Modern trends in retail

Modern trends in retail

Table of Contents
INTRODUCTION ..........................................................................................................................1
TASK 1: Modern trends in retail.....................................................................................................1
TASK 2: Analysis............................................................................................................................3
A basic primary data collection by using questionnaire.............................................................5
TASK 3: Recommendation..............................................................................................................8
CONCLUSION ...............................................................................................................................9
REFERENCES..............................................................................................................................10

INTRODUCTION
The report below is based on Tesco that is a retailing company and having work within
general merchandise and groceries. It is a company that is dependent over grocery retailing
industry as with this offer all the different type of product and services to its customers that make
life processing even more easier and comfortable along with having a headquartered in UK
(Ganebnykh and et. al., 2018). The company also having its own website that is named as
www.tesco.com and with this they have offered online services as with this ability to achieve
standardised outcome is achieved in timely manner. Tesco has worked with the mission to be the
champion as it help the customers to enjoy standardised quality products and services for an easy
life.
TASK 1: Modern trends in retail
The current trends in retail sector has induce quick change within this disruption get
accelerated and product consumption also get advanced. The digital disruption is getting
emerged within retailing industry that collectively induce significant growth and success in
systematic manner. It is an industry that didn't afford about the ignorance of tremendous impact
as with this induction of digital technology involved traditional business model as by involving
digital touchpoints. It is a centre stage through which retailer get work on to enhance its
engagement about to engage customers as by reducing its risk taking capacities in prominent
mode. The e-commerce friendly assist POS system as it helps to get cover from COVID
situation that is used to monitor and evaluate optimised services through sales processing. There
are multiple channel that is used by the business to enhance sale as like brick and mortar as well
as e-stores as with sync of invention and promotions (Krasyuk and et. al., 2019). Machine
learning helps the business to forecast future demand and sales that is used to innovate and
optimise supplier relation and customer relationship, logistics and manufacturing that help
business to process smart marketing.
What is the current customer behaviour in retail industry
The customer behaviour is shifted towards augmented shopping and with reference to
Garner it is predicted that around 100 million consumer are shifted towards reality of
augmentation that furthermore reflects towards shopping experiences. Due to the pandemic
situation of COVID 19 isolation has been in priority that increases the virtual lifting demand of
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customers. In this “try before you buy approach is used to attract customers as it allows to get
interact with online products and services. There are different brand that embraced artificial
intelligence that is focused by customers as it allows and provide virtual space under which
significant outcome is achieved in realistic mode with virtual goods and services.
(Source: Gartner 2020)
What are the industry and market specific digital trends
The retailing industry has specific digital trends that is based on data science and
personal interaction in which machine learning is progressed as a personalised tools as it drive
higher sales and more profit. The market trends is used with prospect of machine learning in
which information is collected of about similar customers that help to design and develop
adequate actions about specified buying experience ((Castaldo, Grosso and Premazzi, K., 2020)).
In support of this day by day experience is personalised under which rate of delivery also get
advanced and in addition to this different dealing is offered as by offering is processed with easy
navigation and by tracking order details. The total sales values of retail is about £394 Billion,
total employee in UK retail in 2.9 billion with proportion of consumer spending as of 1/3 and
pertain growth about 3.4% (UK retail stats and facts, 2021).
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