Analysis Of Trends, Challenges And Best Practices In Contemporary Retailing:A Case Of TESCO Group
Journal Title: International Journal of Business and Management Invention - Year 2018, Vol 7, Issue 12
Abstract
Retail sector is a significant contributor to the growth of any economy. With consumers taking more control by influencing the industry dynamics, retail is expected to change rapidly in the coming years. Brand loyalty, multi-channel shopping, convenience shopping and technological changes are few trends to look out for in the next five years. The following paper looks at the Retail industry, its current trends and the challenges it poses. It highlights the consumer buying behaviour, changing patterns of the industry and other relative aspects. Irrespective of the volume of the business, any small retailer can flourish and become the most competent player in the industry, thereby leaving little scope for a big giant like TESCO to grow and flourish in the emerging markets. Whilst covering the most prevalent practices and research methods, this analysis critically evaluates them by taking into consideration the future strategies needed for growth of TESCO PLC, for its operations in India and across the globe as an international retailer. The conclusion drawn states that in the future both online and offline channels will have their relevance for consumers; channel integration being its major characteristic. Further, recommendations are given for Tesco such as- understanding the shopping patterns in detail by employing observation; acting strategically by using scenario planning and looking for growth internationally.
Authors and Affiliations
Surbhi Khirbat, R. Ramanjaneyulu, Dr. Sweta K.
Keywords
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