Current Trends in Retail Industry

Inquiry Project

Table of Contents
INTRODUCTION...........................................................................................................................3
CURRENT TRENDS IN RETAIL INDUSTRY.............................................................................3
Retail industry trends which prominent research...................................................................3
ANALYSIS OF BOOTS.................................................................................................................5
Covered in Appendix 1...........................................................................................................5
RECOMMENDATION...................................................................................................................5
CONCLUSION................................................................................................................................5
REFERENCES................................................................................................................................7
APPENDIX 1...................................................................................................................................8

INTRODUCTION
Retail industry is a business segment in which organisations deals in bulk goods where the
purchase products in bulk from wholesalers and make sales to the end consumer and earn their
profits. In simple words retailer is a business organisation in which they works as a medium
between the wholesaler and the ultimate consumers where the retailers make sales of goods to
the customers according to their needs and earn a respective percentage of profits. Retailer
satisfies the demand of customers as they conduct market research and thoroughly understand
and determined means of people and make use of appropriate supply chain to render goods
people. In this report Boots UK Limited is chosen which is a health and beauty retailer and
pharmacy chain in the united kingdoms. The organisation was founded in 1849 by John boot and
headquartered in in England, UK. Organisation also deals in international market such as
Thailand, Norway, Netherlands and Republic of Ireland. This project current trends in retail
industry is identified with the help of secondary research. a questionnaire is used for collecting
primary data in relation with Boots and its market analysis. Moreover, appropriate steps for
growth and recommendations are given to the company (Geraldi and Söderlund, 2018).
CURRENT TRENDS IN RETAIL INDUSTRY
Retail industry trends which prominent research.
Retail industry is a wide business segment which holds numerous opportunities and business
ideas for the interested parties and entities. The retail sector of the UK is currently fluctuating
and very unpredictable due to rapid changes taking place in the economy as the impacts of
BREXIT and COVID-19. The whole world is suffering from covid-19 and it is negatively
affecting to all the organisations and economies in different geographical locations as the
businesses and all industries are not in functioning as people are not allowed to even leave their
houses as a safety measure to fight this deadly disease named as coronavirus or COVID-19 (Ng
and Adnan, 2018). The retail sector of the UK economy is affected negatively but also have
some positive impacts. The current trends of the retail industry in the UK is very fluctuating and
speedily changing due to unpredictable working environment and working conditions (Butler-
Kisber, 2018). Few current trends which are running in the retail sector of the UK are as follows:
 Data driven retail- The retailers retainers has the opportunity and gets full value of the
enormous data they have about the customers nowadays. The Retailers works together in

order to create and execute strategies using the data from all touchpoints that anticipate
customer needs and make their shopping faster and experience curated and easier. A data
driven retail means businesses are measuring everything in the organisation and all the
data they have which is measurable, this is done for determining how the data maths to
business objectives and delivery higher value to all the customers and end users (Irwin
and et. al., 2018). This is the current trend which is flourishing in the retail industry and
mostly in the pharmaceutical and beauty sector as the businesses and retailers creates and
execute strategies using data from all different areas which helps them to anticipate and
identify customer needs and providing them better shopping experiences which is unique
and separate from others (Thacker and et. al., 2018).
 Store of future- The use of technology and digitalization is regularly increasing I’m
becoming the day today part of life of individuals. Technology is evolving on regular
basis which is contributing a very large portion to the retail sector also. Advanced
technology and digital tools are used by the stores and retailers in their organisations for
conducting business activities and for delivering the best quality goods and services to
the customers at the time there any actors and they desire particular goods and service.
Digital offerings have reached expectations of customers while there enters the surgical
store of the retailer (Schnellert, Fisher and Sanford, 2018). The retailers work with the
motive of reimagining the end to end journey of old particular customers across the
digital and in-store experiences to enhance the engagement self-service and check outs.
These technologies and digital media is also becoming a very potential source of
marketing, which is one of the most important tool for a retail store. A Retailer is always
required to keep the customers and general public informed about their offerings which is
part of their marketing strategy. Digital tools and advanced technology is becoming a
very important and essential part of marketing strategy of all retailers and it is one of the
most preferred source as it is very cheap and less time consuming (Song, 2018).