Economic Analysis of Monthly Turnover Estimates in Retail Industries

This research report investigates the monthly turnover estimates of various retail industries, aiming to determine relationships, provide reliable economic information, formulate economic models, and study the impacts of economic factors on retail trade. It addresses the concern of retailers regarding achieving high monthly turnover rates, which are often affected by peak and off-peak seasons. The study uses hypothesis testing to determine the relationship in monthly turnover estimates, employing data collection techniques like questionnaires and interviews, along with stratification and graphical methodologies. The data analysis involves statistical charts and graphs to display trends and draw conclusions about turnover estimates in different industry categories. The report ultimately presents monthly retail turnover estimates for each discussed retail industry, offering valuable insights into economic trends and market dynamics.

Research study
Objectives of the study.
• Objectives of the research study were to:
I. Determine the relationship in the monthly turnover
estimates of various retail industries.
II. Give reliable and trusted economic information that
is crucial for economic decision making.
III.Formulate economic model to study the trends in the
retail industry
IV.Study the impacts of economic factors on the retail
trade.

Problem statement
• Retailers and dealers in retail industry are concerned
with making high monthly turnover rates from their
businesses.
• Many retail industries have failed in meeting this goal
(Rahman et al. 2010, p.156).
• These market trends are due to peak and off-peak
seasons that occur monthly, quarterly or yearly.
• The study of these economic trends is a crucial
practice as it aids in evaluation of the retail turnover
estimates in any retail industry.

Hypothesis testing
• The study used an hypothesis testing to determine
whether there was a relationship in the monthly
turnover estimates of different retail industries.
• The null and alternative hypothesis of the study were:

• Null hypothesis(Ho): Relationship exists in the
monthly turnover estimates.
• Alternative Hypothesis(H1): No relationship in the
monthly turnover estimates.
• Therefore, the study determines whether there was a
significant relationship in the monthly turnover
estimates.

Research design and Methodology
• The survey has been conducted primarily by use of
data collection techniques such as use questionnaires,
telephone interviews, direct interviews or mailing
some questionnaires to businesses.
• Some stratification technique is also used in grouping
different industries into their specific classes.

•A graphical methodology is used to show the
trend in the monthly turnover estimates of
different industries.
•Stratified sampling technique is employed when
grouping the industries into classes they belong
to, for instance, liquor retailing, household goods
retailing.

• The data analysis process involved outputting of
statistical charts and graphs. These graphs and charts
were used in making some conclusions based on their
shape and the trend displayed.
• The findings of the research investigated trends in
turnover estimates of each industry category.
• The project shows monthly retail turnover estimates
for each of the discussed retail industry.