INNOVATIONS IN A RETAIL TRADE PROCESS

Abstract

The article describes the major tendencies of innovation development in the trading process of retailing. Retailing is one of the most rapidly developing segments of economies that makes a significant contribution to GDP within the Russian Federation. At the moment there is a high level of competition, superfluity of trade space and intensification of retail chain stores in this sophisticated market. The quality of retail stores’ performance rather than their quantity plays the major role in the competition to attract customers to the stores. Implementation of innovative constituents is gradually becoming one of the main ways to increase efficiency in business and promote sales. Generally, retail trading is a very pioneering (innovative) industry, online sales in particular. The classification of retail formats in the interpretation of different scientists is given to define the implementation feasibility of the innovation technologies in retail business. The term of innovation is considered as a process and a result. Also, the classification of innovations in the trading environment is presented. Tendencies of innovation development in retailing sector within the Udmurt Republic are identified. The feasibility of the self-checkouts introduction as a mean of innovation development in the trading process is demonstrated. Thus, today’s retailers are more interested in innovative decisions aimed at the attraction of new customers, the retention of current customers, and the improvement of the service quality.