Personal Insight Report: Retail Sector Trends, GAP & SWOT Analysis

This report provides a comprehensive analysis of the retail industry, focusing on current trends, future projections, and the skills required for success. The report begins with an executive summary, followed by an introduction that highlights the author's interest in the retail sector. The discussion section delves into industry trends, including automation and the impact of technology on job roles. It explores the reasons behind these changes and forecasts future developments such as the rise of omnichannel stores and the increasing demand for high-skilled jobs. The report also examines the author's career aspirations within the retail industry, detailing the required soft and technical skills. A review of the author's current knowledge and capabilities, including experience, habits, and academic performance, is presented, along with key findings from temperament, resilience, and learning styles assessments. The report concludes with a GAP analysis, identifying areas for skill development, and a SWOT analysis, summarizing the author's strengths, weaknesses, opportunities, and threats within the context of the retail industry. References and appendices are included to support the analysis.

Running head: PERSONAL INSIGHT
Personal Insight-Retail Industry
Unit code: MWL101
Lecturer:
Author:
Student ID:
Date submitted:
Word count: 1867

1PERSONAL INSIGHT
Executive Summary
This report is about the industry of my preference. The retail industry is the preferred industry
where I will like to work. The report found that the retail industry will show a rise in automation
and there will be demand for high skilled jobs. Secondary research from journal articles, books,
newspapers and magazines is used to prepare the report and the purpose of the report is to find
the trends of retail industry and to complete a GAP analysis and SWOT Analysis. From the test
results of resilience, temperament and learning styles, it has been found that I like to explore new
things, I am an introvert and prefer to make logical decisions, I have good ability to work in a
team though I need to improve on problem solving skills.

2PERSONAL INSIGHT
Contents
Introduction......................................................................................................................................3
Discussion........................................................................................................................................3
1. The Industry Trends for the Retail Sector...................................................................................3
1a) The jobs that are expected to change or disappear................................................................3
1b) Why is this happening?..........................................................................................................4
1c) The changes that I forecast in the next 5 years......................................................................4
2 a) The reason for choice of this job cluster...................................................................................5
2b) The skills or knowledge that is expected...................................................................................5
i) Personal soft skills....................................................................................................................5
ii) Technical knowledge and skills...............................................................................................6
3) Review of my current discipline knowledge and capabilities.....................................................6
3a) Review of my experience, habits and abilities.......................................................................6
3b) Review of my academic performance to date........................................................................7
3c) Key findings that demonstrate my strengths and areas for improvement..............................8
4. GAP analysis and SWOT............................................................................................................9
4a) GAP Analysis.........................................................................................................................9
4b) SWOT Analysis.....................................................................................................................9
Conclusion.....................................................................................................................................10
Reference Lists..............................................................................................................................11
Appendices....................................................................................................................................12

3PERSONAL INSIGHT
Introduction
The industry that I have always found interesting and fascinating is the retail industry.
The retail sector is booming and it contributes substantially to the Gross Domestic Product of a
country. I would like to work in the retail sector in future because this sector of the industry
provides ample of job opportunities worldwide. Like any other industry, the retail sector has
undergone modernization and technological changes in the past decade. In order to work in the
retail sector, I would like to upgrade my skills and knowledge to enhance my employment
opportunity in the retail sector.
Discussion
1. The Industry Trends for the Retail Sector
1a) The jobs that are expected to change or disappear
The current trend that is dominating the retail sector is automation and technological
innovation like Artificial Intelligence (AI). The advent of robots is a powerful instance about
disruptive technology that is going to hit the retail sector in the near future resulting in the
disappearance of several jobs (Bogue and Bogue 2016). For instance, the job of a cashier in the
retail industry can disappear in the near future because most of the supermarkets will be
automated and shoppers will be able to scan items on their purchase list with their smart phones.
However, the jobs that will be affected the most are low-skilled jobs in the warehouses or shop
floors of the retail sector (Sands 2016).However, robotics and automation will also create new
jobs that will require high-skilled individuals. The booming of e-commerce has also changed the
nature of jobs in the retail sector. The online retail giants like Amazon have made the physical

4PERSONAL INSIGHT
stores quite redundant (businessinsider.in 2017). Thus, jobs in physical stores of the retail
industry are at risk.
1b) Why is this happening?
The cause of these changes in the jobs of retail sector is the innovation in technology.
The retail industry has witnessed a steady growth in the percentage of consumers who prefer to
make purchases from online retail stores rather than physical stores. Online purchases saves time
and money, the online retail stores ensure speedy delivery of goods to the homes of customers
worldwide (Yeoman, Wheatley and McMahon-Beattie 2017). Also, automation and robotics
enhance the accuracy and efficiency of jobs in the retail industry(Kumar 2016 ).Thus, the retail
sectors have identified repetitive tasks which do not require human inputs but consume employee
hours and have automated such business process to save time and cost(Yu et al. 2016)
1c) The changes that I forecast in the next 5 years
i) The retail sector will witness the growth of Omni-channel stores which will combine
good practices of brick-and-mortar stores and the digital e-commerce stores (businessinsider.in
2017)
ii) Disruptive technology like automation and robotics will hit the retail industry
replacing low-skilled jobs (Bogue and Bogue 2016).
iii) Modern analytical tools like Artificial Intelligence will enhance the market
intelligence factors in retail industry (Bogue and Bogue 2016).
iv)The needs and preference of customers will change, so retail industry will embrace
innovation in business process, product and service delivery (Wang, Wang and Liu 2016).

5PERSONAL INSIGHT
v) However, demand for high-skilled jobs in retail industry will increase.
2 a) The reason for choice of this job cluster
I have chosen this job cluster because the retail sector will continue contributing
substantially to the economy of developed and rapidly developing nations. Thus the demand for
high-skilled and semi-skilled jobs in the retail industry will increase in near future. Also, the
retail industry will experience modernization with automation and e-commerce growth(R.Y. and
Huang 2016 )Thus, I can secure employment in the retail sector by improving my business
knowledge, soft skills and technical skills. I personally prefer to study behavior of customers and
the retail industry will provide me opportunity to be in close proximity with consumers.
2b) The skills or knowledge that is expected
i) Personal soft skills
Development of personal soft skills like teamwork, communication and time-
management, self-confidence are important to secure employment in the retail sector.
Teamwork- Teamwork plays a vital role in the retail sector. It is very important to be a
good-team player to perform well in the retail sector. Team-work helps in mitigating individual
weakness of team members and helps the retail business to accomplish objectives within
deadline. My personality traits like high conscientiousness and emotional intelligence will make
me a good team player (Woodcock 2017).
Communication- I would like to develop both verbal and non-verbal communication
skills to perform well in retail sector. The retail sector requires high level of interaction with

6PERSONAL INSIGHT
customers and higher people management skills and thus the role of communication is
indispensable in this industry (Ruesch 2017).
ii) Technical knowledge and skills
Database management, Customer Service, Book Keeping, Social Media Campaign
Analysis, and Event Management are some of the technical skills required in retail sector. I
would like to enhance knowledge about Artificial Intelligence, Business Analytics, and modern
software like Enterprise Resource Planning (ERP) and Supply Chain Management Software
(SCM) to perform well in the retail sector (Bowman et al. 2016).
3) Review of my current discipline knowledge and capabilities
Arenas where I am developing skills and knowledge-
Results that show my abilities
3a) Review of my experience, habits and abilities
Learning Styles
I can access
variety of
information
I prefer to learn in
scheduled way
I am creative and
pragmatic
Resilience
I have self-
confidence
I can engage others
I have good
networking skills
Temperament
I am reflective
I prefer to work
with facts and
figures
I am calm in
critical situation
I am flexible

7PERSONAL INSIGHT
I have been part of many volunteer and community activities, for instance, I have raised
awareness about environmental sustainability among members of community of a reputed NGO
in Australia, and I have also volunteered with a NGO to raise awareness about rehabilitation of
youngsters who are addicted to drugs. In school I have taken leadership roles while organizing
several events like annual function, farewell parties, group presentation and sports events. I have
gained soft skills of team-work, communication and time-management from these activities. I am
a fast-learner and I am quite inquisitive about the external environment. I am ready to embrace
changes, flexibility and resilience is my strength that will help me to adapt to the uncertainty of
the business environment of the retail sector. The role of leadership and human resource
management is of paramount importance in the retail sector. My experience of leadership roles in
school and volunteering experience in community have been strongly instrumental for me to
learn skills of human resource management, team-work and leadership.
3b) Review of my academic performance to date
I have performed well academically in school, high-school and college. The units that I
enjoyed in school were Mathematics and Language lesions. I have always scored well in
language examinations in school which clearly demonstrates my verbal and non-verbal
communication skills. I have enjoyed business studies in college especially units of marketing
and human resource management. The units related to retail management and consumer behavior
were extremely enjoyable because of the methodology adopted by teachers in college. I
particularly enjoyed working in teams for a group presentation or solving a case-study during my
academic sessions.

8PERSONAL INSIGHT
3c) Key findings that demonstrate my strengths and areas for improvement
Key findings of my Temperament, Learning styles and Resilience-
Learning Styles- I have scored 83% in learning styles. I can access a wide range of
information and apply the information in variety of ways. My medium score in Active Changer
category shows that I prefer to learn while exploring new opportunities. I am energetic to pursue
new interests and I can easily engage with people which help me to explore new ideas. I scored
medium in reflective realist category suggesting I prefer to learn in an organized and scheduled
manner. I scored medium in quietly creative and pragmatic scale suggesting that practical actions
are a medium of learning for me.
Resilience- I have scored in middle range in my ability to cope with changes, I have
scored low in problem solving skills which suggests that I am anxious about solving problems. I
have self-confidence in most situations, my mid-range score in working with others and
networking skills clearly suggests that I will be good in networking and engaging with people
because this skill is required in retail industry.
Temperament- From ISTPs scores, it clearly reflects that I am reflective in nature as an
introvert, I have preference for sensing and like to work with facts and figures, I have preference
for thinking and I am a logical decision maker and stay calm in crisis, I have preference for
perceiving suggesting that I am flexible and spontaneous.
My test results show that I am susceptible to procrastination, sometimes I fail to
recognize feelings of others and I sometimes fail to see big picture. I have also scored low on
problem solving skills and would like to improve my analytical skills for high-skilled jobs in

9PERSONAL INSIGHT
retail industry. I have scored high on introversion, though this will make me focused in high-
skilled retail jobs, I will try to improve on my ability to empathize with others.
4. GAP analysis and SWOT
4a) GAP Analysis
Skills and knowledge that are required to be developed by me to meet industry standards-
In the Gap Analysis, I have found that the retail industry will experience a demand of high-
skilled workers. I would like to develop knowledge and skills about business analytics, robotics
and automation and would develop my technical skills to meet the industry standards. I also plan
to enhance my knowledge about modern software used in retail sector like Enterprise Resource
Planning and Supply Chain Management software. I would like to improve Digital Marketing
skills and enhance knowledge about consumer behavior to perform well in retail sector.
4b) TABLE OF SWOT Analysis
Strengths(S) I am flexible, creative, pragmatic and self-confident. I
like to explore new things and I have the ability to
access and apply a wide range of information. My
excellent soft-skills like team-work and communication
are my strengths. I am a fast learner and I am very
inquisitive about technology like robotics and
automation.
Weakness(W) I require improvement in problem-solving skills. My
technical and analytical skills like market intelligence
require improvement to match industry standards.
Opportunities(O) Demand for high-skilled jobs in the retail sector is an
opportunity for me. The growth of digital technology

10PERSONAL INSIGHT
and e-commerce retail store with a positive growth of
consumer’s disposable income and preference to buy
retail products have enhanced job opportunities in retail
sector.
Threats(T) The robotics and automation will replace many jobs in
retail sector.
Conclusion
It can be concluded from my report, that development of personal soft skills like
communication and teamwork is essential to enhance my career opportunities in the retail sector.
The retail sector has undergone technological changes like automation and that is why I would
like to develop my technological skills to work in the retail industry. The SWOT analysis clearly
depicts my internal Strength and Weakness and the opportunities and threats of the external retail
industry. I would like to utilize my strengths to optimize the opportunities of my internal
environment and improve on the arenas of weakness to minimize external threats.

11PERSONAL INSIGHT
Reference Lists
Bogue, R. and Bogue, R., 2016. Growth in e-commerce boosts innovation in the warehouse robot
market. Industrial Robot: An International Journal, 43(6), pp.583-587.
Bowman, J.S., West, J.P., Berman, M. and Van Wart, M., 2016. The professional edge:
Competencies in public service. Routledge.
businessinsider.in. 2017. Trends in Retail. [online] Available at:
https://www.businessinsider.in/25-companies-that-are-revolutionizing-retail/articleshow/
59597176.cms [Accessed 23 Nov. 2017].
Kumar, A., 2016. A conceptual model for automation of product dynamic pricing and sales
promotion for a retail organization. Kybernetes, 45(3), pp.490-507.
Ruesch, J., 2017. Communication: The social matrix of psychiatry. Routledge.
R.Y. and Huang, G.Q., 2016. E-commerce logistics in supply chain management: Practice
perspective. Procedia CIRP, 52, pp.179-185.
Sands, W., 2016. Future of Retail 2016.
Wang, W.T., Wang, Y.S. and Liu, E.R., 2016. The stickiness intention of group-buying websites:
The integration of the commitment–trust theory and e-commerce success model. Information &
Management, 53(5), pp.625-642.
Woodcock, M., 2017. Team development manual. Routledge.
Yeoman, I., Wheatley, C. and McMahon-Beattie, U., 2017. Trends in retail pricing: A consumer
perspective. Journal of Revenue and Pricing Management, 16(2), pp.174-200.