Current Trends in Retail Industry

This report discusses the current trends in the retail industry, including information-focused retail and the use of digital technology. It also provides recommendations for TK MAXX, a popular retailer in Europe.

Inquiry project

Table of Contents
Contents
INTRODUCTION...........................................................................................................................1
CURRENT TRENDS IN RETAIL INDUSTRY.............................................................................1
Retail industry trends which prominent research...................................................................1
ANALYSIS OF BOOTS.................................................................................................................3
Covered in Appendix 1...........................................................................................................3
RECOMMENDATION...................................................................................................................3
CONCLUSION................................................................................................................................5
REFERENCES................................................................................................................................6
APPENDIX 1...................................................................................................................................7
APPENDIX 2...................................................................................................................................9

INTRODUCTION
Retail industry is an industry that produces the large amount of goods and services that will
be produced for the customers. Retailers more often get collect their products from the
manufacturers as well as to convert the commodity into finished and furnished goods. The
retailers also get collects their products and services from the middleman known as distributors
or the wholesalers as well. The retailers are the one that purchase the large number of diversified
range of products from the wholesalers and then furthermore sale out that products in the market
or to the customers. It was a basically a business that will perform their work in between the
customers and the wholesalers and provides the required amount of goods to the customers as
per their demand. The retailer generate their profit by providing the continuous supply of all
products and services that are in demand and used by the business to ensure that necessary and
required item will get provided to the customers (Barata, 2018). Retailers conduct the market
research to make better understanding of the market and then make the effective utilisation of all
the required products by maintaining the appropriate supply chain. This report is based on the
TK MAXX as it is a store chain as in American department and have sale the product with fewer
prices as compare to other competitors store. There have more than 1000 number of stores all
across in US and it is the largest clothing retailer in US. This report includes the recent trends
that are followed by the retail industry that is measured with the help of secondary research. In
this the questionnaire will be used to gather the primary data in market analyse the TK MAXX.
In addition to this there are some recommendations on the basis of analysis.
CURRENT TRENDS IN RETAIL INDUSTRY
Retail industry trends which prominent research.
Retail industry has the broader business and generates different market opportunities for the
business to develop the higher interest of the employees. They have worked with the creative
ideas and with that provide the better care to the customer in terms of new products and services
that are good for their living standard and health (Campbell, 2018). As per in today’s scenario
that retailing industry of UK has gone through with the different fluctuating and uncertainties
that are generated to the random effect that has been raise after the Brexit as it has huge negative
impact on the scale of economy. While in recently the COVID-19 is being the most unfavoured
symptom that stops the economic generation of all across the world and it doesn’t have its impact
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on certain places, regions or country but it has been covered the whole world. It has affect the
transaction or transformation of all across the world the economy will have banished out with the
biggest slow down. In order to get favour the precaution from the COVID-19 it is must that the
people will maintain the social distancing and doesn’t meet to the new people and every
individual locality is bounded out with full precaution and that is done to provide the safety
measure to the people (Chan, 2018). The retailing industry of the UK and the entire world will
get unconstructively affected but having some positive impact as well that the environment
pollution becomes less and climate become cleaner. The working condition and the culture is
getting most effected and by that they will get more unpredictable changes by that the economy
will get fluctuate and with that the business will get make the speedy and reflective changes to
get over from the adverse impact. There are some of the different trends that are followed by the
retailing industry and that are as follows below as:
 Information focused retail- The retailers are having generate more opportunity from the
market and also collects a lot of opportunity from the market as well. The retailers must
get provide the different values and data to the customers and collect the data from the
market and then provide and manage the adequate supply in beneficiary manner. They
will develop and create different opportunity in the favour of the customer by which they
get the best product with appropriate prices. By which the customer get more satisfaction
to they get more valuable products with differentiate services. The different data will get
measured and by which they will get more connect with the different accuracy to develop
the better objective to analyse the better delivery by which the value will get more
curtained (Denisoff, 2020). The current trend in the retailing sector is more vulnerable
and thriving by which the better source will get generate thus retailing industry develops
more certain strategies by using the different special tactic to get better generation. Thus
the anticipation of the customer will get transformed and in that the need of the public
will get developed with better adequacies. The different businesses will have developed
the different services to the customer in unique and creative manner by which the demand
gets contented.
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 Amass of future- It is the technical advancement that has been generated while
considering the different prospect of the market development. There are some of the
different advancement and the development that will get generated on the basis of
different technicality with the parallel usage of digital technology. It is the purgation that
is more developed and changes in continuous basis by which more generosity will get
developed. The urbanized technology will become the part of the day to day life as every
individual is more aware about the different consequences that have been developed on
random basis (Kunc, 2018). Thus it has also affected the retailing industry as well and in
that the wider part will get manage their business or provide different service to the
people with the usage of technical advancement. It helps to make the better and strong
connection with the larger number of people and with that the expectation of the
customer will also get balanced. The advanced technology will get induced within the
business and it is more essential for all retailers to get use digital marketing as it is more
conserving and time saving activity.
ANALYSIS OF BOOTS
Covered in Appendix 1
RECOMMENDATION
As pet the current market trends of the retailing industry there are various data that is
collected by them and it is in the form of primary and secondary sources (Aivazidou, 2019).
There are some recommendation and the suggestion to the TK MAXX and that are as defined
below as:
 It has been recommended that the TK MAXX must provide more cleanliness and hygine
to their stores as it is the most basic fundamentals to get over from the effect of COVID-
19. It is must that the stores will must get uses the social distancing and didn’t allowed
the larger number of people to get in the stores and they must get use the sanitizer and the
mask that is mandatory while entering in the stores (Annamalai, 2018). The store must
get opened in the short time period or in the slot by which the required public can take
their likelihood from the store in easiest manner. By this the better maintenance will get
managed and it is more favoured condition while considering the different aspect of the
illness that get spread from all the nations (Lu, 2019).
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 It has been also recommended that the TK MAXX must get uses the better digitalisation
and the some home delivery schemes by which the customers will get more better
treatment and take the benefit of the supermarket from the home as well (Franco, 2018).
It also help to get connect and make the healthy relationship with the larger number of
people and in that they will get more balanced adequacies and with that they will get
developed better impact on the society. It will emphasise the different abilities and the
capability of the business and with the marketing has been performed within the digital
platform. It is also get perform different promotional and the marketing of the make the
innovative changes that are served by the TK MAXX for the welfare and the betterment
of the society and the customer as well. It will more useful as it reduce the costing and
helps to make the better investment will more attraction and also help to make the loyal
customer base. Marketing is the fundamental key that is more important for the business
to get performed and in that the company must uses the different norms in which the
better change will get introduced in the market (Lekhwar, 2019). The TK MAXX must
get update their technical spread as per the advancement of the market that helps to make
continuous interacting with the target number of customers.
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CONCLUSION
It has been conclude from the above report that the retailing industry is being used the
wider platform in order to manage and control their different operation in effective manner. The
business of the retailing industry will get affected as they are gone affected by the Brexit and the
COVID-19. Thus in that the market trends will not get balanced it will always get fluctuated in
that the inappropriate outcomes will be generated that is not in the favour of the business. There
is the opportunity that is grabbed by the retailing industry is all about to get trained the domestic
employee that helps to make better utilisation of all the different talent. The domestic labour is
cheaper thus they get more benefit and it is in favour of the business.
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REFERENCES
Books and Journals
Aivazidou, E. and Tsolakis, N., 2019. Water footprint management in the fashion supply chain:
A review of emerging trends and research challenges. Water in Textiles and Fashion,
pp.77-94.
Annamalai, B. and Varshney, S., 2018. Practical implications in popular consumer behaviour
research. The Marketing Review, 18(3), pp.322-343.
Avinash, B.M. and Babu, S.H., 2018. BIG DATA TECHNOLOGIES FOR E-BUSINESS--
FUTURE OPPORTUNITIES, CHALLENGES AHEAD AND GROWING TRENDS.
International Journal of Advanced Research in Computer Science, 9(2).
Barata, J. and et. al., 2018. Mobile supply chain management in the Industry 4.0 era. Journal of
Enterprise Information Management.
Campbell, R. and et. al., 2018. Media essentials: A brief introduction. Bedford/St. Martin's.
Chan, C.O. and et. al., 2018, May. IoT data acquisition in fashion retail application: fuzzy logic
approach. In 2018 International Conference on Artificial Intelligence and Big Data
(ICAIBD) (pp. 52-56). IEEE.
Denisoff, R.S., 2020. Solid Gold: Popular Record Industry. Routledge.
Franco, P.P., 2018. Digital Retail and How Customer-Centric Technology is Reshaping the
Industry: IT-Enabled Digital Disruption. In Digital Multimedia: Concepts,
Methodologies, Tools, and Applications (pp. 1560-1580). IGI Global.
Kunc, J. and Križan, F., 2018. Changing European retail landscapes: New trends and challenges.
Moravian Geographical Reports, 26(3), pp.150-159.
Lekhwar, S. and et. al., 2019. Big Data Analytics in Retail. In Information and Communication
Technology for Intelligent Systems (pp. 469-477). Springer, Singapore.
Lieb, K.J., 2018. Gender, branding, and the modern music industry: The social construction of
female popular music stars. Routledge.
Lu, Y., 2019. Artificial intelligence: a survey on evolution, models, applications and future
trends. Journal of Management Analytics, 6(1), pp.1-29.
Moorhouse, N., tom Dieck, M.C. and Jung, T., 2018. Technological innovations transforming the
consumer retail experience: A review of literature. In Augmented reality and virtual
reality (pp. 133-143). Springer, Cham.
Nikhashemi, S.R. and et. al., 2019. Uncovering the roles of retail brand experience and brand
love in the apparel industry: Non-linear structural equation modelling approach. Journal
of Retailing and Consumer Services, 48, pp.122-135.
Paunov, C. and Planes-Satorra, S., 2019. How are digital technologies changing innovation?:
Evidence from agriculture, the automotive industry and retail.
Silva, E.S. and et. al., 2019. Big Data in fashion: transforming the retail sector. Journal of
Business Strategy.
Stanton, J.L., 2018. A brief history of food retail. British Food Journal.
Wu, C.W. and Tso, K.F.G., 2018. Good Practices and Considerations in Conducting Email
Survey for Fashion Retail Industry. In Contemporary Case Studies on Fashion
Production, Marketing and Operations (pp. 105-117). Springer, Singapore.
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APPENDIX 1
SWOT ANALYSIS of TK MAXX
TK MAXX is the most famous retailer in Europe and has dealt with a lot of stores and
providing the best quality of diversified products and services. The most of their retailing part is
related to off chain of price and came into existence in the year 1994. It is also be the 10 largest
retailers of fashionable retailer and one of the most favourite retailers in UK. There is the SWOT
analysis that provides the adequate information about the different strengths and the weaknesses
that is used to make profitable interest. It has been used to get developed more sales by
sharpening the sales by indentify the strength whereas, the weakness must get resolved by which
more appropriate changes will have been taken to get ensure that the company must get
developed and generate more sales thus there is the SWOT analysis that is as explained below as:
Strength: It is the factor that defines the different state through which they have gain the
better profit and it is the one major value of the TK MAXX that helps to make the achievable
changes in more effective manner. The affordable and the most better quality services and the
major strength that is used to develop more sales as customer as get attracted towards these kind
of services. It is the most favourable aspect for them and thus it helped to make the effective
relationship with the large number of customers. They have been encompasses the wider range
of the products as they add the new clothes and the accessories with more durable prices thus
customer get attracted by that and it is in favoured of the TK MAXX. The marketing trends of
UK in relate to the fashion industry is more better thus TK MAXX also gets positively affected
by that.
Weaknesses: The sales of the fashionable products and services are more seasonal and
thus the sales becomes more less as people majorly get used to off to spend the money at the
time of Christmas and other occasion as well. The competition is more difficult thus it is hard to
get maintain the long term sustainability. In that TK MAXX faces the recession and in that there
profit margin will get more short or less.
Opportunities: They have sale the products at more cheap prices thus it is easy for them
to get over from the recession. The UK customer spends less as compared to Europeans as they
have the potential to manage the market growth. It is more relative that women has more
reflection towards the fashion industry as compared to men thus the TK MAXX must get targets
the men to develop more sales in easiest manner. They have provide the clothes with more
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easiness and in that they have been offer the discount and in that they have that opportunity to
attract who has lower income it helps to change the buying behaviour of the customers.
Threat: The growth and depend of fashion industry is more thus it is hard to get manage
with the better prices and to get over from the competition as customer have a lot of choices as
well. The value of pound also get decreased and thus it has huge cost to the TK MAXX as their
clothes were get imported and the accessories as well that reduces the volume of sales and profit.
The shopping habit has been changed after the recession and that has long term effect on the
large number of people that has save their amount as customer start making less consumption.
The development of productivity with cheaper rates also get affects the competition and the
brand value as well.
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TELEPHONE INTERVIEW FRIENDS AND FAMILY
Q1. Do you like TK MAXX stores? Why?
A1- yes, I probably get the best experienced while purchasing or using the services of TK MAXX.
A2- Yeah, I have always enjoyed the services of TK MAXX as I get most suitable products and yes it is near
to my home thus it is easier for me to take products from there.
A3- Yes, I have like the store as they keep looking forward to provide better experience to the customers.
A4- Yapp, I would like that store they keep the store cleaner and off course hygiene as well.
A5- Yes, but I didn’t make my visit from a lot of time.
Q2. What types of products you prefer and what is your opinion about quality and price?
A1- I have used the confectionary products and yes it has better quality.
A2- I have a younger baby thus I used to purchase the child item and it is safer for my child as its quality is
really good.
A3- I have purchase the fruits and vegetables that more fresh and healthy.
A4- The cleaning products are more good and I have purchased the different other products too and have
good experienced.
A5- No, I didn’t use the different products but sometime I used and have great experience.
Q3. Is it easy to find the products?
A1- For me it is as everything is well managed.
A2- As they have diversified service thus it is hard for me but I will manage.
A3- It is easier and I find more comfort with that.
A4- They have served more service thus sometime it is complex to find the place of my product but there are
department and that is more helpful.
A5-Yes it is as I am constantly making my visit thus I know the places.
Q4. What is your recommendation for TK MAXX to improve their services?
A1- They must make appropriate shelf and add the limited amount of products by which it looks cleaner.
A2- The TK MAXX must get provider big package while managing the purchased products.
A3- TK MAXX must get make better alignment and add some other products as like some more varieties.
A4- TK MAXX provides better services but give some discount to favoured customers.
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A5- TK MAXX must have appointed more caretakers that manage the crowd with more balance.
Q5. How much money do you spend when you visit TK MAXX? And why?
A1 I didn’t measure that and it will depend on my mood and the items that I have chosen.
A2- Around £100-£150 and might varied more.
A3- Approximately more them £200 on weekly basis while purchasing any needed products.
A4- More than £100 and it is not fixed might have changed.
A5- I have purchased the monthly items thus around £1000.
Q6. How you think about the interior décor and atmosphere of the story?
A1- It is good and attractive
A2- Good but they must induce some more creativity.
A3- It’s more appropriate and I liked it.
A4- It is flourished and I liked that.
A5- Must make monthly changes to attract the customers.
APPENDIX 2
IN STORE FACE TO FACE INTERVIEW
Q1. Do you count TK MAXX is a successful business? Why?
A1. Yes they have more customers and have more stores as well.
A2. They have better management by which they get easy going business and more successful as well.
A3. It is in favour and it’s good.
A4. Off course it is and I wish that they get more success in future.
A5. Yes but in this tough time they must change their promotional activities and it is in favour of them.
Q2.The Brexit going to affect your business? How?
A1. Yes it has major impact on all the retailing industry.
A2. These condition and not in anyone and they also get affect.
A3. They get affect but it is better that they could induce some change in strategy.
A4. It is defiantly going to affect and has negative impact but as time passes thing covert in favour of the
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business.
A5. There are some generous and relative to the business.
Q3. Which are the most important strengths and challenges of TK MAXX? And what changes
are coming?
A1. Strength is there well behaviour and positive attitude while challenge is to overcome from Brexit effect.
A2. The strength is their attitude towards customer and challenge to grab long term attraction of customer and
for that continuously provide better services.
A3. Their culture is better and they have provided better services as per their rival and rest is good.
A4. The performance is good and it could be better while making more strategy.
A5. All is in favour but they accept that customer not remain fixed thus provide quality services.
Q4. What is the business policy in general for employees? What is the best thing about working
for TK MAXX?
A1. Treat all as equal and it is more supportive
A2. Provide best wage and more relaxed surround
A3. Working nature is better and it is more attractive as well.
A4. Provide care and health policy and offer special discount to employees.
A5. HR is more favourable and thus it is good and we get lot more benefits as well.
Q5. How many departments do you have? Name them and explain how does the store manage
them?
A1. Cleaning that perform daily cleanliness and twice in a day
A2. Security department that provide all sheet to company.
A3. Managing team that manage and maintain adequate balance of products in store.
A4. Store keeping they manage the inventory and manage supply at all store.
A5. Supervisor that ensure full safety of the store.
Q6. What is your competitive advantage at TK MAXX? Online retail sales increasing in the last
year?
A1. Yes sales were increased and provide better and quality service on continuous basis.
A2. The nature and surround is cleaner and healthy that helps to make better connection with customer as
compared to their competitors.
A3. Supply management is more certain and effective and sales were kept on increasing.
A4. The service is better but due to COVID -19 sales has been decreasing.
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A5. Better interaction and service is effective and sales get decreased due to COVID -19.
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