FY028 Inquiry Project: Retail Trends and Banana Republic Analysis

This report, part of the CW1 Inquiry Project FY028, provides a comprehensive analysis of current retail trends and their application to the Banana Republic. It begins with an introduction to retailing and the importance of staying current with industry trends, followed by an overview of various trends such as social commerce, AR-powered shopping, smart speaker shopping, digital mobile wallets, and ethical branding. The report then analyzes the Banana Republic, examining its business model, market position, and the impact of the COVID-19 pandemic. The analysis includes primary research findings from a survey. The report concludes with recommendations for the company to leverage these trends and improve customer engagement, increase profits, and enhance its brand image. The recommendations emphasize adapting to changing consumer behaviors, focusing on customer satisfaction and loyalty, and utilizing digital technologies effectively.

CW1
INQUIRY PROJECT
FY028

Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY ..................................................................................................................................1
Trends in Retail...........................................................................................................................1
Analysis of the Banana Republic ...............................................................................................3
Recommendations.......................................................................................................................4
CONCLUSION ...............................................................................................................................5
REFERENCES................................................................................................................................7

INTRODUCTION
Retailing is the process of the selling the goods and services to the customers through the
merchandise. It generally involves the selling of the individual units to the small lots of the
customers or the large number of the buyers that helps in setting the business in successful way
and also helps in attaining the targets for a specific period of time. There are several trends in the
retailing that helps in communicating the customers by the companies. By adopting the several
trends retail organisation can reached their customers- centric strategy in effective and efficient
way. This report is based on Banana Republic Company which is a American clothing retailing
company. The organisation mainly deals in the safari theme. The company GAP can purchased
the Banana Republic in 1983 that helps in enhancing the business and customer based. This
project includes the current trends that a Banana Republic can used. At last it includes the
recommendations that helps in enhancing the profits and revenues(Pantano, Priporas and Stylos,
2018) .
MAIN BODY
Trends in Retail
In current business environment, company can follow the various trends which are
helpful in attaining the profits and successful within the competitive market place. Due to the
impact of COVID 19 companies can focus on trends which is helpful in maintaining their
success and growth. These trends are helpful in attaining the customer attraction so that high
market position can be achieved(Nayak, Akbari and Far, 2019) . IN context of Banana Republic
Company, manager can adopts the several trends that can be useful to attaining the high market
share and profits that can be shown below:
 Social commerce- It is one of the efectri9ve current trend that a retail company can
follow to retain the existing customers and attracting the new so that high success can be
faced by the organisation. In context of Banana Republic, firm will facing the issue of
reducing the sales and profits margin due to COVID 19 impact and to overcome this
issue manager can focus on closing their brick and mortar store and highly focus on
online marketing(Chung and et. al., 2018). This will offers the seamless way to the
buyers at the time of online shopping. It will helps in enhancing the sales. In this firm
will highly focus on creating a effective collection related to products and services. In
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this Banana Republic can adopts the Facebook and Instagram social sites to attracts and
gain customers loyalty and trust for a longer period of time(Aithal, 2019) .
 AR- powered shopping experiences- Augmented Reality refers to the machine
learning . It is also denoted as an artificial intelligence. In this companies can adopts the
use of AI technology as a trend that helps in gaining the customers attention towards the
companies products. It is mainly adopted by the retail organisation so that there
businesses can gain higher success and profits. In terms of Banana Republic company,
manager can focus on adopting the augmented Reality so that customers can enjoy the
high experiences within the shopping and because of COVID 19 this trend will become
successful and grow.
 Smart speaker shopping- It is another recent trend that is effective during the COVID
19 impact. By using the Google speakers and Amazon Eco speaker customers can enjoy
their shopping effectively and efficiently. With the use of this speaker props customers
can order the clothing, tracking deliveries and many more which is highly beneficial for
the Banana Republic Company to enhance their profits and growth and sustain for a
longer period of time(Paunov, C. and Planes-Satorra, 2019) .
 Embrace the digital mobile wallet- It is one of the best recent trend that a company
can follow to increase their customer base. In terms of Banana Republic company,
manager can highly focus on taking the digital payments to their customers even after
selling their products and services via online and offline. Due to this effective use of this
technique customers cannot face the issue of waiting at the time of shopping and during
the period of COVID 19 no person can prefer to wait at a place. This online payments
helps in gaining the high profits and growth within the marketplace. AS it satisfy the
customers and become attractive towards the company products and services. It will
enhance in gaining the competitive advantage within marketplace(Voszka, 2018) .
 Ethical and values based brand- In retail sector company can highly focused on their
ethics and values which helps in gaining the customers trusts and attention for a longer
period of time. It also helps in beating the competition within the marketplace. In terms
of Banana Republic Company, manager can highly focused on their corporate social
responsibility as it helps in developing the external image of the company and also
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increase the interest of the several stakeholders in the company so that their profits and
revenues is to be enhanced effectively and efficiently.
Analysis of the Banana Republic
Banana Republic Company is one of the leading American fashion retailing organisation
that is founded in the 1978. This company is working for attaining the aim related to the issues
faced within the retain organisation. In this manager can working effectively and efficiently to
resolve the issues. Banana Republic Company can operates more than 500 stores within United
states, Approx 61 stores in North America and around 40 stores within Canada. With the
collaboration with the GAP Inc. Banana Republic Company, can develops their market in all
over the world. Due to the high impact of COVID 19, the organisation can face the major issues
related to customers attractiveness and reducing their sales and profits. It is to be analysed that
the Banana Republic Company can examine the high solutions to resolve the issues related to
low sales and profit margin. In this manager can highly focused on the current trends so that
large base of customers are to be attracted and it will also helps in a gaining the competitors
advantage within the marketplace(von Briel, 2018). In this business enterprise can face the issue
related to their sustainability and also because of technology. In this consumers can focus on the
swiping the several brand and purchase the one which looks attractive ans attentive. In this firm
will choose the Artificial Intelligence which is very prominent to attracts the number of
customers attention and gain the high profits and revenues. In this business enterprise can face
the retailing issues due to which customers base is to be reduced and to remove these issues
organisation can highly focus on the adopting the trends like online shopping, e-payments and
many more so that customers base is to managed and high profits can be attained in their long
survival(Castaldo, Grosso and Premazzi, 2020) .
There are different issues that is faced by retail organisation and it is transformed by
understanding the sustained knowledge of transformed by enhancing the urge under which
efficiency is affected and cost is reduced. In this it is required that customers demand and
pressure get managed as in regard of quality services through which rate of products, services
and overall experience by which sustained knowledge is developed over continuous period of
time. For this it is required that need of customised is managed through which unique value and
experience get addressed as it also allows to build and own customised. Thus retailer managers
make sure to rethink the stores and its development in smarter way and with this more
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personalised offered are processed to customer’s. In this retailing businesses works to develop
more experience as by making sustained interaction, experiences, memorable, quality and fast
services. In this effectual level of engagement is addressed as with support of adequate sense of
sight, smell, tastes and touch as per offered possibilities. It is also be used and promote with the
better usage of artificial intelligence in which ordinate improvements is induced. It also promote
virtual reality, cutting edge and show room by which technological advancement is created in
dynamic and stipulated manner(Kautish and Sharma, 2018).
Primary research
By conducting the primary research, questionnaire is very useful as it gives the authentic
results and due to this clear communication is to be done with the respective respondent. In this
sample size is based on the 30 respondent that is useful for conducting the research successful.
Questionnaire
Ques 1) Do you understand the concept of shaping the organisation?
a) Yes
b) No
Ques 2) What are the solutions that is adopted by business in reinvent the Banana republic
shopping?
a) Includes new product category
b) Execute the guided selling
Ques 3) Impact of shaping the stores in relation to customers experiences?
a) Enhance the loyalty of customers
b) Customers fees valued
Present findings
Q1)Do you understand the concept of shaping the organisation? Frequency
Yes 25
No 5
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Interpretation
It is to be determine from the graph that out of 30, 25 respondents are in the favour of the
shaping the organisation while rest 5 are not in the favour of the shaping the company.
Q2) What are the solutions that is adopted by business in reinvent the
Banana republic shopping?
Frequency
Includes new product category 15
Execute the guided selling 15
5
Yes No
0
5
10
15
20
25
30
25
5
Includes new product category Execute the guided selling
0
2
4
6
8
10
12
14
16 15 15

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Interpretation
From above analysis there are several ways that are adopted by the businesses for shaping in this
15 respondent believe by involving the new product category firm will reshape their organization
while other 15 are focus on guiding the selling for enhancing brand image.
Q3) Impact of shaping the stores in relation to customers experiences? Frequency
Enhance the loyalty of customers 20
Customers fees valued 10
Interpretation
It is interpret that by using the above analysis reshaping can implement the direct impact on the
customer experience and in this 20 respondents are focus on enhnaciung the customers loyalty
whereas 10 are in favour of that customers are feeling values so that brand image is to be
increased.
Recommendations
From the above explanation it is to be recommended that the company that is Banana
Republic can highly focusing on resolving the issues that is created due to the impact of the
COVID 19 so that high customer base is to be enhanced. In this customers wants the major
changes related to their shopping so that they can experiencing satisfied in purchasing the goods
and services. In case of the Banana Republic Company recommendation is to be reflected
below:
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Enhance the loyalty of customers Customers fees valued
0
5
10
15
20
25
20
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 In this research a survey is to be conduct that can acknowledge that many females
customers are getting attracted towards the Banana Republic Company and due to this
they can highly linked with the organisation for a longer period of time. It is done by
focusing on the standards that are set by the companies to get attracted the large base of
customers and enhance the organisation profile within the marketplace.
 In order to solve the issues related to the maximising the profits and revenues by the
Banana Republic Company can highly focus on the major changes related to their stores
and for their they can conduct the proper market research that helps the manager to do the
changes which helps in overcome the present issues related to the impact of the
coronavirus. In this they can also focus on offering the training to their employees so that
they can analyse the issues that the customer is to be faced so that providing the
satisfactory products and services is helpful to the customers retaining and getting their
high attention(Lim and Winkenbach, 2019).
 Another recommendation for the company related to the resolving the issues present
because of the coronavirus impact is modify the offering services by using the safety and
hygiene related to their services offline and also go through the use of digital technology
in related to make check outs and scanning of the customer temperature at the stores and
also check the deliver agent temperature so that online business is also gives high profits
and revenues.
 It is highly recommended for the Banana Republic company to develops the high and
major changes related to the market offerings because of the high complexity occur occur
within the market related to COVID 19 so that large number of customers are to be
attracted. In this firm will highly focused on several strategies like offering discounts as
per the competitive market, innovating several products and services as per current
demand, hiring expert to handle the customers issues and research market effectively and
efficiently etc. so that customer base is to be maximised(Bianco, 2018).
 To resolve the issue of COVID 19 Banana Republic can highly focus on the several
changes according to the time frame related to customers and employees. In this they can
majorly focus on offering the customer benefit in relation to payments, converting their
offline store to the online store where employees are handling the customers issues
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related to products and focus on the shortage of the goods and serviettes(Reinhardt,
Oliveira and Ring, 2020) .
 Therefore, In this Banana Republic company can highly focus on the enhancing the
overall online services related to customers ordering and post purchase so that they can
attached with the company in effective and efficient way.
 In this to enhance the customer experience related to the Banana Republic company
manager can highly focused on doing the operational changes by using the TQM, kaizan
model so that wastage can be removed and efficiency can be maintained within the
working environment. It will helps in attracting the high base of customers in the amid
impact of the corona virus(Ong and et. al., 2018) .
 Further it is also to be recommended that the company can develops the budget and
developing the team to complete the task in effective and efficient way. In this they can
adopts the computer software so that data can be stored and budget can be developed in
effective way. In this firm will highly focus on providing the training to their sales person
so that they can sell the company commodities in effective and appropriate way.
 Further it is to be recommended that the customers are not attracted towards the loyalty
cards and for this they can built the POS which is effective for the customers attraction
within the COVID 19 situation where buyers are not much focus on buying the goods and
services(Fernie and Grant, D.B., 2019).
CONCLUSION
From the above report it is to be concluded that the Current trends within market helps in
attaining the higher success and growth. This inculcates the several recent trends that helps in
gaining the high customer base and increasing the profits and revenues of the company. In this
organisation can adopts the digital technology due to the high impact of the COVID 19. It also
inculcates the analysis of the Banana Republic Company that helps in enhancing their market
share and resolving the several issues related to the reducing the customers base. At last
providing the recommendation to get5 the higher returns and revenues of the business enterprise
to gain more and more profits.
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