Trends in Retail: Analysis of Banana Republic

CW1
INQUIRY PROJECT
FY028

Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY ..................................................................................................................................1
Trends in Retail...........................................................................................................................1
Analysis of the Banana Republic ...............................................................................................3
Recommendations.......................................................................................................................4
CONCLUSION ...............................................................................................................................5
REFERENCES................................................................................................................................7

INTRODUCTION
Retailing is the process of the selling the goods and services to the customers through the
merchandise. It generally involves the selling of the individual units to the small lots of the
customers or the large number of the buyers that helps in setting the business in successful way
and also helps in attaining the targets for a specific period of time. There are several trends in the
retailing that helps in communicating the customers by the companies. By adopting the several
trends retail organisation can reached their customers- centric strategy in effective and efficient
way. This report is based on Banana Republic Company which is a American clothing retailing
company. The organisation mainly deals in the safari theme. The company GAP can purchased
the Banana Republic in 1983 that helps in enhancing the business and customer based. This
project includes the current trends that a Banana Republic can used. At last it includes the
recommendations that helps in enhancing the profits and revenues(Pantano, Priporas and Stylos,
2018) .
MAIN BODY
Trends in Retail
In current business environment, company can follow the various trends which are
helpful in attaining the profits and successful within the competitive market place. Due to the
impact of COVID 19 companies can focus on trends which is helpful in maintaining their
success and growth. These trends are helpful in attaining the customer attraction so that high
market position can be achieved(Nayak, Akbari and Far, 2019) . IN context of Banana Republic
Company, manager can adopts the several trends that can be useful to attaining the high market
share and profits that can be shown below:
 Social commerce- It is one of the efectri9ve current trend that a retail company can
follow to retain the existing customers and attracting the new so that high success can be
faced by the organisation. In context of Banana Republic, firm will facing the issue of
reducing the sales and profits margin due to COVID 19 impact and to overcome this
issue manager can focus on closing their brick and mortar store and highly focus on
online marketing(Chung and et. al., 2018). This will offers the seamless way to the
buyers at the time of online shopping. It will helps in enhancing the sales. In this firm
will highly focus on creating a effective collection related to products and services. In
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this Banana Republic can adopts the Facebook and Instagram social sites to attracts and
gain customers loyalty and trust for a longer period of time(Aithal, 2019) .
 AR- powered shopping experiences- Augmented Reality refers to the machine
learning . It is also denoted as an artificial intelligence. In this companies can adopts the
use of AI technology as a trend that helps in gaining the customers attention towards the
companies products. It is mainly adopted by the retail organisation so that there
businesses can gain higher success and profits. In terms of Banana Republic company,
manager can focus on adopting the augmented Reality so that customers can enjoy the
high experiences within the shopping and because of COVID 19 this trend will become
successful and grow.
 Smart speaker shopping- It is another recent trend that is effective during the COVID
19 impact. By using the Google speakers and Amazon Eco speaker customers can enjoy
their shopping effectively and efficiently. With the use of this speaker props customers
can order the clothing, tracking deliveries and many more which is highly beneficial for
the Banana Republic Company to enhance their profits and growth and sustain for a
longer period of time(Paunov, C. and Planes-Satorra, 2019) .
 Embrace the digital mobile wallet- It is one of the best recent trend that a company
can follow to increase their customer base. In terms of Banana Republic company,
manager can highly focus on taking the digital payments to their customers even after
selling their products and services via online and offline. Due to this effective use of this
technique customers cannot face the issue of waiting at the time of shopping and during
the period of COVID 19 no person can prefer to wait at a place. This online payments
helps in gaining the high profits and growth within the marketplace. AS it satisfy the
customers and become attractive towards the company products and services. It will
enhance in gaining the competitive advantage within marketplace(Voszka, 2018) .
 Ethical and values based brand- In retail sector company can highly focused on their
ethics and values which helps in gaining the customers trusts and attention for a longer
period of time. It also helps in beating the competition within the marketplace. In terms
of Banana Republic Company, manager can highly focused on their corporate social
responsibility as it helps in developing the external image of the company and also
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