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Key issues faced by industry

   

Added on  2021-02-20

1 Pages1066 Words93 Views
Key issues faced by industryThe main issues faced by retail industry are:Changing expectation of customers, maintaining customer loyalty, Dealingwith internal communication, A high stakes global game of digitaldisruptionFuture direction: The industry has numerous of future opportunities whichcan be grabbed by them with effective focus on the work. Some of the corefuture direction for retail industry are:Personalised online shopping experience, Omni channel payments,Adoption of mobile content for better approach to customersCONCLUSIONOn the basis of overall description of poster, it has been analysed thatdensity of retail industry is very deep. The key player of this industry haveto focus of adapting latest technology in order to gain competitiveadvantage. The industry can easily enhance their market share byproviding personalised online shopping experience to its customers.Retail refers to the procedure of buying and selling of commoditiesor services to customers with the help of numerous of distributionchannels in order to earn the profits. The main aid of this industry isto satisfy demand of customers effectively by providing them rightproduct at right time. The retail industry includes a broad range ofsub areas such as grocery, convenient stores, department and drugs.Services of this sector are salons and many other rental places.INTRODUCTIONPosterMarket Size and StructureMajor competitive playersThe main competitive player of this industry are H&M, Marks andSpencer, Debenhams, Primark, TJX , Next, John Lewis Partnership,River Island and many others. Porter's Five ForcesBargaining power of buyer(Low): The bargaining power of buyers inretail industry is low. This is because, maximum stores of retail sectorare have fix prices there customers do not have any alternative tonegotiate at the stores. Bargaining power of Supplier(Low to Medium): This industry hasnumerous of suppliers who owes less power to bargain with large scalecompanies. It can be said that if suppliers give not agreeable quotationto company then they can directly move to another supplier whoagrees at favourable prices given by company. Threat of new entrants (Medium): There is negligible influence ofsmall scale companies in retail industry as they cannot competealready established companies. But, on the other hand, if businessorganisation has financially strong background then it is easier forthem to give stiff competition to existing companies. This showmedium threat of new entrants for whole industry. Threat of substitute(Medium): Threat of substitute products in retailindustry is medium as the industry offers variety of products at itsstore. Businesses who offers unique product can easily gaincompetitive advantage.Rivalry among industry(High): The whole retail industry is highlycompetitive. Therefore, in order to gain competitive advantage, it isessential for existing companies to offers highly innovative productsfor making them loyal for longer period of time.

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