Retail Trends and Analysis of Marks and Spencer

Inquiry project about MARKS
AND SPENCER

Table of Contents
INTRODUCTION...........................................................................................................................3
Retail trends ....................................................................................................................................3
Industry data ..........................................................................................................................3
Retail industry trends..............................................................................................................4
Background & Analysis of organisation ...............................................................................5
RECOMMENDATIONS.......................................................................................................7
Action plan ............................................................................................................................8
CONCLUSION .............................................................................................................................10
REFERENCES..............................................................................................................................11
APPENDICES...............................................................................................................................13

INTRODUCTION
Retail industry consists of various departmental stores, supermarkets, speciality stores,
franchise and so on. They are the stores which are providing goods directly to end consumers
(Cantrell and et. al., 2020). Marks and Spencer is a British Multinational retailer which is
specialising in selling home products, clothings, food products etc. which belongs to their own
label. The following report consist of various trends in retail sector along with focusing on
background, SWOT, performance and recommendations for Marks and Spencer based upon
primary and secondary research.
Retail trends
Industry data
According to Vashisht and Mittar, 2019, Retail industry is highly dynamic and
competitive as well. Consumer is given importance in this market as the companies in this
industries adapt according to the changing demands and needs of customers. They first
developed as departmental stores and are now evolved to multi channels. However the amount of
changes brought in the industry only proves the fact that customer is considered to be king of the
market.
There have been a number of changes in shopping experience which consumers are
gaining from retail sector. The shopping experience of customers have evolved largely taking in
changes from physical stores to online stores and now to omni channel stores. The retail sector is
now providing facilities to use mobile phones and order products which will directly reach to
customers. The convenience which this method is providing customer again proves that the
evolution in retail industry is an outcome of customers needs and demands.
As per Neuninger, 2019, along with other factors in retail industry evolution also took
place in various ways the products are marketed and communicated to the consumers. During
industrialisation catalogue and direct mail were used by a number of salesman. This was
specifically used to sell the high end products. The concept of celebrity marketing was brought
thereafter which also consisted of nobility and brought goodwill to product. Consumers are now
focusing on prices and comparing quality of products before purchasing any product. They are
working on various information which is available about the product in market before purchasing
any such product. Retailers are effectively targeting the customers who are falling into their

potential criteria. Personalisation of goods in retail sector is also trending leading to bring
benefits to both consumers as well as retailers.
People always have to pay for the goods and services they are attaining from retail stores.
This mode of payment have been evolving overtime and number of benefits and convenience is
brought to consumer. The payment modes of cash and pay checks changed to debit and credit
cards. After this evolution in payment in retail sector also included cashless payment. This mode
of payment was supported by governments as well as it allowed them to keep a tap on people's
income and their spending. In this way products, method of selling and buying, payment
methods, consumer experiences as well as the communication and promotion of products and
services in retail industry have been evolving overtime.
Retail industry trends
According to Nayak, Akbari and Far, 2019, retail industry is a dynamically changing
industry. There are a number of changes that have been brought in industry from time to time.
Due to change in technology, consumer wants as well as other external factors is resulting in
rapid change in this sector as well. Some of he major trends in retail industry include introducing
omni channel networks. It is necessary to be present in more than one channel so that consumers
from every channel can be attracted towards the company. Another trend in retail industry is of
mobile wallet and other digital wallet. Most of the big economies around the world are becoming
cashless economies. This is resulting in making people to go for other options than cash.
Although there are options like credit cards etc. but most of people around world prefer mobile
wallets and digital method of payment.
Personalisation is another major trend seen in retail industry these days. A number of
companies in retail sector are effectively making special alterations in their products due to needs
and requirements of their consumer. All these changes re necessary as consumer is king of
market. Also due to high competitive market it becomes essential for companies to make sure
that they are bringing in changes according to the trends, so that they can retain old customers
and attract new customers towards them.