Inquiry Based Learning Assignment Sample

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Introduction

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The study will concentrate mostly on the present trend by relying on credible research papers. As a retail firm, “Iceland” has been picked for the report. Products that are frozen, such as prepared meats and vegetables, are the main emphasis of the company’s business. Non-frozen groceries, such as vegetables, meat, dairy, and dry goods, are also available for purchase. Previously the business has failed due to extensive range of legal issues from Iceland government as well as significant stress from failing supermarket chains during the crisis of Covid-19 pandemic. The retail industry’s most recent trends will be examined in this research (Butler, 2018). Porters five force model and Porters Dimond model will be used to undertake different studies. Final recommendations will be derived from the findings of the study.

Contemporary Trends in Retail Industry

Sustainability

In the context of the UK’s retail business, it is imperative that sustainability be mentioned. Customers in the UK retail industry increasingly value firms’ long-term efforts to do good for the environment and community above short-term profits. Consumers in the United Kingdom are more interested in buying products from firms with significant environmental efforts, according to a survey by Bell (2010). They observed that some brands may be purchased by customers who are willing to pay extra for them. Sixty-three percent of people in the United Kingdom responded in a study that they would not buy from a company if it harms the planet. Retailers say that sustainability is one of their top three priorities for 2020, according to a PwC (2020) poll.

Technology

The retail sector in the UK is seeing a significant increase in the use of technology in business operations. Each step of the business process, from sourcing to marketing to distribution, is being influenced by technology more and more often. One-way retailers are leveraging the finest metrics and data analysis tools and approaches to enhance their virtual presence is to deliver data and insights for better consumers (Butler, 2018). The retail business in the United Kingdom has grown more reliant on technology as more and more merchants seek to gain an advantage in the marketplace.

Customisation and Personalisation of Products

Nowadays, clients in the UK’s retail industry value commodities above people. Clients are more likely to use a custom-made products merchant if they are satisfied with their service. The findings of Elliott (2020) demonstrate that firms in the UK are responding to customers more and utilising product modification to make them happy. Customers are more pleased with items that are tailored to their own p