MG410: Detailed Analysis of Retail Industry Trends, Skills, and Impact

This report provides a detailed analysis of the retail industry, focusing on current trends and their impact. It explores the influence of e-commerce, digital marketing, and the COVID-19 pandemic on retail businesses. The report also discusses the skills and experience required for success in the sector, including analytical, management, and observation skills. Furthermore, it evaluates the impact of these trends and skills on the retail landscape, drawing conclusions about the future of the industry. The report emphasizes the importance of adapting to new technologies and consumer behaviors to thrive in a competitive market. Finally, it includes references to support the analysis.

MG410 CAREER
VIEWPOINT-CW1

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................3
ANALYSIS AND APPLICATION.................................................................................................3
General trends which will impact on the retail industry..............................................................3
Skills and experience required.....................................................................................................4
EVALUATION...............................................................................................................................6
CONCLUSION................................................................................................................................6
REFERENCES................................................................................................................................8

INTRODUCTION
Retail industry, one of the leading industries in all around the world, because businesses
or companies which runs under this industry mainly provides basic and common consumer
goods, items and products which people are highly required their daily life. But from recent few
years, there are many new trends come in this industry which has impacted it in both ways
positively and negatively. This report discusses general trends which will impact the retail
industry. There are various skills and knowledge also has been discussed in this report which are
necessary for gaining better outcome in daily operations. There are various key aspects also has
been discussed in this report which has based on the retail industry.
ANALYSIS AND APPLICATION
General trends which will impact on the retail industry
There are various general trends exists in the market which can affect the retail industry
in both manners positively and negatively (Benoit, Evanschitzky and Teller, 2019). Currently
most companies and ventures which works within the retail industry are focusing on making
some productive and effective strategies and tactics which can support them for properly dealing
with impact of these general trends. For the last few years, there are new general treads has faced
by this particular industry. For example; there are e-commerce is one of the best examples of
general trends which has affected different retail companies for making their own e-commerce
sites to gain excellent profit in the market. Currently competition within this industry is regularly
increasing, in which each retail business should be focused on general trends to always be with
the market conditions.
According to general trends, there are various new technological machineries, gadgets
and tools regularly comes in the market, in which these trends can positively affect to the
productivity of retail businesses on the market. For example; if any company can use modern and
latest technology within its workplace, then this thing can positively affect to that company by
boosting its performance in the market. Currently many people within the market are fully
depended on the e-commerce sites for ordering retail product which they want to consume. In
this situation, top-level management within most retail companies should be taken decision

towards implementing the concept of e-commerce in own business operations as well
(Dimitrova, Rosenbloom and Andras, 2016). On the other side, there are digital marketing is also
highly trending in the market, so that this general trends also positively affect to the business
operations of different retail companies. For example; by using digital marketing tool, any retail
business will easily promote its various products and services in the market.
However, this general has started to impact to the retail industry. Currently many of retail
companies within all around the world are taking huge advantages through digital marketing. In
this situation, this thing will more highly affect to the businesses which runs within the retail
industry (de Vass, 2018). Due to high competition within the retail industry, many of companies
has started to adopting and implementing various approaches of operations management, because
these approaches contributes in producing the best quality products and services. So that, this
thing is also generally trending in the market, in which this general trend will defiantly positively
affect to business operations of different retail companies. Customers also will be positively
affected by this general trend, because each and every customer always like to buy a quality
product and service. This is the main reason that, trend of operations management will also
highly affect to retail industry.
Currently due to corona virus (COVID 19) pandemic, most people or customers are like
to buy products and services from those companies which generally provides different products
and services in proper packaging, because open products promote infection of corona virus.
That’s why this trend will affect to different companies of the retail industry to proper take care
of all customers in their shop, supermarkets and stores from the corona virus. Retail companies
or businesses will be impacted for using fully sanitizing their workplace where customers
generally visit. On the other side, top-level management of retail companies will responsible to
ensure that, their all employees and workers are completely healthy or not on the workplace.
These all general trends will defiantly affect to the retail industry.
Skills and experience required
In case of retail sector various skills are needed to have a successful career in the sector.
Industry demands different capabilities in its work force that can allow them to achieve the best
possible heights and growth in the career. Following skills and expertise required to work in the
sector.

Analytical skill: In case of retail sector to have an effective professional career it becomes
essential for professionals to have effective analytical skills that can support the best professional
career. Analytical skills allow professional to analysis the market situation and also about the
position of the organisation in the market (Luchanonov and et.al., 2020). Market analysis,
customer trend analysis and also the precise analysis in respect to different aspects related to the
retail sector. Business professional needs to utilise its analytical skills that support them in
launching different new products that can support the needs and demands of the retail market.
Management skill: This is also another key skill associated with the professional involve in
retail sector. Management skill allows them to manage and control the business operations. This
skill involves time management and also the management of trhe work. This skill also among the
key skill associated with the professional involve in retail sector.
Observation skill: Observation skill is another crucial skill professional requires having a
precise career in the retail sector. Observation skill allows them to observe the different market
requirements and needs that can improve the career objectives of professionals. This skill also
plays a crucial role in launching new products in the market.
Research skill: This is another crucial skill required for the professional to have the best career.
Research skill supports professional to conduct the precise market research and customer
research.
ITC Skill: ITC Skill is also denoted as technical skill needed to have the best professional
career. This is another crucial skill allows professional to have the best professional career in
retail sector organisation. A professional must have a precise knowledge in respect to usage of
different technology equipments.
Decision making ability: Professional involve in the retail sector organisation must carry the
specific decision making ability. This is an important characteristics trait part of the retail sector.
This allows company to take the important business decision that can support the best growth
objectives of the company (Naumann and et.al.,2016). Decision making ability is among the
primary demand of the retail sector. Decision making can also further be specific in relation to
launching new products, entering into the new product segment and many other important
decisions.

Leadership ability: This is another crucial ability professional must possess to have the
effective career objectives. Leadership is an important personality trait professional possess to
enhance the growth potential in industry. This allows professional to achieve the higher growth
objectives in the market. Leadership ability guides professionals to deal with different issues
company gets to involve in retail sector. This is the ability the sector demand that allows
professional to achieve all the objectives of the positional role in the corporate organisation.
EVALUATION
After completing primary and secondary research it can be concluded that, there are
general trends will be highly impacted to the retail industry. I have research that, top-level
management of most retail companies are proper aware about the impact of general trends (Ruiz-
Molina, Gil-Saura and Servera-Frances, 2017). According to my knowledge, these all companies
are preparing specific plans for systematically dealing the impact of general trends. From the
recent few years, there are e-commerce is highly affecting to the business environment of
different retail companies. This trend will impact to the retail companies for making own e-
commerce sites. On the other side, there are digital marketing tool is also will highly affect to the
business environment of retail companies, because I have learnt that, those companies will
highly grow in the market which will use this digital marketing tool. I completely aware about
the different advantages of digital marketing, this is basically a modern marketing tactic. So that
this general trend will definitely affect to the retail industry. Existing corona virus pandemic is
also highly affecting to business environment of various retail ventures, and this will affect in the
future as well. So, in my opinion, a retail company will need to sanitize its store, shop and
supermarket to stop the spread of corona virus (Monroe Kass and McConnell, 2019). At the end,
I have learnt that, retail ventures should use various skills, like; management skill, observation
skill, analytical skill etc. for achieving excellent outcomes in the retail industry.
CONCLUSION
It can be concluded that the retail industry will be affected by many of general trends, so
that existing management of different retail companies need to make a specific plan to properly

deal with this impact. Retail businesses must has developed their various skills as well for gain
huge profit in the retail industry.

REFERENCES
Books & Journals
Benoit, S., Evanschitzky, H. and Teller, C., 2019. Retail format selection in on-the-go shopping
situations. Journal of Business Research. 100. pp.268-278.
de Vass, T., 2018. The “Internet of Things” enabled supply chain integration and performance:
a mixed method investigation of the Australian retail industry. (Doctoral dissertation,
Victoria University).
Dimitrova, B. V., Rosenbloom, B. and Andras, T. L., 2016. The impact of national cultural
values on retail structure. International Marketing Review.
Luchanonov, D. and et.al., 2020. USING NON-CONTACT INDIRECT LEARNING TOOLS
TO DEVELOP STUDENTS'PROFESSIONAL SKILLS. In INTED2020
Proceedings (pp. 4792-4796). IATED.
Monroe, R., Kass, M. and McConnell, S., 2019. Potential Impacts of Increased Ethanol Blend-
Level in Gasoline on Distribution and Retail Infrastructure.
Naumann, F. and et.al.,2016. Virtual patient consultations and the use of an ePortfolio
assessment to support student learning of integrated professional skills. Focus on
Health Professional Education: A Multi-disciplinary Journal. 17(3). p.69.
Ruiz-Molina, M. E., Gil-Saura, I. and Servera-Frances, D., 2017. Innovation as a key to
strengthen the effect of relationship benefits on loyalty in retailing. Journal of Services
Marketing.