Consumer Innovativeness Leading to Innovation Adoption

Abstract

With the changing trends in this world, innovative economy is the emerging idea that is vital for the economies, countries and organizations to grow and sustain. Innovation is the key to success and the innovators need to be influenced for adoption. For that reason, there is need of market analysis if consumers are ready for adopting the innovations that are offered to them, do they possess the necessary traits to understand the benefits of innovation in their lifestyles. This insight has given an opportunity to this research for analyzing the consumer market empirically for the traits that are necessary for the adoption of innovation. This study it further identify the market segment that are inclined possess the trait of innovativeness higher than the others. A survey questionnaire was adopted from literature; data was collected from almost 481 consumers belonging to Karachi from the age bracket of 15 to 54. The factor analysis, correlation, regression and 2SLS method was applied; results showed that consumer innovativeness is strongly influenced by personality traits such as intelligence, rationality and self-efficacy and socialization by interconnectedness, cosmopoliteness and subjective norm. The study reveals the insight that consumers are ready to adopt the innovation and possess the trait of innovativeness that has the capabilities to intellectually and rationally evaluate the innovative offering.

Keywords: Consumer innovativeness, Innovation adoption, smart phones