On July 5, 2016, Walmart introduced its new payment app, Walmart Pay. Financial analysts were skeptical of the app's relevance, stating the new app did not appear to have enough to offer customers. The app is only designed to work within Walmart stores unlike other payment apps that work within a variety of retail stores. Additionally, questions around the app's ability to secure customer data also raised concerns. The less favorable reports led to Walmart shares dropping by % as investors considered the worth of the app to Walmart’s profitability.
To be called an innovation, an idea must be replicable at an economical cost and must satisfy a specific need . Innovation involves deliberate application of information , imagination and initiative in deriving greater or different values from resources, and includes all processes by which new ideas are generated and converted into useful products. In business , innovation often results when ideas are applied by the company in order to further satisfy the needs and expectations of the customers. In a social context , innovation helps create new methods for alliance creation, joint venturing, flexible work hours, and creation of buyers' purchasing power . Innovations are divided into two broad categories: