Recent Trends in Retail Sector: A Case Study of Tesco

Inquiry Project
Table of Contents

INTRODUCTION...........................................................................................................................1
Main Body.......................................................................................................................................1
Recent trend in retail sector....................................................................................................1
Analysis of orgnisation...........................................................................................................2
Recommendation....................................................................................................................5
CONCLUSION................................................................................................................................6
REFERENCES................................................................................................................................7
Appendix: Family and Friends Questionnaire.................................................................................7

INTRODUCTION
Inquiry Based project is basically associated with some serious engagement and
investigation into a worthy question, issues or idea with the main purpose of creating and
building knowledge and enhanced information. The current Inquiry Project is based research
about current trends in the retail industry (Ueno, Sharma and Kingshott, 2017). The company
selected for this assignment is Tesco and to have proper analysis of its external and internal
factor use of PESTEL analysis and SWOT model is made. At last, valid recommendation is also
consist in this project to focus on continuing success and achievement of desired goals.
Main Body
Recent trend in retail sector
Retail industry is considered as most rapidly growing and dynamic sector in which
enormous amount of change are going on as customer behaviour is changing and their needs and
expectations are also going higher (Murray and Caraher, 2019). Thus, it is essential for all retail
orgnisation to remain updated about recent industry trends to ensure success of their business. A
discussion and valuation o these recent trends seen in retail industry are provided below:
Omnichannel Retail Strategies- Omnichannel basically represent a cross-channel content
strategy that are mostly used by an organizations or firm in order to improve their customers
experience and also lead to drive and have a better relationships with their target customers and
audience across all points of contact (Top 5 Emerging Retail Industry Trends, 2020). The
existence of the retailers or any organisation at both digitally and bodily is commonly known as
Omni-channel marketing. A continuous rise is seen in digital consumers especially in retail
industry who likes to look and analysis an item on their mobile or computers before actual
purchasing and buying (Bogue, 2019). Thus, it can be evaluated that in order to maintain their
success and viability retailers need to offer and provide a consistent and parallel buying
experience to customers across both online as well as offline channels. Further, tapping into
mobile shopping is also seen in retail industry that is an innovative way that is leading a unique
shopping experience for retailers through use of specialist electrical and telecommunication.
Personalized Retail Experience- It is also new trend seen in retail industry where
orgnisation are providing personalised product and services to customers. Personalization in
retail is basically associated with the process of using personal data and interest of customers to
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provide tailored experiences and customized experience to shoppers and consumers of products
in a retail environment. The taste, preference and needs of all customers is different thus, it is
becoming a new trend for retailers to have personalization of product based on the needs and
behaviours of individuals customer (Liebowitz, 2017). Use of this key trend consist of more
effective use if advanced strategy like chat-bots in order to increase customer engagement and
have more interaction with them through means of text messages and use of other social media is
and digital media devices that provide updates on orders and better link with the customers to
offer personalised product which meet needs and expectation of each customer.
Ethical and value-based brands- the another trend and change is seen in customers of
retailers industry as they are more attracted toward that orgnisation that are more based on ethics
and fulfil their responsibility and values. Thus, it has been that in recent times that Consumers in
retail sector are becoming more and more conscious of the ethos and emphasis on ethical
implication that exits behind the businesses they buy from. It has been seen that the brands and
orgnisation who have associated themselves with more ethical practices had received and earned
greater turnovers as it is most suitable way to enhanced loyalty and better commitments in
customers (Giri and Chatterjee, 2020).
Thus, on the basis of above discussion it can be evaluated that going online along with
offline stores at diversified locations i.e. Omnichannel Retail Strategies is the most vital trend in
current retail industry along with demands for more personalised products and having better
interpersonally connection with customers is also seen. Besides this, more emphasis on ethical
values and social responsibly is also seen in retail industry in order to attract larger number of
customers through building enhanced loyalty and commitment in customers.
Analysis of orgnisation
Tesco is a well known and highly famous British multinational groceries and general
merchandise retailer which is having its headquarter at Hertfordshire, England, United Kingdom.
It is among one of the largest retail organisation of world having it services across UK, Asia,
Europe and many other parts of world (Evans and Mason, 2018). This organisation basically
deals in Food, Pet care products, Frozen food, Beverages, Bakery products, Home electrical
products, Technology and gaming products, Home and garden products, Toys and car products.
Beside this, some of the stores of Tesco orgnisation also provides Sports and leisure products,
Party and gift products, Baby and toddler products, Health and beauty products, Entertainment
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