Key issues faced by industry

Retail refers to the procedure of buying and selling of commodities
or services to customers with the help of numerous of distribution
channels in order to earn the profits. The main aid of this industry is
to satisfy demand of customers effectively by providing them right
product at right time. The retail industry includes a broad range of
sub areas such as grocery, convenient stores, department and drugs.
Services of this sector are salons and many other rental places.
Key issues faced by industry
The main issues faced by retail industry are:
Changing expectation of customers, maintaining customer loyalty, Dealing
with internal communication, A high stakes global game of digital
disruption
Future direction: The industry has numerous of future opportunities which
can be grabbed by them with effective focus on the work. Some of the core
future direction for retail industry are:
Personalised online shopping experience, Omni channel payments,
Adoption of mobile content for better approach to customers
Market Size and Structure
Major competitive players
The main competitive player of this industry are H&M, Marks and
Spencer, Debenhams, Primark, TJX , Next, John Lewis Partnership,
River Island and many others.
Porter's Five Forces
Bargaining power of buyer(Low): The bargaining power of buyers in
retail industry is low. This is because, maximum stores of retail sector
are have fix prices there customers do not have any alternative to
negotiate at the stores.
Bargaining power of Supplier(Low to Medium): This industry has
numerous of suppliers who owes less power to bargain with large scale
companies. It can be said that if suppliers give not agreeable quotation
to company then they can directly move to another supplier who
agrees at favourable prices given by company.
Threat of new entrants (Medium): There is negligible influence of
small scale companies in retail industry as they cannot compete
already established companies. But, on the other hand, if business
organisation has financially strong background then it is easier for
them to give stiff competition to existing companies. This show
medium threat of new entrants for whole industry.
Threat of substitute(Medium): Threat of substitute products in retail
industry is medium as the industry offers variety of products at its
store. Businesses who offers unique product can easily gain
competitive advantage.
Rivalry among industry(High): The whole retail industry is highly
competitive. Therefore, in order to gain competitive advantage, it is
essential for existing companies to offers highly innovative products
for making them loyal for longer period of time.
Poster
INTRODUCTION
CONCLUSION
On the basis of overall description of poster, it has been analysed that
density of retail industry is very deep. The key player of this industry have
to focus of adapting latest technology in order to gain competitive
advantage. The industry can easily enhance their market share by
providing personalised online shopping experience to its customers.