Bìznes Inform (Feb 2021)
Innovative Development in the Sphere of Trade
Abstract
The article is aimed at examining the innovation activity of the world-wide and domestic companies in the sphere of trade; identifying global trends in the innovative development of trading companies in the context of the coronavirus pandemic; development of recommendations for further development and increase of the level of innovation by domestic companies in the sphere of trade, taking into account world trends. The latest data on Ukraine’s positions in the competitiveness and innovation activity ratings are considered and analyzed. The peculiarities of innovative development of both world-wide and domestic companies in the sphere of trade are researched. By analyzing activities in the context of the COVID-19 pandemic of the world’s most successful companies in the sphere of trade along with the companies – innovative leaders among retailers, it was possible to determine the main directions of innovative development in the world. It is also defined that companies seeking to become the strongest in innovation, taking into account the situation caused by the COVID-19 outbreak, mostly prefer the frontline analytics, digital design and technology platforms. The article analyzes the current status and defines the main trends in the innovative development of domestic business entities in the sphere of trade. In the context of the crisis associated with the coronavirus outbreak, only those companies that are capable to create sustainable competitive advantages will take hold on the market. Trading companies need to focus on being open to innovation and digital transformation and changing existing business models accordingly to a more sustainable ones. The article develops recommendations for further development and increase of the level of innovation by domestic business entities in the sphere of trade, taking into account world-wide trends.
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