Inquiry Based Learning Assignment PDF
Added on 2021-02-19
13 Pages2337 Words43 Views
Business Development
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Inquiry BasedLearning
Table of ContentsINTRODUCTION...........................................................................................................................1Recent trend analysis. .................................................................................................................1Analysis and discussion...............................................................................................................2Recommendations........................................................................................................................4CONCLUSION................................................................................................................................5REFERENCES ...............................................................................................................................6
INTRODUCTION.Retail industry has dramatic transformation in last decade. The industry has beenreinvented along with ongoing shift towards online and growing experience economy. Retailindustry is one of the fast growing industry all over world. But the years 2018 has been turbulenttime fore retail companies that effect the as under pay and overwork to employees. The industryis facing the perfect storm as demand muted and increase cost pressure (Santoro and et.al.,2018). In this report, the recent trends of retail market will be discussed in context of RiverIsland ( Retail Company) regarding the issues faced in this sector. The discussion will befollowed up be the recommendation to cope up with challenges effectively and efficiently.Recent trend analysis. The retail industry has been evolving through the significant transformation from lastfew years. There are advancement of the digital technology in terms of channels up gradationand market reporting growth in each month year by year. Although after being at suchsignificant growth, in last few years the retail in facing challenges due to shift in preference andthe emergence of new battle lines of e-commerce.. The industry nowadays have the quicklyevolving customers. The River Island has to adopt the recent trends as to cope with challengesand fulfil the demand of the quickly evolving customers. Recent trends are- Inclusivity in New generation is more diverse and socially aware population along withchange in attitude towards retail. The river island should pay attention towards demand of newgeneration by proving the new products and services that have value regardless of particularbackground, appearance and tastes. This step will help the company to have increase in potentialcustomer along with better planning for future (Pantano and et.al., 2017). In Store Experiencesare not popular in recent time as it used to be in the past. But still customers want to haveexperience the physical location. The physical store provide a sense of experience to its customerin terms of quality and comfortability. This will help the River Island to stayed ahead byembodying this particular trend.Product Customization is having the classic symbol of luxury which resemble of havingsomething which no one has. The e-commerce and brick and motor are offering customizeproduct from monograms and embroidery to fully colour schemes. Visual Search is one of therecent artificial intelligence retail trend which allows the shopper to search and buy product by1
just snapping a photo. The AI helps to search the similar product across the multiple sites andthere respective retailer just by a single click. This helps the customer having the assurance ofhigh quality and current asset. Omni Channel Experiences has made the retailers more consistent regarding thebuying experience across the channels both offline and online. As between the digital andphysical shopping experiences, there is need for the retailer to be agile and responsive regardingthe demand of customer for branded touchpoints. Nowadays , customer are more having thedemand for the private brand label. The retailer is now more investing in private labels asmore compare to branded level. The private labels has more brand legacy in relevant landscapein case where customer more care about quality ans affordability (Pantano and et.al., 2016).Through private labels the retailer has more control over design and supply chain to remainahead in competitive market. Pop Up Shops is the temporary leverage which rely on scarcity ofprinciple and the overexcitement that has never been seen in products as to ride experience andthe drives the shoppers to show and buy. Retailer usually have all type of popping store acrosscountry.The retailer of country has to majorly identify the recent trends that are prevailing in themarket to have competitive edge . Due to continuous and rapid change in preference of customerand the rapidly evolving market place environment , there are the key business issues which areconverging and having impact across multiple industry sector. Brands have the leverage oncognitive computing which used to provide better and faster service to customers and extractdata backed recommendations. The river island has to make the availability of product accordingto rapid change in customer demand with implementation of artificial intelligence along withvarious channel experience and product customization.Analysis and discussionRiver Island is retail store having expansion indifferent part of the world. The last twoyears has be considered tough for retail companies and same for River Island. The companieshas underpaid and overwork employees (Pantano, 2015). Due to the change in recent trends the labour market has been tighter and more competitive.With discussion about recent trends , there are the impacts which relatively impact the businessof companies into retail sector. 2
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