Retail Industry Report: Trends, Analysis of Diana Transport Limited

This report provides a comprehensive overview of the retail industry, exploring current trends such as physical stores, artificial intelligence, product customization, expansion into emerging markets, and customer-centric approaches. It then focuses on Diana Transport Limited, conducting a SWOT analysis to evaluate its strengths, weaknesses, opportunities, and threats. The report assesses the company's performance against industry trends, highlighting areas for improvement. Recommendations include providing effective training, hiring qualified staff, implementing technology, conducting market research, promoting services, ensuring ethical business practices, and establishing a finance department. The report concludes with an action plan for implementing new technology and achieving specific performance goals. The report emphasizes the dynamic nature of the retail sector and the importance of adapting to evolving customer needs and market conditions for sustained success.

Inquiry Project
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Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
Retail Trends..........................................................................................................................3
Analysis of Organisation........................................................................................................5
Recommendations..................................................................................................................6
CONCLUSION................................................................................................................................8
REFERENCES................................................................................................................................9
Appendix........................................................................................................................................10
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INTRODUCTION
The retail industry consists of retail stores, supermarkets, variety stores, online
merchants, chain stores etc. Businesses in the retail industry sell finished goods to the
customers in exchange of a specific price (Cairns and Areepattamannil, 2019). It is one
of the most important industries because all its activities contribute significantly to the
overall economy of the nation. Also, there are various factors that can influence the
overall retail sector. Organisation chosen for this report is Diana Transport Limited,
established in the year 2018. The company offers various transport services to the
customers across United Kingdom. The report explains trends within the retail industry
and a SWOT analysis of the chosen organisation. It also explains the performance of
the company against retail trends in the market.
MAIN BODY
Retail Trends
The retail industry is evolving constantly and there are various trends that are
contributing to the overall evolution. Some of the retail trends are explained below -
Physical Stores – There are various brands that previously solely operated
online are now considering to open physical stores. This not only helps them in
understanding the needs and expectations of the customers but also address them in
an effective manner. Operating physical stores can also help such brands in analysing
the performance of their competitors. Apart from this, brands are able to provide a much
more personalised and seamless shopping experience to the customers (Chevalier and
Buckles, 2019). Physical stores also allow the brands to reach out to customers who are
not familiar with online shopping or don't find it convenient. Thus, opening physical
stores will allow companies to stay competitive in the market and gain a competitive
edge over competitors.
Artificial Intelligence – Another trend in the retail that is estimated to take it by
storm is artificial intelligence. Many organisations have already implemented or are
considering implementing the same into their business. This is being done in order to
bridge the gap between physical as well as digital environment (15 Innovative Retail
Trends to Watch in 2020, 2020). By implementing artificial intelligence, a company can
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leverage the quality of its services and thus attract a greater number of customers. This
will also help it in gaining a competitive advantage against competitors. Apart from this,
artificial intelligence can help businesses in forecasting the demands of the customers
in an effective way. Therefore, artificial intelligence will help businesses in making
effective decisions apart from contributing to its overall profitability.
Product Customisation – This is another important trend in the retail industry
that is being adopted by many businesses. Customers today, demand for products that
are customised according to their needs and meet their expectations (Johnson and et.
al, 2019). Thus, it is considered to be an important trend because it allows organisations
to serve their customers successfully. If a company implements this trend in its services,
it will be able to attract a greater number of customers which will further lead to an
increase in its overall profitability in the market. As a result, the customers will be loyal
to the company and satisfied with the services being offered.
Expanding into Emerging Markets – This is another retail trend which is about
being able to expand into emerging markets by using different channels. Technology
advancements have made it easier for the businesses to identify opportunities and
expand their respective businesses. An organisation can expand its business
operations in new emerging markets. This will not only help them in expanding their
business operations but also attract a greater number of customers. Organisations can
also make use of various channels that are available or make us of new channels in
order to reach out to as many segments of customers as possible. This involves
formulating a new strategy and implementing it in an efficient way. The various channels
that can be used by organisations include social media platforms, emails etc.
Customer-centric Approach – Companies are understanding that customers
are one of the most important components who can significantly contribute to their
overall success as well as failure in the market (Kidman and Casinader, 2019). As a
result, businesses are now making sure that their approach is customer-centric. This
involves understanding their needs as well as expectations in an effective manner and
addressing the same appropriately. The approach can involve offering high-quality
customer services, providing various discounts etc. By doing so, organisations will be
able to attract a greater number of customers and as a result increasing overall
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profitability. It should be kept in mind that the needs, preferences as well as
expectations of the customers keep on changing (Trends that will shape the retail
industry in 2020, 2020). Therefore, these are some trends in the retail industry that can
contribute to the overall success of a company.
Analysis of Organisation
Diana Transport Limited is a private limited company that is based in the United
Kingdom. It offers various transport services by road. A SWOT analysis is a strategic
tool that can be used by individuals as well as organisations in order to understand their
areas of strengths and weaknesses (Krogh and Morehouse, 2020). This further leads to
an effective decision making process and gain a competitive advantage against
competitors. The SWOT analysis of respective organisation is explained below -
Strengths – Diana Transport Limited has gained a large base of customers in a
short duration of time who are satisfied by its services and are loyal to the company.
The company maintains strong relations with them and makes sue that their
suggestions as well as feedbacks are taken into consideration. Also, the management
of the company has a understanding of the needs as well as expectations of the
customers. Also, it makes sure that all its transport facilities are safe and offer
convenience to the customers. Also, the customers have reported to have experienced
a driving experience that is less stressful. The company has made considerable
amounts of efforts in order to build a sustainable business.
Weaknesses – Although the company has a strong rapport in the market, it still
lacks in an effective management team. The manages within the company many times
fail to provide constructive feedback to their subordinates. Apart from this, the company
does not have an effective finance department due to which the financials within the
company are not being handled effectively (Lemley, Hart and King, 2019). Some of the
drivers within the company are not trained effectively due to which the overall
performance of the company is being affected negatively. Also, there is no
implementation of latest technology within the vehicles as well as the workplace. This
has led to some of the company's loyal customers shifting to the competitors.
Opportunities – Since the company still operates in United Kingdom, it has an
opportunity of expanding its business operations in different parts of the worlds. This will
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help it in attracting a greater number of customers and will also significantly contribute
to the profitability. The company also has an opportunity or hiring a staff that is trained
and experienced. The company can also implement latest technology in its vehicles so
that the overall experience of customers is enhanced. The company can also carry out
a market research in order to understand the needs as well as expectations of the
customers in an effective way.
Threats – Intense competition can act as a threat that can significantly affect the
overall business activities of the company. Apart from this, rising overhead costs can
also pose a threat to the company (Livingston, 2019). Constant change in the
preferences as well as expectations of the customers can affect the overall profitability
of the company. Lack of funds as well as compliance issues can also act as a threat for
the company. If the customers start shifting towards competitors, the business
operations of the respective company will be affected adversely.
Performance of organisation against industry trends
As compared to the industry trends, the performance of the company is fair and
this is because it has been able to maintain strong relationships with the customers.
Also, the feedbacks as well as suggestions that are provided by the customers are
taken into account and decisions are made based on the same. Apart from this, the
management of the company also focuses on understanding the needs as well as
expectations of the customer. But, there is no implementation of the latest technology
within the workplace as well as the services that are offered by it. Moreover, some of
the drivers within the company are not trained properly (Sidman-Taveau and Hoffman,
2019). This has significantly impacted the overall business activities of the company and
it profitability as well. Therefore, the company can utilize its strengths and make sure
that there is an improvement in the performance.
Recommendations
By analysing the strengths as well as weaknesses of Diana Transport Limited, it
is recommended that it provides effective training to its divers. Apart from this, the
company is also recommended to hire people who are qualified and have relevant
experience in the transportation industry. Respective company is also recommended to
implement latest technology so that business operations can be enhanced. This will
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lead to a greater number of customers being attracted due to which the profitability of
the company will increase. Technology is important because it will help in conducting
market research effectively (Spires and et. al., 2019). In order to expand its business
operations, the company is recommended to carry out a market research. This is
because it will help it in understanding the needs as well as expectations of the
customers. It can promote itself through various ways which can include social media
platforms, emails etc. This will lead to creating awareness among the customers and
they will be encouraged to avail services that are offered by the company.
It is very important for an organisation to build a business that is ethical and
complies by rules. Therefore, the respective company is recommended to make sure
that all its business operations are ethical and no unethical practices are followed.
Regular training and development sessions should be conducted for the employees as
well as drivers. This will help them in acquiring new skills and thus satisfying the needs
as well as expectations of the customers effectively. The management of Diana
Transport Limited is also recommended to introduce a finance department within the
workplace that will be responsible for handling all financial transactions that take place.
Lastly, to build a workforce that is committed to its job, the company is recommended to
make sure that the managers provide an honest and constructive feedback to their team
members. Therefore, if the company implements all these recommendations in its
system, it will not only be able to gain back customers that it lost to competitors but also
attract a greater number of new customers.
Action Plan
An action plan can be defined as a plan that outlines actions that are required in
order to attain a specific goal. The respective company, Diana Transport Limited, has
decided on the following objective -
 To implement latest technology within 6 months in order to enhance overall
performance by 12%.
In order to attain this objective, the company should carry out a market research
in order to understand the current trends in the market and the kind of technology that
will best suit it (Wheeler and et. al., 2019). The implementation of technology will allow
the company to carry out its business operations in an effective manner. Not only this,
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the customers will be satisfied and the company will be able to establish a strong
relation with them. This will further lead to an overall increase in the productivity as well
as performance.
CONCLUSION
From the above report, it can be concluded that retail industry is one of the
fastest growing industries and also contributes to the overall economy of a country.
There are various trends that organisations operating in this industry are increasingly
adopting like being customer-centric, implementing artificial intelligence etc. in order to
enhance their overall performance and gain a competitive advantage against
customers. Apart from this, a SWOT analysis can help the company in understanding its
strengths, weaknesses, opportunities as well as potential threats that can influence the
overall performance as well as productivity as compared to competitors.
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REFERENCES
Books & Journals
Cairns, D. and Areepattamannil, S., 2019. Exploring the relations of inquiry-based
teaching to science achievement and dispositions in 54 countries. Research in
Science Education, 49(1). pp.1-23.
Chevalier, J. M. and Buckles, D. J., 2019. Participatory action research: Theory and
methods for engaged inquiry. Routledge.
Johnson, L. and et. al, 2019. Project-Based Inquiry (PBI) Global in Kindergarten
Classroom: Inquiring About the World. Early Childhood Education Journal.
47(5). pp.607-613.
Kidman, G. and Casinader, N., 2019. Developing teachers’ environmental literacy
through inquiry-based practices. Eurasia Journal of Mathematics, Science and
Technology Education. 15(6). p.em1687.
Krogh, S. L. and Morehouse, P., 2020. The early childhood curriculum: Inquiry learning
through integration. Routledge.
Lemley, S. M., Hart, S. M. and King, J. R., 2019. Teacher inquiry develops elementary
teachers’ disciplinary literacy. Literacy Research and Instruction. 58(1). pp.12-
30.
Livingston, P., 2019. Literary knowledge: Humanistic inquiry and the philosophy of
science. Cornell University Press.
Sidman-Taveau, R. and Hoffman, M., 2019. Making change for equity: An inquiry-based
professional learning initiative. Community College Journal of Research and
Practice. 43(2). pp.122-145.
Spires, H. A. and et. al., 2019. Going Global With Project‐Based Inquiry: Cosmopolitan
Literacies in Practice. Journal of Adolescent & Adult Literacy. 63(1). pp.51-64.
Wheeler, L. B. and et. al., 2019. An exploratory study of teaching assistants’ motivation
for inquiry-based teaching in an undergraduate laboratory context. Chemistry
Education Research and Practice. 20(1). pp.53-67.
Online
15 Innovative Retail Trends to Watch in 2020. 2020. [Online]. Available
through:<https://tinuiti.com/blog/ecommerce/retail-trends/>.
Trends that will shape the retail industry in 2020. 2020. [Online]. Available
through:<https://retail.economictimes.indiatimes.com/news/industry/trends-that-
will-shape-the-retail-industry-in-2020/74192020>.
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Appendix
Questionnaire
Q1 What are strengths of Diana Transport Limited?
a) Strong customer relationships
b) Understanding of customers' needs
c) Safe transport facilities
Q2 What is the company performance against industry trends?
a) Average
b) Fair
c) Poor
Q3 Where does the company lack in having effective business operations?
a) Lack of training among drivers
b) Absence of latest technology
c) Lack of constructive feedback
Q4 Does Diana Transport Limited share strong relationship with its customers?
a) Yes
b) No
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