This report analyzes the current trends in retail and provides an analysis of Banana Republic, including recommendations for enhancing profits and revenues.
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CW1 INQUIRY PROJECT FY028
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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 1
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-poweredshoppingexperiences-AugmentedRealityreferstothemachine 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 companiesproducts. It ismainlyadoptedby the retailorganisationso thatthere 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 thata company can follow to increase their customer base. In terms of Banana Republic company, manager can highly focus on taking the digital paymentsto 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 2
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increase the interest of the several stakeholders in the company so that their profits and revenues is to be enhanced effectively and efficiently. Analysis of the Banana Republic Banana Republic Company is one of the leading American fashion retailing organisation that is founded in the 1978. This company is working for attaining the aim related to the issues faced within the retain organisation. In this manager can working effectively and efficiently to resolve the issues. Banana Republic Company can operates more than 500 stores within United states, Approx 61 stores in North America and around 40 stores within Canada. With the collaboration with the GAP Inc. Banana Republic Company, can develops their market in all over the world. Due to the high impact of COVID 19, the organisation can face the major issues related to customers attractiveness and reducing their sales and profits.It is to be analysed that the Banana Republic Company can examine the high solutions to resolve the issues related to low sales and profit margin. In this manager can highly focused on the current trends so that large base of customers are to be attracted and it will also helps in a gaining the competitors advantage within the marketplace(von Briel, 2018). In this business enterprise can face the issue related to their sustainability and also because of technology. In this consumers can focus on the swiping the several brand and purchase the one which looks attractive ans attentive. In this firm will choose the Artificial Intelligence which is very prominent to attracts the number of customers attention and gain the high profits and revenues. In this business enterprise can face the retailing issues due to which customers base is to be reduced and to remove these issues organisation can highly focus on the adopting the trends like online shopping, e-payments and many more so that customers base is to managed and high profits can be attained in their long survival(Castaldo, Grosso and Premazzi, 2020). There are different issues that is faced by retail organisation and it is transformed by understanding the sustained knowledge of transformed by enhancing the urge under which efficiency is affected and cost is reduced. In this it is required that customers demand and pressure get managed as in regard of quality services through which rate of products, services and overall experience by which sustained knowledge is developed over continuous period of time. For this it is required that need of customised is managed through which unique value and experience get addressed as it also allows to build and own customised. Thus retailer managers make sure to rethink the stores and its development in smarter way and with this more 3
personalised offered are processed to customer’s. In this retailing businesses works to develop more experience as by making sustained interaction, experiences, memorable, quality and fast services. In this effectual level of engagement is addressed as with support of adequate sense of sight, smell, tastes and touch as per offered possibilities. It is also be used and promote with the better usage of artificial intelligence in which ordinate improvements is induced. It also promote virtual reality, cutting edge and show room by which technological advancement is created in dynamic and stipulated manner(Kautish and Sharma, 2018). Primary research By conducting the primary research, questionnaire is very useful as it gives the authentic results and due to this clear communication is to be done with the respective respondent. In this sample size is based on the 30 respondent that is useful for conducting the research successful. Questionnaire Ques 1) Do you understand the concept of shaping the organisation? a) Yes b) No Ques 2) What are the solutions that is adopted by business in reinvent the Banana republic shopping? a) Includes new product category b) Execute the guided selling Ques 3) Impact of shaping the stores in relation to customers experiences? a) Enhance the loyalty of customers b) Customers fees valued Present findings Q1)Do you understand the concept of shaping the organisation?Frequency Yes25 No5 4
Interpretation It is to be determine from the graph that out of 30, 25 respondents are in the favour of the shaping the organisation while rest 5 are not in the favour of the shaping the company. Q2)What are the solutions that is adopted by business in reinvent the Banana republic shopping? Frequency Includes new product category15 Execute the guided selling15 5 YesNo 0 5 10 15 20 25 30 25 5 Includes new product categoryExecute the guided selling 0 2 4 6 8 10 12 14 161515
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Interpretation From above analysis there are several ways that are adopted by the businesses for shaping in this 15 respondent believe by involving the new product category firm will reshape their organization while other 15 are focus on guiding the selling for enhancing brand image. Q3)Impact of shaping the stores in relation to customers experiences?Frequency Enhance the loyalty of customers20 Customers fees valued10 Interpretation It is interpret that by using the above analysis reshaping can implement the direct impact on the customer experience and in this 20 respondents are focus on enhnaciung the customers loyalty whereas 10 are in favour of that customers are feeling values so that brand image is to be increased. Recommendations From the above explanation it is to be recommended that the company that is Banana Republic can highly focusing on resolving the issues that is created due to the impact of the COVID 19 so that high customer base is to be enhanced. In this customers wants the major changes related to their shopping so that they can experiencing satisfied in purchasing the goods and services.In case of the Banana Republic Company recommendation is to be reflected below: 7 Enhance the loyalty of customersCustomers fees valued 0 5 10 15 20 25 20 10
In this research a survey is to be conduct that can acknowledge that many females customers are getting attracted towards the Banana Republic Company and due to this they can highly linked with the organisation for a longer period of time. It is done by focusing on the standards that are set by the companies to get attracted the large base of customers and enhance the organisation profile within the marketplace. In order to solve the issues related to the maximising the profits and revenues by the Banana Republic Company can highly focus on the major changes related to their stores and for their they can conduct the proper market research that helps the manager to do the changes which helps in overcome the present issues related to the impact of the coronavirus. In this they can also focus on offering the training to their employees so that they can analyse the issues that the customer is to be faced so that providing the satisfactory products and services is helpful to the customers retaining and getting their high attention(Lim and Winkenbach, 2019). Another recommendation for the company related to the resolving the issues present because of the coronavirus impact is modify the offering services by using the safety and hygiene related to their services offline and also go through the use of digital technology in related to make check outs and scanning of the customer temperature at the stores and also check the deliver agent temperature so that online business is also gives high profits and revenues. It is highly recommended for the Banana Republic company to develops the high and major changes related to the market offerings because of the high complexity occur occur within the market related to COVID 19 so that large number of customers are to be attracted. In this firm will highly focused on several strategies like offering discounts as per the competitive market, innovating several products and services as per current demand, hiring expert to handle the customers issues and research market effectively and efficiently etc. so that customer base is to be maximised(Bianco, 2018). To resolve the issue of COVID 19 Banana Republic can highly focus on the several changes according to the time frame related to customers and employees. In this they can majorly focus on offering the customer benefit in relation to payments, converting their offline store to the online store where employees are handling the customers issues 8
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related to products and focus on the shortage of the goods and serviettes(Reinhardt, Oliveira and Ring, 2020). Therefore, In this Banana Republic company can highly focus on the enhancing the overall online services related to customers ordering and post purchase so that they can attached with the company in effective and efficient way. In this to enhance the customer experience related to the Banana Republic company manager can highly focused on doing the operational changes by using the TQM, kaizan model so that wastage can be removed and efficiency can be maintained within the working environment. It will helps in attracting the highbase of customers in the amid impact of the corona virus(Ong and et. al., 2018). Further it is also to be recommended that the company can develops the budget and developing the team to complete the task in effective and efficient way. In this they can adopts the computer software so that data can be stored and budget can be developed in effective way. In this firm will highly focus on providing the training to their sales person so that they can sell the company commodities in effective and appropriate way. Further it is to be recommended that the customers are not attracted towards the loyalty cards and for this they can built the POS which is effective for the customers attraction within the COVID 19 situation where buyers are not much focus on buying the goods and services(Fernie and Grant, D.B., 2019). CONCLUSION From the above report it is to be concluded that the Current trends within market helps in attaining the higher success and growth. This inculcates the several recent trends that helps in gaining the high customer base and increasing the profits and revenues of the company. In this organisation can adopts the digital technology due to the high impact of the COVID 19. It also inculcates the analysis of the Banana Republic Company that helps in enhancing their market share and resolving the several issues related to the reducing the customers base.At last providing the recommendation to get5 the higher returns and revenues of the business enterprise to gain more and more profits. 9
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REFERENCES Books and Journals Aithal, P.S., 2019. Information Communication& ComputationTechnology (ICCT) as a Strategic Tool for Industry Sectors.International Journal of Applied Engineering and Management Letters (IJAEML).3(2). pp.65-80. Bianco, V., 2018. Overview of the Italian natural gas sector.International Journal of Energy Sector Management. Castaldo, S., Grosso, M. and Premazzi, K., 2020.Retail and channel marketing. Edward Elgar Publishing. Chung, M. and et. al., 2018. Chatbot e-service and customer satisfaction regarding luxury brands.Journal of Business Research. Fernie, J. and Grant, D.B., 2019.Fashion logistics: Insights into the fashion retail supply chain. Kogan Page Publishers. Kautish, P. and Sharma, R., 2018. Consumer values, fashion consciousness and behavioural intentionsintheonlinefashionretailsector.InternationalJournalofRetail& Distribution Management. Lim, S.F.W. and Winkenbach, M., 2019. Configuring the last-mile in business-to-consumer e- retailing.California Management Review.61(2). pp.132-154. Nayak, R., Akbari, M. and Far, S.M., 2019. Recent sustainable trends in Vietnam's fashion supply chain.Journal of Cleaner Production.225.pp.291-303. Ong, K.L. and et. al., 2018. Trends in food waste valorization for the production of chemicals, materials and fuels: Case study South and Southeast Asia.Bioresource technology.248. pp.100-112. Pantano, E., Priporas, C.V. and Stylos, N., 2018. Knowledge Push Curve (KPC) in retailing: Evidencefrompatentedinnovationsanalysisaffectingretailers' competitiveness.Journal of Retailing and Consumer Services.44.pp.150-160. Paunov, C. and Planes-Satorra, S., 2019. How are digital technologies changing innovation?: Evidence from agriculture, the automotive industry and retail. Reinhardt, I.C., Oliveira, J.C. and Ring, D.T., 2020. Current perspectives on the development of Industry4.0inthepharmaceuticalsector.JournalofIndustrialInformation Integration.18.p.100131. von Briel, F., 2018. The future of omnichannel retail: A four-stage Delphi study.Technological Forecasting and Social Change.132.pp.217-229. Voszka, É., 2018. Nationalisation in Hungary in the post-crisis years: A specific twist on a European trend?.Europe-Asia Studies.70(8). pp.1281-1302. 11