Analyzing Current Trends in the Retail Industry: A Case Study on ASDA

This study analyzes the current trends in the retail industry, focusing on ASDA as a case study. It discusses the importance of identifying and understanding these trends, their impact on ASDA's performance, and provides recommendations for taking competitive advantages and improving overall performance. The study aims to help retailers in the UK stay competitive and increase customer satisfaction.

INQUIRY BASED
LEARNING
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TABLE OF CONTENT
INTRODUCTION...........................................................................................................................3
LITERATURE REVIEW................................................................................................................4
METHODOLOGY..........................................................................................................................7
FINDINGS.......................................................................................................................................9
CONCLUSION................................................................................................................................9
RECOMMENDATIONS.................................................................................................................9
REFERENCES..............................................................................................................................11
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TOPIC: TO ANALYSE DIFFERENT CURRENT TRENDS IN THE RETAIL INDUSTRY. A
CASE STUDY ON ASDA
INTRODUCTION
Trends in retailing industry have changed in the market which is why retailing industry
have to make sure that there are right actions which are being taken (Kunc and Križan, 2018).
Some current trends of retail sector are: Omni channel experience, augmented reality, Artificial
intelligence and others. Consumers’ demands and needs are changing with time which has to be
well evaluated and improved accordingly so that the company will be able to have higher
portfolio and reputation in the market. For being in the competition, it is important for ASDAto
focus on current retail sector trends. These trends can help this retailer in attracting and retaining
customers with its business for the long run.
Background of the research
Knowing retail trends is must for retailers as it can make them able to increase customers’
satisfaction rate. This study is based on ASDA, British supermarket chain, founded in 1949. The
company has understood the changes and impact of trends which is present in the company, and
they have to be entertained by the company so that the brand reputation and image is well
maintained. The further report is going to discuss the trends which are coming in retailing
industry and analyses of market and recommendation which is taking place.
Research aim
The main aim of this study is to “ identify current trends of retail sector that can improve overall
performance of ASDA”
Research objectives
1. To identify current retail trends.
2. To discuss impacts of current trends on performance and sales of ASDA.
3. To critical analyse business environmental factors of retail sector.4. To recommend some ways to ASDA for taking competitive advantages and improving
performance.
Research questions
1. What are some current trends of retail sector of the UK?
2. How current retain trends can impact on performance of ASDA?
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3. What is the importance of analysing business environmental; factors of retail sector?4. Which strategies can help ASDA in taking competitive advantages and improving
performance?
Rationale
The main reason behind selecting this topic is to help retailers of the UK to being in the
competition and increasing customers’ satisfaction rate. B knowing main current trends, ASDA
and other retailers of the UK can increase their sales and can also make beneficial to customers
by offering qualitative products to them. This can also help in increasing knowledge related to
retail sector and customers’ preference that can help me out in career development and it is
another reason of selecting this topic.
LITERATURE REVIEW
Current trends of the retail sector in the United Kingdom
As per Sojkova and et.al., (2019), leaders and managers have to be good experienced in
order to be able to get in the right working and performance which is going to be present. Some
retail trends that can help ASDA in attracting customers and competing against big retailers of
the UK are: Omni channel experience: In this digital era, customers have multiple devices and it
helps them out in talking final buying decision as they browse through all of these devices and
make appropriate buying decision. It is also found that retailers of the UK have realized that
Omni channels will continue to raise so; they will also need to strive hard towards offering a
harmonious experience across both offline as well as online channels. It can be said that if
ASDA focus on identifying customers’ needs and help them out in increasing their digital
experience then it can help it out in becoming the best retailer. It is also found that ASDA makes
an effective use of social media and with this, it can change their decision and can retain them
with business.
Augmented reality is other main trend of retail sector. It is also found that retailers, who
have used it for operating their functions, improved their performance. There are some retailers
who have started making use of this technology for offering fashion and home decor brands to
their customers. It helped them out in increasing or providing immense shopping experience to
customers. This technology allows customers to superimpose digital content over real life scene.
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Customers can easily preview products and services to scale digitally in their own homes and the
can purchase all those physical products. So, this trend can make ASDA able to improve
performance, productivity and sales as well.
Changes that have been brought by ASDA to deal with current trends in the retail industry
In according to Cazelles and et.al., (2021), Artificial intelligence is another effective
technology that is helping several top retailers in increasing their users; experience. It is found
that this strategy is making retail sector able to innovate their products and services, Innovation
and creativity is the main key of success of retail sector. It can be said that by making use of this
strategy or technology, ASDA can perform its all tasks faster and in precise manner by imitating
human intelligence. It is all about to the simulation of human intelligence in machines that are
being programmed to think just like humans. By focusing on this new trend, ASDA can foster
relationship, forecast needs of customers and can manage inventory as well.
So, from the above discussed all trends it can be said that ASDA can take competitive
advantages and can also increase sale. All these trends are mainly associated with new
technologies and it is stated that ASDA makes use of some of these technologies and strategies.
There are some other top retailers in the UK that are increasing competition. ASDA can beat
them by focusing on all these trends and increasing customers’ experience.
It is important for the company to make sure that there are right actions and improvement
which the organization is having. The competition in the market is increasing and that has to be
analysed well so that the company would be able to have higher operations and working which is
present. Analysis of the market is going to help in planning and designing the operations of the
organization accordingly so that there is effective functioning and improvement which is going
to take place (Sloop and et.al., 2019). Growth, operations and environment of the market has to
be understood so that there are right approaches which are being used in the company to be able
to have higher functioning and operations which the areas have to be covered.
Impact of various trends on the profitability of ASDA
As per the view of Sloop and et.al., (2019), ASDA is having a strong base in UK for itself
which is making the standards of the company be well maintained so that the organization would
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be able to make the right working and performance for itself which is present. There are a lot of
technologies which are being used in the company so that there is effective standards which the
company is having. Financial investment is also present in the company to be able to gain the
right attention and working which is going to make more unique ideas be generate in ASDA. The
competition in the market is high therefore it is important for the company to analyse and reduce
the risks in the market. Threat is the competition which is present in the market and make the
right decisions also accordingly. Resources which are being used by ASDA have to be
sustainable in the market so that the products are going to be existing in the market for a long
run. Opportunity for ASDA is to make sure that they are expanding themselves globally so that
there are going to be higher operations and working which is going to be present (Haydock and
Smith, 2019). Performance of the company has to be stable so that there is going to be higher
working and overview of working must be present so that there is going to be good functioning.
Management and leaders of ASDA have to be motivated effectively so that there are better
successful working which is going to be present which is making the company be able to have
higher operations. Management is focused on the employees and this is going to make the
training and development take place effectively.
The author Naidoo and Gasparatos, (2018), suggests that there are a lot of external factors
which are going to impact the performance of the company and they must be analysed and
worked upon so that there are right actions and improvement which are being done. Changes in
the external factors are going to be present which is going to impact the performance of the
company and they have to be well analysed so that there are right decisions. Economic factor
which is pricing and other economic investment which are being done have to be analysed.
ASDA is using competitive marketing factor to be able to gain the right performance so that
there are higher functioning and improvement which is good for the company. Legal activities
and environmental factors have to be analysed so that there is going to be better operations and
working which is going to be required which is good for the overall working. Political factors
have to be better and environmental factors which is going to make sure that there are higher
structuring which is going to be present. Social factors are to be considered in ASDA as well
which is going to make sure that there are right actions and improvement which the company
must have so that there are better operations which can be considered. Existing factors have to be
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compared and improved upon so that there is good competitive advantage which is present for
the company to be able to operate effectively and efficiently. Operations of the company has to
match the standards and reputation which the company is having for themselves which is highly
beneficial for the overall working and the ordering of factors which is going to be there so that
the company will be able to have better branding and customer base in the market.
METHODOLOGY
Research type
There are two types of researches which are present which are qualitative and
quantitative out of which there is going to be use of qualitative which is going to make sure that
there is right collection of data which is going to be there.
Research approach
Deductive and inductive approaches are present in approach so that there is going to be
clear direction of working which is present. Inductive approach is going to examine the existing
approach which is there so that there is going to be higher consequences that are existing.
Research philosophy
Interpretivism and realism is going to be existing and there is going to be use of realism
philosophy for this research so that the results are going to be higher.
Data collection
Primary and secondary are two approaches to collect data and there is going to be balance
in this research so that there is going to be higher functioning and research is going to achieve its
objectives as well.
Sampling
Probability and non-probability are two approaches which are existing and this report is
going to consist of 30 participants as well so that the data which is being collected is right.
Data Analysis
Thematic data collection is going to take place so that there are right working and
processing which is going to exist. Numerical data is not going to be present and that is going to
make sure that the results are as expected.
Ethical consideration
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It is important that there has to be no bias, consent forms are being sent out to the
participants, avoiding the questions according to the convenience of the participants has to be
present. The data collected must not be stolen as well.
TIMELINE
Activiti
es
Week 1 Week 2 Week 3 Week 4 Week 5 Week 6 Week 7 Week 8 Week 9
Aim
and
objectiv
e
Literat
ure
review
Data
collecti
on
Data
analysis
Conclu
sion
Recom
mendat
ion
FINDINGS
Trends are changing in the retailing industry which have to be analysed and implemented
and this is observed from the above report so that there is going to be higher operations and
working which would be existing. Retailing industry has got in the use of technology the most
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and this factor has to be worked upon which would make sure that there is going to be better
functioning and operations that are present.
CONCLUSION
From the above report it can be concluded that there are a lot of improvement which is
required for businesses to be able to operate effectively. Environment of external and internal
environment have to be analysed and decisions must be made accordingly. Businesses have to
understand the market and the changes which are coming in it so that there is going to be higher
functioning and working which is going to be present and that is good for the reputation and
brand image which is going to be present.
RECOMMENDATIONS
The working environment in ASDA has to be motivated and improvement in the
managers and leaders has to be present so that there is going to be higher functioning and
improvement which is going to be present. Motivation has to be the same for all the employees
of the company and any strict action must be applicable for all of them as well so that there are
going to be higher operations. It is important for the company to be able to have better
functioning which is good for the performance of the company. The company has to make sure
that there are right actions which are being taken by the organization in order to be able to gain
competitive edge which is good for the branding and value of the establishment in the market.
There are a lot of substitute products which are coming up in the market to make sure that there
are right actions and improvement which are present (Wijen and Chiroleu-Assouline, 2019). It is
essential for the company to make sure that there are higher operations.
Structuring of the working has to be present so that there is effective shifting which is
going to be present and traits of the company have to be analysed and worked upon as well so
that the company is going to have higher functioning. Risk factors have to be improved and
environment of the company has to be higher as well and so is the analysis which has to be
effective so that the organization would be able to have better operations and working (Kwak
and et.al., 2018). Culture and other factors of the company has to be stable so that there is going
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to be higher functioning and improvement which the company must Ideas and improvement are
very essential so that the company will be able to make sure that there are right working and
strategies which are being involved. Typical working and efficiency has to be present which is
good for the overall working and scan of other aspects as well which might impact the
performance of the company to be able to gain the competitive edge would be included as well.
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REFERENCES
Books and Journals
Cazelles, B. and et.al., 2021. Identical trends of SARS-Cov-2 transmission and retail and transit
mobility during non-lockdown periods. International Journal of Infectious Diseases.
Haydock, J. and Smith, T., 2019. No magic dust: The relationship between the national and local
assessments in Sainsbury’s/Asda. Journal of Competition Law & Economics. 15(4).
pp.538-558.
Kunc, J. and Križan, F., 2018. Changing European retail landscapes: New trends and
challenges. Moravian Geographical Reports. 26(3). pp.150-159.
Kwak, D.W. and et.al., 2018. Risk interaction identification in international supply chain
logistics. International Journal of Operations & Production Management.
Naidoo, M. and Gasparatos, A., 2018. Corporate environmental sustainability in the retail sector:
Drivers, strategies and performance measurement. Journal of Cleaner Production. 203.
pp.125-142.
Sloop, J.T. and et.al., 2019. Automated matrix-matching calibration using standard dilution
analysis with two internal standards and a simple three-port mixing
chamber. Talanta. 205. p.120160.
Sloop, J.T. and et.al., 2019. Automated matrix-matching calibration using standard dilution
analysis with two internal standards and a simple three-port mixing
chamber. Talanta. 205. p.120160.
Sojkova, O. and et.al., 2019. The Impact of Actual Retail Trends on the Technical and Logistic
Parameters of Commercial Real Estate (No. eres2019_346). European Real Estate
Society (ERES).
Wijen, F. and Chiroleu-Assouline, M., 2019. Controversy over voluntary environmental
standards: A socioeconomic analysis of the Marine Stewardship Council. Organization &
Environment. 32(2). pp.98-124.
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