Harnessing Disruptive Technologies: Strategic Approach to Retail Product Innovation
Karthik Hosavaranchi Puttaraju
Khosavaranchi@gmail.com
Abstract— Innovations in the retail industry, like Amazon's Just Walk Out (JWO) technology, are changing the way people shop by providing a cashierless experience. This article examines how to strategically utilize disruptive technologies for retail product innovation, with JWO as a case study. The examination summarizes JWO technology, its uptake, and the obstacles encountered during implementation. The research also explores the business dynamics of technological advancement, underlining the crucial role of disruptive technologies in improving customer satisfaction, operational effectiveness, and product creativity. The document points out the main drawbacks of JWO technology, such as restricted scalability, expensive implementation and operational costs, and the requirement for frequent technology updates. Suggestions for enhancing JWO technology and its utilization include implementing a licensing or subscription-based business model, incorporating modular design, and enhancing flexibility. The research also covers tactical factors for merchants when adopting innovative technologies, highlighting the significance of prioritizing customer needs, evaluating costs and benefits, considering scalability, building partnerships, and incorporating other technologies. The paper ends by emphasizing the capability of disruptive technologies to change the retail sector and the requirement for companies to find a balance between innovation and practical factors to thrive in a competitive environment.
Keywords—Disruptive Technologies, Retail Product Innovation, Just Walk Out (JWO), Customer Satisfaction, Operational Efficiency, Machine Learning, Artificial Intelligence(AI), Technology Strategy, Machine learning (ML), Data.
