The Engagement of Stakeholders in Australian Retail Market - Literature Review

Literature Review 1
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Topic: The engagement of stakeholders in Australian retail market

Literature Review 2
Contents
Contents..................................................................................................................... 2
Introduction:............................................................................................................... 3
Literature Review on the Engagement of Stakeholders in the Australian Retail
Market........................................................................................................................ 3
Stakeholder’s Engagement..................................................................................... 3
Stakeholder’s Engagement on Australian Retail Industry........................................4
Theory..................................................................................................................... 5
Conclusion:................................................................................................................. 8
References............................................................................................................... 10

Literature Review 3
THE ENGAGEMENT OF STAKEHOLDERS IN AUSTRALIAN RETAIL MARKET
Introduction:
The Literature Review gives insight knowledge of the topic. Here the topic “The Engagement of
Stakeholders in Australian Retail Market” is to be reviewed. By reviewing the article through
scholar papers, the research details about different findings in the papers (Grimmer, 2017). The
review will focus on the importance of the stakeholders in the retail market of Australia. The
literature review will also discuss about the Australian Retail Market and the need of the
stakeholders in it (Balaji, 2016). The review will throw light on key theories that underpins the
engagement of stakeholders in the Australian Retail Market through the scholar journals. The
main area of concern is the Australian Retail Market as the study is restricted to this market only,
the literature given below will discuss the various discussions and researches conducted by peer-
reviewed authors in their articles. After going through the articles and journals on the topic, it
was observed that the authors are on a general consensus on my review topic that it is good for
the industry to engage the stakeholders in their business for earning the competitive advantage
(Moussaoui, 2019).
Literature Review on the Engagement of Stakeholders in
the Australian Retail Market
Stakeholder’s Engagement
As per the view of Stakeholder Engagement (2015) the stakeholders are the important parts of an
organization, it comprises of the customers, shareholders, directors, creditors, suppliers etc.
Stakeholders have deep insight knowledge of the industry and understand the goals and the aims
of the industry and so they can easily communicate about the company or the industry because of
their authority in the company (Stakeholder Engagement, 2015). For an industry it is important
to know about the stakeholders, so that the industry could be benefitted because of its
stakeholders. It is the responsibility of the company to build the knowledge and awareness of the
stakeholders so that they may understand the working of the organization. The stakeholders get
engaged through the formal channels like teleconferences or public forums. According to Merle
Naidoo and Alexandros Gasparatos (2018), the retail market in Australia is booming day by day,

Literature Review 4
a study done on 2018 shows that there would be a growth of 4.6% in the retail market of
Australia from 2019 to 2024. The retail sector has experienced a growth of 5% in South Wales,
3% in Victoria and 2.6% in South Australia. Many international players like ALDI group, Big W
etc. are also operating in the retail market of Australia. The customers are the most important
stakeholders in any industry and especially the customers are the important aspects for the retail
sector. The Australian Market focuses a lot of engaging its customers to earn the maximum
benefits (Naidoo and Gasparatos, 2018).
Stakeholder’s Engagement on Australian Retail Industry
The Australian retail market is strict in engaging the stakeholders in their industry and this case
observed by noticing their growth year per year, in spite of the fact that the wages in Australia is
decreasing and the house debt is increasing, it is still growing in terms of retail sales and the
reason for this is that the market is involving the stakeholders to a great extent and earning the
profit. The Australian retail market plans and prepares strategies involving the stakeholders. This
is elaborated by Nina Evans (2019) in his research that if the stakeholders are involved in the
business, and then the growth increases by a high percentage. The Australian retail market has
registered an increase in the GDP of about 50,000 Dollars and it’s has the second largest
wealth/adult in average, this was all made possible because of the involvement of the
stakeholders. The employees are also very valuable stakeholders, they are the one who in the
retail market sells and communicates with the customers, and for this reason the industry cannot
effort to lose its best employees and so, it keeps engaging them in their decision-making process
which of course is showing a significant growth in the industry. The shareholders are also
important stakeholders of the retail industry as they own the company and engaging them will
positively affect the business. The stakeholders in the retail industry also compromises the
distributers and the suppliers, these people have a great impact on the industry as they deliver
and supply the materials and products to the retail houses, and for this their involvement should
be high in the industry. The community in which the retail industry is operating is also a
stakeholder for the industry and it should also be considered while making the decision for the
working of the retail industry of Australia (Evans, 2019).