Paper Example on Global Retail Industry

Published: 2021-07-22 15:02:28
1583 words
6 pages
14 min to read
letter-mark
B
letter
University/College: 
University of California, Santa Barbara
Type of paper: 
Essay
This essay has been submitted by a student. This is not an example of the work written by our professional essay writers.

Today's buyers have evolved their expectations and their use of advanced technologies, which has caused that the global retail industry, is also in the midst of a profound change of method operations. To gain a deeper understanding of the retailer's focus concerns and investment plans, we provide a comprehensive survey on many retail segments including specialized stores, department stores, supermarkets, clothing retailers, electronics, stores for the home, and pharmacies.

The Internet Things (IoT), the ever-growing network of physical objects web-enabled, is adding a new dimension to consumer products and redefining how retailers bring the merchandise to market. In fact, the devices intelligent sensors and network connectivity collecting and exchanging data, are incorporating unprecedented business intelligence in the ecosystem of the retail trade, from the warehouse to the floor of the store.The study reveals that retailers are investing in IoT technologies, from beacons that offer them custom coupon buyers, radio frequency identification to inventory (Zhu & Kraemer 67). This with the aim of simplifying, encouraging and customize the shopping experience, generate revenue and reduce costs. They are welcoming you to the IoT platforms to transform acquired data into real-time on the supply chain, on information actionable. The change to IoT technologies is essential for keeping up with the habits and expectations of consumers, who are influenced by the continuous evolution of technology. The shift to IoT technologies is imperative to keep up with the habits and consumer expectations, which are influenced by the-the continuous revolution of the technology. The digital interaction- more deeply, online shopping and phones smart have resulted in a home buyer more connected companies that have a global trading center within reach of his hand. Retailers, whether they realize it or not, are now part of the needs of the Millennials, who have surpassed the Baby Boomers as the commercial group largest in the world and will account for 75% of the employment in the year 2025 (Wamba et al. 622). This is the key conclusion: this group born between 1980 and 1995 marks the first generation of digital natives, for whom technology is something completely natural. When it comes to the Internet of Things, shops are paying attention. Almost 70% of those who take decisions are ready to make the changes needed to adopt IoT. In fact, 21%of the respondents have implemented IoT and another 27% plan implemented over the next year

While online and mobile commerce has transformed the shopping experience, 91% of sales still appear in stores. Therefore, merchants are investing in improving the overall customer experience through digitization, integrating the physical and digital experience.

Technology is playing a role most important in everyday tasks inside the store, letting the sales associates focus on providing better customer service. This comes at a critical juncture when the number of consumers in the store has been reduced since they can buy almost everything online. Retailers have the mission expedite the shopping experience and solve problem points associated in store, such as tracking of inventory. To this end, retailer respondents are giving priority to the implementation of IoT solutions in the store that include sensors on shelves, automated inventory verification, and analytical by cameras and video. The stores are betting on these changes that integrate the experience with digital technology, to acquire an aerial-time image of the tree inventory in the store, this on a shelf or at the storage site.

Wal-Mart, Costco, Carrefour, and Target are among the top ten retail chains in the world that posted revenue growth during the 2013-2014 fiscal period. Retailers were ranked according to their net income levels during fiscal 2013, expressed in millions of dollars. The average turnover of the ten most important chains in the world in that fiscal year exceeded the US $ 129 billion.

The report shows that half of the top 10 retail chains are based in the United States. The largest in the world remains Wal-Mart with incomes that are 4.5 times higher than those of its closest competitor: Costco, also American, rose to second place after having ranked third in 2013 and maintaining a solid upward rhythm. They remain in the list of Carrefour, Schwarz Group, Tesco, and Kroger, whose retail sales revenue in 2013 was over the US $ 98 billion each (Kasemsap 316).

Figure 1: Top 10 Retailers by Revenue

 

Figure 2: Top 10 Retailers by Market Share

 

Retailers are turning to IoT technologies to customize the purchase. The study indicates that 75% of stores will not only know when each customer is in the store, but also one can customize the experience during your visit for the year 2021. Among the priorities for traders is identifying when customers are in the store understand that part of the tends to resort and how to customize the experience during your visit. Indeed, traders are investing in better localization technologies to enamor customers in the precise moment. The merchants who participated in the survey identified the location platforms as a key technology where to invest your budget, particularly sensors that track what the consumer in the store and beacons that send offers personalized as they walk the store (Moatti et al. 747). Stores have been trying to use beacons for communicating with buyers through their phones smart during your visits to the store. These sensors are integrated along the tactile elements store such as shelves, posters, and exhibits, and can interact with devices using Bluetooth low consumption. These are designed to send you offers relevant to shoppers within the store, such as a promotion on the last cell phone to the buyer who spent a lot of time in the electronics section of the store. The stores are using more micro-location to capture more data, improve accuracy and knowledge about their customers, identify which corridors and products prefer customers, and analyze what consumers in the store to see if they not on a sale. The objective is to generate concrete information on habits and patterns of customer shopping for determining a business strategy. Merchants can use this data to make better decisions associated with its marketing and availability of merchandise. For example, knowing that there is more interest in a product and more sales possibilities, may consider raising inventory and promote it on a more prominent shelf (Zhu et al. 268). Also, when the sensors detect an area in the shop with low traffic of people, workers can use that knowledge to motivate more buyers to visit that site or to avoid displaying certain products there

Retailers are adopting technological solutions to increase the visibility of the goods through of the supply chain from the when inventory is sent from the warehouse and is received at the store, even when it is put into the sales shelves. According to retailers surveyed, main causes of dissatisfaction of customers today are when the merchandise is not available in the store or when it is at a better price in another store. This does not take us as a surprise, as current buyers have the great power to visit the websites of virtually any store with its smartphones to search for products and compare prices. Even eight of 10consumers use them for shopping during your visit to the shops.

Retailers are also investing in intelligence and business analytics to manage large volumes of data better. While the analysis of data in commerce retailer is not something new levels of data available in the era online shopping and the solutions that now exist to do so, they are redefining how the retailers determine that sell, to whom, where, and why some articles are sold better than others. The analysis of the date digital is still in a moment of childhood, but its benefits promise a lot. The companies that integrate the data and analytics of its operations are ready for increased productivity and income gains to estimated 5% higher than the competition that does not. *So it is not surprising that 58% of retailers who participated in the survey are preparing a budget to invest in solutions storage and analysis of data generated by IoT. When asked which intelligence and business analysis guide your goals strategic, they rated the product grouping, the segmentation of buyers, and the centralization of intelligence on buyers as their initiatives more important. In particular, product grouping is a model which determines which types of articles the customer tends to buy together. It is a very diverse since it offers knowledge about the patterns shopping preferences, preferences, and behaviors. Customers, regional trends, and even reveals the relationship between the different products for sale. Combined, this knowledge guides in which the store is designed, until what type of marketing is successful. Now, this model is automated using large volumes of data. Sophisticated analytics platforms are transforming the data into ideal information to create business strategies.

Works Cited

Kasemsap, Kijpokin. "The roles of corporate marketing strategies and brand management in the global retail industry" Successful technological integration for competitive advantage in retail settings (2015): 310-339.

Moatti, Valerie, et al. "Disentangling the performance effects of efficiency and bargaining power in horizontal growth strategies: An empirical investigation in the global retail industry." Strategic Management Journal 36.5 (2015): 745-757.

Wamba, Samuel Fosso, et al. "Exploring the impact of RFID technology and the EPC network on mobile B2B eCommerce: A case study in the retail industry." International Journal of Production Economics 112.2 (2008): 614-629.

Zhu, Kevin, and Kenneth L. Kraemer. "Post-adoption variations in usage and value of e-business by organizations: cross-country evidence from the retail industry." Information systems research 16.1 (2005): 61-84.

Zhu, Yan, et al. "What leads to the post-implementation success of ERP? An empirical study of the Chinese retail industry" International Journal of Information Management 30.3 (2010): 265-276.

 

Request Removal

If you are the original author of this essay and no longer wish to have it published on the customtermpaperwriting.org website, please click below to request its removal: