Trends in Retail: Analysis of Marks and Spencer

Inquiry Project
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Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
Trends in retail...........................................................................................................................3
Analysis of the organization....................................................................................................7
Recommendations..................................................................................................................13
CONCLUSION.............................................................................................................................15
REFERENCES............................................................................................................................15
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INTRODUCTION
Retail business is defined as the business which deals in providing the customers
products and services as per their requirement on large scale (Neussner and et.al.,
2019). Marks and Spencer is a major British multinational retailer which specialises in
selling home products, clothing and food products under its own label.
The report will analyse trends in retail, analysis of Marks and Spencer and
recommendations which will help in providing the detail of what the company consist of
in its process.
MAIN BODY
Trends in retail
Retail business is the business in which the retailers grow their business and
develop the aspects of making the business effective and efficient. The retail business
also works on the trends and technologies for the products and services to be delivered
to the customers in the market.
The trends which are being followed by the retail business are as follows –
Providing a personalized retail experience - This trend is becoming increasing
important in the business and for the retailers. Personalized retail experience involves
the tastes and preferences of customers which also look at the factors like order history,
their location and previous searches. Customer engagement is increased through chat
– bots and provides updates to the customers through text messages and online tele –
based communication.
Embracing digital mobile wallet – Through this, the retail business is growing on the
verge of continuous success (Santalova and et.al., 2019). As all the customers are well
familiar with the mobile phones and therefore, it has made easier the payments which
are being processed through the digital channel.
New market and channels – This is the most important factor which is being seen as
the growth aspect for the retailer and in the retail business. Expansion of new market
and new channels has been launched for increasing the customer engagement in the
retail business. Technology in this aspect has made it easier for the customers and the
retail business more effective and efficient.
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Online stores – The online stores have increased the sales and profits of the retail
business and have caused the customers to grab their attention towards what has been
displayed on the online sites for shopping. It has made convenient the process of
buying through these stores and the products and services are delivered at the door
step of the customers.
Creative brand identities – The companies have created specific brand identities
through which they are being observed in the market (TĂNASE, 2021). Through
effective brand identities there are ways in which the companies have promoted the
products and services. This has been the most recent trend since some years.
E – Commerce grocery platforms – This has become the new trend in the market
where the customers are involved in buying the groceries online. The technology has
made this positive aspect in reaching to the customers by making them available the
groceries at their door step. This has also increased the number of customers on the
grocery stores that are operating online. The online market has made many
opportunities available to the retailers to grow their market and expand their scale of
business.
Focus on personal health and self care - This has also been the top most retail trend
in which the customers are more engaged in taking care of their self and their health.
The products and services are made available to the customers and in the current
COVID situation people are taking care of themselves and incurring services through
the online retail stores.
Therefore, these are retail trends which have been successfully making their
presence both online and offline among the customers. And this has made the presence
effective both in terms of making the business and grabbing the customers’ attention to
anything new that has been launched in the market (Yakimova and et.al., 2021). Also,
the companies and the businesses have provided the very successful structure to the
customers so that their needs and requirements can be fulfilled and through this they
are able to take concern for the future trends and technologies which are to be
developed. Various other opportunities and strengths of the business are also identified
through the process of making the products and services reach the customers.
Therefore, the trends which the retail business follows help business in achieving great
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