Co-creating value between retail consumers and retailers

Abstract

This paper explores the concept of co-creating value between retail consumers and retailers. Co-creation of value is a collaborative process where consumers and retailers work together to create value for both parties. In the context of retail, co-creation of value involves the exchange of information, knowledge, and resources to develop products and services that meet the needs and preferences of consumers. The paper first provides a comprehensive overview of the concept of value co-creation, including its historical development and theoretical foundation. Then, it focuses on the specific context of retail and the factors that enable and hinder co-creation of value between consumers and retailers. The paper also examines the various strategies that retailers can use to foster co-creation of value with consumers, such as customer feedback, crowdsourcing, and social media engagement. It concludes by highlighting the benefits of co-creating value for both consumers and retailers, including improved customer satisfaction, increased loyalty, and higher profitability. It also offers practical implications for retailers on how to successfully implement co-creation of value strategies and improve their relationship with customers.