Impact of COVID-19 on Argos Growth in the Retail Sector

Inquiry based learning
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Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY..................................................................................................................................3
Trends in retail sector.................................................................................................................3
Analysis of organization.............................................................................................................4
Recommendations........................................................................................................................6
CONCLUSION................................................................................................................................7
REFERENCES................................................................................................................................9
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INTRODUCTION
There has been both positive and negative impact on retail sector due to covid 19. The
decline in global economic growth has reduced profit of Argos but on contrary demand of retail
product is increased as it fulfill daily needs of people. With that many trends has emerged in
this sector.
MAIN BODY
Trends in retail sector
Due to covid 19 pandemic there has been transformation in retail sector. It has entirely
changed the industry (Biscaia, and et.al., 2017). There is also a rapid growth in it because it
provide essential goods to people for fulfilling their daily and basic needs. Moreover, many new
trends are emerging in this industry which is shaping it. so, there are various trends in it which
are defined as below
Personalized retail experience- this trend in emerging in retail sector as consumers are now
preferring to have personal shopping experience. It has enabled in giving suggestions to
consumers regarding their taste, needs, wish list, etc. so, through that it has become easy for
companies to determine their needs and provide products accordingly. Thus personalize
experience include chat bots, text message, pop ups, etc. therefore, this has enabled in using
advance and high tech technology in it such as AI, etc. hence, retail industry must invest in use
of technology which will enable in retaining to customers and generating more sales and profits..
Growing culture of immediacy – due to covid 19 there has been change in consumer
expectation. Now they want quick delivery, response, etc. also, people do not like to wait for
long time for order to get delivered. this trend has emerged very quickly. So, it require retail
industry to speed up their processing and delivery process. Alongside, they need to expand
their services and supply chain network so that products are delivered quickly within short
period. Moreover, services such as update inventory in real time, offering delivery within 24
hours, etc need to speed up. Through that consumer expectations can be addressed. This will
also lead to improve experience as well. the retail companies will be able to survive in
industry for long term (Chiguvi, 2020).
Use of digital wallet- the pandemic has provided an opportunity to use digital wallet system. It
is because many people own smart phone. Also, use of wallet is increased as it provide a
contact less payment method due to covid 19. Besides that, it has provided a flexible payment
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