Tesco could not grow as fast as they expected in Korea. However, this innovative strategy to do retailing virtually has helped them to be the largest food retailer in Korea. What do you think?
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Checkout Tesco’s Virtual Retailing in Korea
05 Wednesday Oct 2011
Posted in Chapter 01: Overview of Marketing, Chapter 02: Developing Marketing Strategies, Chapter 05: Analyzing the Marketing Environment, Chapter 12: Developing New Products, Chapter 13: Services: The Intangible Product, Chapter 17: Retailing and Multichannel Marketing, Chapter 18: Integrated Marketing Communications
I think this new Homeplus virtual store in Korea is extremely smart considering that smartphones and social media are huge trends in the market right now. Tesco has managed to take their product and reshape it to satisfy convenience for the customer. They have also managed to combine two products into one: virtual food and tagging barcodes from smartphones. This innovation is unique and definitely has potential for the next couple of years as long as they keep adjusting their products to meet customer demands and possibly find new ways for promotion so their products could reach out to even more places for a wider target market.