
through technology as well as following the safety measures for staying (Alexander and Cano,
2020).
Figure 1: Future trends in retail industry
(Source: Grewal, Roggeveen and Nordfalt, 2017)
Almost, 97% of the customers are now preferring purchasing from online platforms and in this
53% of the shoppers are in between the age of 25 and 44. From the various surveys it has been
found that the around 87% of the retail companies are now shifted and are shifting towards