RETAIL TRENDS & INNOVATIONS

Abstract

The purpose of the article is to identify the main trends in the development of the retail sector, and the commercialization of innovations, comparable trends in retail in Ukraine and other countries. Research methods: the analysis of statistical data was used to assess the growth rate of retail trade, for cross-country and inter-regional comparisons; the induction method has been applied in the course of systematizing retail trends. Considering and analyzing statistical information related to the development of retail trade, we identified the main trends and factors that affect the innovation policy of companies in this field. Being over-dynamic and capital-intensive, retail is becoming an attractive investment for innovation. This article identified the main trends in introducing innovations in the retail sector, first of all, trends are based on changes in customer experience, as well as on the need for more accurate analytics, faster delivery, cashiers without cashiers, contactless payments, etc. for optimization of enterprise activity. As a result of the study, the main trends characterizing the innovation policy of retail enterprises were identified, namely: 1) outstripping growth in the share of online sales; 2) the development of the concept of new retail, combining online, offline communication with a client, logistics and a service system; 3) the use of augmented and virtual reality technologies, artificial intelligence, robots and drones and, as a result, a change in consumer experience; 4) simplification of the product selection process and communication with the brand, saving customer time; 5) blurring the boundaries between traditional online and offline retailers, wholesale and retail companies; 6) the opening of new distribution channels, such as trading through social networks and marketplaces. In the Ukrainian realities, there is a low innovation activity of retail in general, and non-technological, and marketing innovations prevail. The retail growth rate in Ukraine in 2018 was 0.5 points higher than the global indicator. Although the excess is not significant, it was achieved through the expansion of foreign investors and global brands, which positively assess both the capacity and dynamics of the Ukrainian retail market.