Inquiry Project: Trends and Analysis in the Retail Sector

Inquiry Project

Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
Trends in the retail sector.............................................................................................................1
Analysis of the organization........................................................................................................2
Recommendations for the organization.......................................................................................4
CONCLUSION................................................................................................................................6
REFERENCES................................................................................................................................7

INTRODUCTION
Inquiry project refers to the undertaking of inquiry by the management of the
organization which ensures that the managers are able to identify the ways through
which they can assess the overall viability in the market (Aktas and Meng, 2017). For
this report TK Maxx has been chosen. It is an American Departmental Store Chain
which provides its different types of products at a lower rate than the other stores in the
market. In this assignment, focus will be made on trends in retail, analysis of the
organization. Additionally, focus on recommendations will be made as a part of this
project.
MAIN BODY
Trends in the retail sector
The retail sector is a thriving one in which there are multiple companies in the
market. It has various segments in which different firms can operate (Chiguvi, 2020).
There are various organizations which are operating in it. Its various trends are as
follows-
Investment in omnichannel strategies- Nowadays in the retail sector there has
been a focus of the companies on investing in different omnichannel strategies (Ferreira
and et.al., 2020). They are identifying the ways through which they can ensure that
multiple channels can be used to target the customers in an effective manner. Thus the
requirement from TK Maxx is to make sure that they can do right investment in these
strategies by identifying the multiple channels through which the customers can be
targeted and the marketing of products and services can be done in an effective
manner.
Personalized retail experience- The firms are focusing on providing
personalized retail experience to their customers (Filimonau and Gherbin, 2017).
Personalization has now become the focus of the companies because the customers
have their specific needs and demands which are required to be fulfilled by the
businesses. TK Maxx has to therefore make sure that the needs and preferences of the
customers are identified and personalized services are provided to them accordingly
which will ensure their satisfaction.
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