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Companies that didn't innovate and died.

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Companies that didn't innovate and died.

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1) Blockbuster.

2) Blackberry.

3) Nokia

4) Vimeo.

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Companies that refused to Innovate and Died

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Companies that refused to Innovate and Died

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1. Blackberry

2. 2go

3. Blockbuster

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Companies that constantly innovated and are still around.

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Companies that constantly innovated and are still around.

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1) Netflix.

2) Samsung.

3) Youtube

4) Google.

5) Access Bank PLC.

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Companies that innovated and are still around

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Companies that innovated and are still around

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1. Tesla

2. Amazon

3. Apple

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Companies that did not innovate and died:

1. Compaq computers

2. Mr Biggs

3. 2go Social media

4. Visafone

5. Blackberry

6. Motorola

Companies that innovated and exists

1. Apple

2. Meta

3. Tesla

4. SpaceX

5. Sony Playstation

6. Streaming platforms- Spotify, NETFLIX

7. Access holdings

8. Google

9. Microsoft Corporations

10. Dangote

11. Amazon

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Class exercise 1: Factors that have caused a surge in e-commerce.

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Class exercise 1: Factors that have caused a surge in e-commerce.

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1) Technological Advancement and Digitalization: The growth of technology and digitalization has made the world, a global village. Digitalization has led to the growth of mobile-friendly websites, enabling consumers to shop from the comfort of their homes.

2) Cost of Infrastructure: The cost involved in establishing and running (operational costs) an e-commerce store is lower, compared to that of a traditional brick-and-mortar store.

3) Changing Customer Needs: Technological advancement has changed consumer's expectations, in terms of convenience, variety of products and accessibility; leading to the rise of e-commerce stores.

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Three specific factors that have caused e-commerce to surge:

⦁ Convenience and accessibility: E-commerce offers the convenience of shopping from anywhere, 24/7. The ability to browse and purchase products on smartphones and other devices can also become a major driver.

⦁ Pandemic impact: the COVID-19 pandemic accelerated the shift to e-commerce platforms as people sought to minimize in-person or physical shopping.

⦁ Operational cost: Due to the ever rising cost of running a business physically, E-commerce eliminates the need for physical storefronts, reducing expenses related to rent, utilities and in-store staff, resulting in significant cost savings.

Five innovation that our retail chain could introduce:

⦁ Personalized services: Investing in robust data analytics to understand customer behavior and preferences. Using these data we would be able to deliver personalized products recommendations. This is a long term innovation as this will drive to increase sales and customer retention. The PROS is increased customer centricity and experience leading to higher customer retention and the CONS is high cost of setting up a data bank. This is a long term solution

⦁ Robotics and AI: As a result to COVID-19 pandemic and reduced human interaction, the use of robots like drones to deliver goods to customers became more necessary and innovative. Also the integration of chatbot and virtual assistants for timely customer resolution and feedback. The PROS is fast delivery and the CONS is cost of buying and maintaining the drones. This is a long term solution

⦁ Omnichannel experience: Creating a seamless integration of online shopping using multiple devices, this enhance convenience and customer satisfaction at every touchpoint whether on mobile phone or on laptops and tablets. This is a long term solution. The PROS is enhanced customer experience and the CONS is cybersecurity risks.

⦁ Buy now pay later: Introducing innovative payment structure, example: buy now pay later options (instalmental payment service). The PROS as it will increase sales and the CONS is some people will not pay and also debt accumulation. This is a short term plan

⦁ Mobile apps and digital payment services: Development of user-friendly mobile apps for shopping experience and also including a secure digital wallet and payment options. The PROS is easy access to services and easy payments and the CONS is cyber attacks. This is a long term plan

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Product Development of Needs and Challenges of Aging People by Les Performants Robotics

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Product Development of Needs and Challenges of Aging People by Les Performants Robotics

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Needs of Aging People

1. Health needs

2. Social needs

3. Comfortability

Challenges of Aging People

1. Visual Impairment

2. Non-Agility

3. Companionship

4. Security

Technology Products Addressing the Challenges

1. I-see: It is a portable device for visually impaired people.

Features

Voice recognition

Terrain Sensor

Wireless Connection

2. Vistawise: This is a smart house that gives accessibility and responsiveness

Features

Voice recognition

Smart door locks

Personalized preference

API integration

Speakers

3. FreDoc: This is a bot that serves as a confidant and also gives medical advice.

Features

Portable and mobile

Personalized medical history and data

Food schedule

Virtual book reading

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5 Innovative ideas that can keep a traditional brick-and-mortar store and their pros and cons.

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5 Innovative ideas that can keep a traditional brick-and-mortar store and their pros and cons.

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1) Omnichannel shopping experience: Omnichannel shopping is a seamless integration of online and offline shopping experiences.

Solution: Long-term.

Pros: Provides a seamless shopping experience for customers, increases customer satisfaction and loyalty, and can boost sales.

Cons: Requires an investment in omnichannel technologies and can be complex to implement.

2) Personalized shopping experience: Personalized shopping is a way to tailor the shopping experience to the individual needs and preferences of each customer.

Solution: Long-term

Pros: Can increase customer engagement, satisfaction, and loyalty, and can lead to higher sales.

Cons: Requires an investment in data collection and analytics technologies and can be challenging to implement effectively.

3) Virtual reality: VR can be used to create immersive shopping experiences that allow customers to try on products before they buy them or to explore virtual stores.

Solution: Long-term

Pros: Can create immersive and engaging shopping experiences, attract new customers, and differentiate the retailer from its competitors.

Cons: Requires an investment in VR technology, and can be expensive to implement

4) Same-day delivery and returns: Same-day delivery and returns are becoming increasingly important to consumers.

Solution: Short-term

Pros: Can improve customer satisfaction and loyalty and can boost sales.

Cons: Can be expensive to implement and may not be feasible for all retailers.

5) Artificial intelligence: AI can be used to provide customers with personalized customer service and support.

Solution: Long-term

Pros: can provide personalized customer service and support, improve customer satisfaction, and reduce costs.

Cons: Requires an investment in AI technology and can be challenging to implement effectively.