Inquiry Project FY028: Retail Trends, Analysis & Recommendations

This report provides a comprehensive analysis of Halfords Group PLC within the context of current retail industry trends. It begins by outlining key trends such as online purchasing, globalization, changing customer demands, technological advancements, preferences for value-based brands, influencer marketing, and the increased use of chatbots. The analysis then focuses on Halfords Group PLC, examining how the company adapts to these trends using strategies like new product development and market development, particularly during the COVID-19 pandemic. The Lewin change model is applied to understand how the company manages organizational changes. Finally, the report offers recommendations for Halfords Group PLC, including conducting market analysis, understanding customer requirements, utilizing effective marketing channels, applying motivation theory, implementing the Lewin change model, focusing on international relations, managing costs, and introducing new technologies to maintain competitiveness and increase productivity. The report concludes that understanding and adapting to retail trends is crucial for Halfords Group PLC to maintain high performance and achieve its business goals.

Analysis of a company

Contents
Contents...........................................................................................................................................2
INTRODUCTION...........................................................................................................................1
MAIN BODY..................................................................................................................................1
Current trends in retail industry...................................................................................................1
Analysis for the organization.......................................................................................................3
Recommendations........................................................................................................................4
CONCLUSION................................................................................................................................6
REFERENCES................................................................................................................................7

INTRODUCTION
The needs and wants of people is changing time to time where it became most important for
business concern to analysis the current trend and offer kind of product and services accordingly.
A retail industry is larger in whole environment where goods and services are sales to consumers
and supports to develop the organizational productivity. To understand the tends in retail
industry Halfords Group PLC has been selected that is UK’s largest retailer of motoring and
cycling products and services (Husni, 2020). The organization is operating its business by
understanding trend and provide kind of products effectively. The report covers trends in retail
sector, analysis and recommendation that supports to develop organizational productivity.
MAIN BODY
Current trends in retail industry
In today's world retail industries are developing with the help of currents trends. It
changes customer’s expectation as well as their behaviour in order to make their purchases. It is
essential for retailers to understand and Known about daily trends in order to operate their
business for long time in effective manner. In context of Halfords Group PLC, its current
trends that change their business environment are discussed below:
Online Purchasing- One of the most effective current trends for retail industries are
online shopping or purchases. Customers uses their phones, iPad or laptop for searching and
looking items as well as make purchase through various websites. Looking items in phones
change customers demand and increase their expectation in order purchase their items. It is
important for the retailers in order to make their products available in online stores that attract
customers to make their purchases. In respect of Halfords Group PLC, trends of online
purchasing influence them in order to allow their customers to make their purchases using online
sources (Al Mamun, Lawrie, and Wright, 2020).
Globalisation- Globalisation is also an important trend for retail industries that helps
them to grow or expand their business in other countries in effective manner. It provides new
customers, new market and new competitive environment in order to operate their business and
earn maximum profit. It helps retailers to globalise their business and get various opportunities in
order to expand their business effectively. In regard of Halfords Group PLC, emerging trend of
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globalisation helps them to expand their in different industries and attract more customers also
(Ramnarain, and Hlatswayo, 2018).
Changing customers demand- Customers demand are changing daily due to change in
taste, interest or preferences. It is important for the retailers to get customer experience in order
to known about their choices or interest. In accordance with Halfords Group PLC, managers
should take their customers experiences while selling or advertising their products in market in
order to provide products that attract customers for making their purchases.
Technological advancement- Changes or development in technology provide new
dimensions for retail industry in order to operate their business in current and future situations.
Changing technology helps them to manage their different function in effective manner such as
electronic transactions, bar codes, huge storage capacity software for billing and payments
records, cashless transactions applications, so on. In case of Halfords Group PLC, changing
technology help them to operate their business effectively (Bodolica, Spraggon, and Soueid,
2019).
Preferences for value based brands- In today's world customers collected various
information using internet within seconds in order to any purchases. They usually collect
information about those company which has high demand or preferences in the market. This
make retailing industries to perform social responsibilities activities which helps them to
advertise their products as well as create values. Customers always make purchases from those
retail company which has ethical value in the market. In respect of Halfords Group PLC,
customer’s preferences for value based brands influence them to do ethical activities which
creates their value in the market.
Influencing marketing and social media – Now a day most of the people are active on
social media as they spend their time and get information regarding any products and services.
Social media and digital market is influencing trend in retail industry which used to influence
people by providing details and information about products. If there are good marketing
strategies, then become easy to develop organizational sales. In relation to Halfords Group
PLC, Face book, twitter, Instagram, Reels, and online marketing channel is used by marketing
management that can help to reach targeted customers and develop organizational performance
(Jin, and Shin, 2020).
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Increase use of chatbots – As Covid-19 has limited in-person experiences, where
retailers have to reduce face to face customer support and lean towards more innovative trends in
retail. As customers can make buying decision any time where chatbots service is providing by
company by using new technology. In changing trend, chatbot service is important that can guide
customers and solve their query that can help to increase organizational sales and productivity
effectively.
Analysis for the organization
For each organization it is important to understand the changing trend where needs and
wants of people is getting to change and provide kind of products and services. In case, there is
lack of information about changing trend then would be difficult to operate the business and
manage functions. If organization focused over changing trend and bringing changes then it will
be opportunity to grow business and attain higher productivity. In relation to Halfords Group
PLC, management conduct environment analysis as considering retail sector that directly
affected the business performance and productivity negatively. In relation to Halfords Group
PLC, is large size retail industry that sales range of products motoring and cycling product by
following trend and offering kind of products (Schniederjans, Curado, and Khalajhedayati,
2020). By doing analysis it can be said that marketing management of retail industry analysis
environment and comes to know what their customers wants and how they would be satisfied
then bring innovation in their organization to provide kind of products and services. The chosen
organization is using New product and market development strategy that can help to know how
people thinks and make buying decision. By explaining this model, changing environment and
problem recognition stage is used Halfords Group PLC that can help to know what new
products and services demanding by customers and provide easier way to reach targeted
customers (Chan, Lau, and Fan, 2018).
The marketing management plays an important role as it also came to know new
technology and innovation which is important to use in market and helps to bring changes in
their products and services. It has analysed that in period of pandemic, it became challenging for
organization to operate their business continuously as government declared lockdown where
selling and buying activities being stopped. During this period, company has adopted online
methodology that helps to influence customers by selecting product and placing order by
checking products and services which can help to develop the organizational performance.
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Halfords Group PLC is also operated business in pandemic period by using online store and
digital marketing strategy that supported to increase organizational sales and profitability in
changing environment. The management also provides 24/7 hours’ services to their customers
which can help people to place order and provide kind of services to their customers on regularly
basis (Lindberg, Johansson, Karlberg, and Balogh, 2019).
The Lewin change model is used by companies to bring changes in their products and
services that can help to maintain higher productivity and profitability. The first stage of model is
Unfreezing, used by management to identify problems of business, culture and behaviour that
can directly affect business industry negatively. The management share problems with
employees and think about it that can help to bring changes accordingly. The second stage is
change that means transitioning or moving. Herein, people struggle with new reality by
introducing changes that can help to operate the business regularly and develop performance.
The management understand requirement of changing behaviour of people and provide kind of
products accordingly that can help to operate the business activities. The last stage of change
model is refreezing in which organization implement the changes by sharing with employees and
develop the organizational productivity. Therefore, from the above discussion it has been
analysed that retail industry is playing important role in business environment where it analysis
the trend and comes to know what kind of products and services are provided to customers. The
management understand the requirement of change and bring new products as well as services
that supports to accomplish business goals and productivity.
Recommendations
 By knowing trends in retail industry and analysing its performance it has been evaluated
that company could face the challenge of globalization, changing needs and wants of
people, use of new technology that could affect the business activities negatively.
Halfords Group PLC recommended to conduct market or environment analysis for the
purpose of know what challenges could occur while operating the business and how the
problems can overcome (Macas, Aguirre, Arcentales-Carrión, and Peña, 2021).
 The management of Halfords Group PLC should understand the requirement of their
customers and provide kind of products as well as services that can help to attracts the
number of customers and support them to make buying decision.
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 To reach targeted customers effective marketing channel and social media should be used
by Halfords Group PLC that can help to provide right information about products and
changing trend in retail sector that supports to increase customer base and develop the
organizational productivity by managing all functions and activities.
 To motivation theory should be apply by chosen organization that can help to motivate
employees to accept changes and bring innovation in their industry, develop
organizational performance.
 To use Lewin change model could be opportunity for Halfords Group PLC where it
analysis the needs of change and implement accordingly with the concern of all
employees that can help to operate the business and increase productivity.
 To overcome the challenge of globalization and influence people there is need to focus
over international relations that can help to introduce new products and attracts them to
make buying decision (Kim, Kim, and Hwang, 2020).
 To increase sales and profitability there is need to have proper record of organizational
goals, set by employer and share with employees that can help to get new ideas and
opinion to bring change that supports to develop business activities.
 To attain competitive advantages, cost management theory is effective tool that should be
use by Halfords Group PLC to know occurring cost while working and set affordable
prices for particular products and services that can help to improve competitive benefits.
By setting right prices of product, customer influenced directly and they make buying
decision that support to develop organizational productivity.
 To manage business activities and performance, new technology should be introduced by
Halfords Group PLC in retail sector where new products and services provided to
customers that can help to bring changes and higher productivity at the workplace.
 There should be effective leader and management in Halfords Group PLC who
understand problems of their staff and provide them right guidance which can help to
motivate people and gets work done effectively. This also helps to bring changes and
give preference to their customers by offering kind of products and services.
 By opening online stores and websites, it will be opportunity for Halfords Group PLC
to operate their business in changing environment and develop business production by
increasing customer base and selling activities.
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CONCLUSION
From the report it can be concluded that different trends are running in retail sector where
it became important for business concern to understand such trend and offer products
accordingly. Globalization can be opportunity and challenge for Halfords Group PLC to
operate their business. The management of each organization should understand the changing
needs of customers and provide kind of products that can help to maintain higher performance.
Moreover, use of new technology and innovation could be opportunity for company bring new
products and service that could influence customers and develop organizational productivity.
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REFERENCES
Books and Journals:
Husni, H., 2020. The Effect of Inquiry-based Learning on Religious Subjects Learning
Activities: An Experimental Study in High Schools. Jurnal Penelitian Pendidikan
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Al Mamun, M. A., Lawrie, G. and Wright, T., 2020. Instructional design of scaffolded online
learning modules for self-directed and inquiry-based learning environments. Computers
& Education. 144. p.103695.
Ramnarain, U. and Hlatswayo, M., 2018. Teacher beliefs and attitudes about inquiry-based
learning in a rural school district in South Africa. South African Journal of
Education. 38(1).
Bodolica, V., Spraggon, M. and Soueid, M. A., 2019. Innovation drivers and trends in the retail
industry: an application to emerging markets and the case of the Gulf
region. International Journal of Comparative Management. 2(1). pp.51-66.
Jin, B. E. and Shin, D. C., 2020. Changing the game to compete: Innovations in the fashion retail
industry from the disruptive business model. Business Horizons, 63(3), pp.301-311.
Chan, C. O., Lau, H. C. and Fan, Y., 2018, May. IoT data acquisition in fashion retail
application: Fuzzy logic approach. In 2018 International Conference on Artificial
Intelligence and Big Data (ICAIBD) (pp. 52-56). IEEE.
Schniederjans, D. G., Curado, C. and Khalajhedayati, M., 2020. Supply chain digitisation trends:
An integration of knowledge management. International Journal of Production
Economics. 220. p.107439.
Lindberg, M., Johansson, K., Karlberg, H. and Balogh, J., 2019. Place innovative synergies for
city center attractiveness: A matter of experiencing retail and retailing
experiences. Urban Planning, 4(01), pp.91-105.
Macas, C. V. M., Aguirre, J. A. E., Arcentales-Carrión, R. and Peña, M., 2021, March. Inventory
management for retail companies: A literature review and current trends. In 2021 Second
International Conference on Information Systems and Software Technologies
(ICI2ST) (pp. 71-78). IEEE.
Kim, W., Kim, H. and Hwang, J., 2020. Sustainable growth for the self-employed in the retail
industry based on customer equity, customer satisfaction, and loyalty. Journal of
Retailing and Consumer Services. 53. p.101963.
Husni, H., 2020. Al Mamun, M. A., Lawrie, G. and Wright, T., 2020 Ramnarain, U. and
Hlatswayo, M., 2018 Bodolica, V., Spraggon, M. and Soueid, M. A., 2019 Jin, B. E. and Shin, D.
C., 2020 Chan, C. O., Lau, H. C. and Fan, Y., 2018 Schniederjans, D. G., Curado, C. and
Khalajhedayati, M., 2020 Lindberg, M., Johansson, K., Karlberg, H. and Balogh, J., 2019 Macas,
C. V. M., Aguirre, J. A. E., Arcentales-Carrión, R. and Peña, M., 2021 Kim, W., Kim, H. and
Hwang, J., 2020
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