Using Product Innovation to grow your business- An overview

What is innovation?

Innovation refers to the creation and subsequent introduction of a good or service that is either new, or an improved version of previous goods or services. Businesses have been introducing innovation in their products and services in all forms, whether it be any physical product, service or even digital. Digital innovation now-a-days have became very important for businesses. It can be introduced in the form of improving & enhancing user experience with Innovative web design, innovation in software architecture, Retail E-commerce etc. Innovations use assets and competencies of the organization along with innovation processes to bring about new or different market offerings while bringing in immense value to the firm

Customer, market requirements, competition lead to innovation. It is shaped by the evolution of technology. The size of business or the business venture do not limit innovation.

Product design and innovation are specifically targeted by organizations to lure more customers & increase their profits. The requirement of making life easier, reducing the burden, and a relaxing lifestyle themselves have compelled people to seek products innovated using cutting-edge advanced technology and design concepts. This is the century of ‘smart devices’ which pushes the boundaries further and making the impossible possible.

Real examples of innovation

Let’s have a look at some Real World examples of some companies who’ve stood the test of time through adapting to the innovation with new technology:

1. Citrix

It’s software is used to create safe, personal, and secure online work spaces for companies to send files, collaborate on projects, and otherwise get things done remotely. Citrix decided to use its own collaborative nature to tackle one of its biggest challenges, namely, doing things even better. The company set up a unique, flexible community designed to let anyone submit ideas so that stakeholders could look at them more closely and consider them for inclusion. The result has been a collaborative process giving Citrix valuable perspective on how to change the way we work.

2. Amazon

Amazon have been doing exceptional shopping innovation and attracting people from all around the world. Some of the  handful of other notable innovations from Amazon are Prime, fast and free shipping from every other company.There’s also a smart move by Amazon to tie its streaming video service to Prime. Alexa, Amazon’s voice-responding virtual assistant is helping to propel technology forward. Kindle , Amazon gave people a quick, convenient and affordable way to get books and the medium surged forward.

3. Ikea’s augmented reality interior designer

The global chain wanted to make customer’s choices less overwhelming with an augmented reality app that works like a virtual interior designer. So this  allows customers to visualize 3D versions of its furniture in their homes.

Let’s have a look on some of the innovative web design , web user experience examples-

1. Brickfielder

Brickfielder is a British company that designs and produces innovative windproof golf shirts. Their innovative web design for their product page brilliantly allows you to explore the shirt in detail; from the technology used to produce it, to a close inspection of the fabric and the benefits that any golfer can take advantage of.

Image of Innovative web design by Brickfielder

2. Bellroy – Slim your Wallet

As stated by the company itself: “Bellroy exists to slim your wallet”.Slim Your Wallet have a innovative web design that enhance User experience.

Innovative web design by Bellroy

3. Bruggler – Watch Creator

Swiss start-up Bruggler allows you to create your custom watch in their beautiful innovative web design interface. Customize almost every part of the watch: the case, the engraving, the movement (quartz/automatic), the bracelet, the dials, hands and even the color of their logo.

Innovation web design by Bruggler

Find out more such examples at- usabilla

There are various businesses like Hospitality/Real estate that are using virtual reality technology to provide virtual reality hotel/cite tours. This provides personalized options to customers so that properties can meet their discrete requirements. There are also Service Automation like self-service kiosks, online registration, targeted feedback questionnaires, and options to pre-set the amenities within a room are now beginning to take center stage. Automated checkout services, customized environmental settings within each room, the use of the Internet of Things (IoT), and wireless data linking are now all becoming commonplace while making our lives easier.

Let’s take a look at some more e-commerce websites innovation introduced by companies now a days-

1. Selling Based on Mobile Location

This wave of innovation comes in the form of mobile check ins, in that customers check in when they go to certain events, places and landmarks.

2. Voice assistants — modified word of mouth

Voice search is widely used in services like Apple’s Siri, Google Now, and Cortana from Microsoft. Voice assistants have seen a great increase in popularity. You can order goods directly from Amazon by voice command.

3. Personalized Discovery

Many E-commerce companies are providing product customization options on their website that enables their customers to customize their selected item and provide a more personalized experience, which is a great way of implementing innovative web design.

Innovation you can implement in your business

1. A chatbot (known as a conversational agent)

Chatbots are save time and expenses by automating customer support 24/7. They generate leads and, thus, revenue, redirect a prospective customer to the information they are most interested in.

2. Augmented & Virtual Reality — innovative shopping experience

Virtual reality builds an entirely new artificial reality while augmented adds only some virtual elements into the real world. The idea of using VR and AR in e-commerce could change the future of online shopping concept.

3. Internet of Things (IoT)

IoT will make it a lot easier to keep track of inventory. With the help of IoT sensors and RFID tags, real-time inventory management will get a huge boost. This will improve the monitoring and tracking of inventory items while reducing human errors in reordering items.

4. Drones & droids — Next-level delivery system

The future of automation lies in drones embracing the sky and droids on the ground. Despite many obstacles in drone delivery, the benefits of its adoption are great for retailers. This will considerably cut costs in logistics operation.

Digging into this let us come across numerous such company with their stories of innovation. Innovation can be implemented in any form like introducing a new product/service, improving the one which is existing. It can also exist in a mere idea of any business for reaching out to their customers.
Continuous Innovation of digital platforms have become the most important thing for businesses in today’s world. It can be done through regular innovation enhancing user experiences through digital platforms like websites with innovative web design and development, software innovation etc. that can help  business from losing it customers to competitors while creating their competitive advantage making them way better than their competitors.

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About the Author

Rashika Raina

Rashika is working as Business Development Executive at Regur technology Solution. She has a zeal to learn & grow and passion for work in any competitive situation. Her interest lies in Sales, Marketing Strategies, International Marketing, Business development. Apart from this, she has a good hold in communication, presentation and Market research skills.

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