Factors Influencing Sales of Retail Organizations

Running head: MANAGEMENT
Study of Factors that Influence Sales of an Organization
-Individual Literature Review
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1MANAGEMENT
Abstract
A review of academic literature was used to identify factors that can influence the sales of a
retail organization. Data from academic literature was used to develop problem solving
models using theories such as reinforcement learning, learning automata and partial
observability.
Based on the proposed data collection method and data analysis methods, literature
review was conducted which helped to identify several factors that can impact the sales
performance of an organization. Background of the business function was also performed to
identify which of the factors identified earlier can be related to the problem. Based on these
outcomes, recommendations ere also made which can improve brand loyalty, implement best
marketing practices and increase sales.
In the literature review, various important factors could be identified that influences
sales performances of an organization. These factors included: increasing focus on customer
experiences and using experiential retail strategies, artificial intelligence and big data
systems, hyper personalization of user experiences, increase in the number of product/service
and health conscious customers, augmented reality and virtual reality technologies, multi
channel retail strategies, digital mobile wallets, quick shipping for e commerce, internet of
things and sustainability. Important theories of best practices in manufacturing and operations
were also identified such as Statistical Quality Control (SQC), Lean Manufacturing, and
BusinessProcess Redesign (BPD). For the purpose of the research methodology, theory of
planned behavior, innovation and adoption theory and elaboration likelihood theory was
identified

2MANAGEMENT
2.1 Introduction:
A search through academic literature was performed in order to explore the current
knowledge on the various factors that can impact product/service sales in order to understand
how retail businesses can improve their sales and thus improve the financial performance of
the organization. Outlined below is a thematic analysis of academic literature
2.2Data Collection
According to, Cavanagh&Fisher (2018) the retail industry is undergoing an enormous
amount of change due to changes in customer behaviours, changes in the expectations of the
customer, technological advances and influx of international competitors in the market. Such
factors have led to the development of several important market trends that needs to be
considered while marketing a product or service.
2.3Background of business functions
Different functions and collaborations between different departments of the
organization is needed for a stable retail company. According to Liu, Lobschat&Verhoef
(2018), retail is the fastest growing and evolving sectors that is highly influenced by
technologies and market trends. The retailers are the final link in product distribution and the
point of contact for customer for purchase of products. The main business functions of
retailers include:
2.3.1 Planning
 Perform effective risk management
2.3.2 Organizing
 Warehousing and storing products
 Act as a point of contact for customers
 Packing and Grading of products