Retail Market Profits and Trends

Introduction

For earning profits, whenever the retail market stores sell something to the customers, it is said to be ‘Retail.’ This also helps in gaining the brand image of the organization. With the help of different supply chain, the companies distribute their products. Apart from the corporate, wholesale or government business, such services are provided with the help of the retail market. Through this medium, the services are provided to their end users other than the corporate, wholesale or government business. Retail markets are famous for years. People used to buy new and innovative products from retail stores (Sundström and Radon, 2015). It can be observed that the stores in the retail markets are gaining profits day by day as they can satisfy the customer’s needs.

Retailing depends on many factors such as consumer’s satisfaction, new trends and wants of the customers. This will help the private retailing sector in their process of improvement. On the other hand, it can be noticed that retailing markets are getting impacted by two major megatrends. Megatrends are such factors, which impacts the companies in a positive manner. Among which, one is hyper-urbanization and digital sales. Digital sales are seen helpful in providing a positive impact on the retailing markets (Kajalo and Lindblom, 2015). With the help of such mediums, they have started placing their various types of products in front of their customers. Hyper-urbanization is also helping in increasing the demand of trends among people.

Critical Understanding of the Meaning of Business Opportunity and Its Centrality to Innovation and Entrepreneurship

The growing up of hyper-urbanization and digital sales has impacted the retailing markets in the process of development, which is observed to be benefited. Such megatrends are delivering greater business opportunities to the business organization. Business opportunities are the most vital part of the company. It is a medium through which, the buyers get some chances for growing their business (Demil et al., 2015). However, it was noticed that the business opportunity sellers are having no control over the operations of the buyers’ business. Their main aim is to provide larger opportunities to the respective companies.

Digital Sales

In many recent studies, it can be noted that the rate of urbanization has created a broader scope for international retailers in providing huge opportunities. Apart from this, it was also noticed that such megatrend is increasing the growth of the organizations. With the coming up of technology, retailers are seen using some of the methods of digital sales for increasing their progress. They are using different digital mediums such as websites, social media platforms, blogs, and digital magazine. Nowadays, companies are observed using such strategies for expanding their profits by presenting their products on social media (Costa et al., 2018). With the help of social media platforms, customers come to know about the companies and their products. This, in turn, helps in delivering business opportunities to those companies. They get the opportunities for improving their products according to the customer’s requirements. Thus, it can be said that digital sales help in the process of innovation and entrepreneurship.

Hyper-Urbanization

On the other hand, hyper-urbanization is also noticed impacting the business by providing the quality amount of opportunities. In recent studies, it was noticed that the effect of urbanization had affected the retailer as well as on the real estate. It also facilitated by implementing strategies of developer and investor (Cardon, Post, and Forster, 2017). Usually, retailers focus more on the city markets where they can establish their companies for greater chances. Developers stress the demographic condition. Along with this, they also try to emphases on the prospects of the economy in those areas.

In this way, many of the companies are getting benefitted with these two megatrends by the innovation process and private enterprise. Entrepreneurship process is used in these sectors for launching and designing the business intended for increasing its opportunities in the world market (Reuber et al., 2018). Thus, it can be said that the process of innovation and entrepreneurship is of great importance in delivering business opportunities.

Identification and Assessment of the Viability of an Opportunity and Justify a Proposal for New Products, Services, and Venture Activities, In the Light of Identified Trends

People have a great obsession with the thing that is trending or, which is used by other people. They try to follow trends in related to every aspect. In this case, it has the capability of increasing opportunities with the help of the two megatrends. Whenever a new product is launched in the markets, customers get attracted to those and start buying it. In this way, the trend moves on. Looking at one company’s profit, other companies also start to create such products for their betterment (Wood and McKelvie, 2015). Therefore, with such measures, the retailers are seen satisfying the customer’s needs. It is the responsibility of the retailers to produce new products and services for their customers.

The products and services should be depended upon the customer’s choice. In this case for knowing the customer’s perception, the companies should try to conduct a survey. After that, according to the clients’ choice, the products are to be presented. The use of digital sales is also seen impacting the retail market. With the help of social media, companies are seen developing faster (Bocken and Short, 2016). They are taking out those products, which will satisfy their customers. They try to use websites for stating about their respective companies and their products. Along with this, they also use other social media platforms such as Facebook, Twitter, and Instagram. With the help of these, they can also be able to know the customer’s viewpoint about those products.

On the other hand, the customers will also be able to shop their desirable items just by sitting at home. This, in turn, increases the profit of the organization. Some companies also use digital magazines for showing off their products and services. The venture should be done for understanding the trends (Vandor and Franke, 2016). People usually follow trends. Therefore, for impressing the end users, it is important to produce those products, which are trending. This will help in increasing the demand of the customers. Other than this, it will also increase the competition in the retailing market. Thus, this will help in increasing the viability of opportunities.

In contrast, hyper-urbanization is also impacting the growth of the retailing companies. With the help of this, the companies will be able to get a lot of end users. With the increasing rate of urbanization, the demands of the consumers are also increasing. This positively impacted the consumers’ choice. With the high rate of demands, more products will be sold, which indirectly profits the companies (Muñoz and Dimov, 2015). In this way, hyper-urbanization is influencing the retail markets. Thus, it can be said that these two megatrends are providing great impact on the progress and development of the retailing stores. The retail markets have the opportunity to create such products, which are seen demanded more by the customers. This will also help in increasing the growth of the companies.

Development of Creative and Innovative Ways to Make the Most of Recognized Opportunities and Evaluate Alternative Approaches to Creative Thinking

The previous discussion states about the megatrends, which are causing an impact on the retail markets. It has provided greater opportunities for increasing its production. Different innovative and creative ways are also used in this processing. The retailers should try to introduce celebrity endorsement through social media. This will help in increasing their demands (Gaglio, 2018). The customers will get influenced because of this factor, which in turn, will increase the growth of the economic status of the organization. Therefore, such strategies can be used for the betterment of the organizations.

Apart from this, organizations can also use more advanced ways of using social media platforms. They should start an online survey to understand whether they were able to satisfy their customers or not. This will also help in knowing the people’s viewpoint and wants. On the other hand, they should also start to present their products in those areas where the demands are high, but the retail stores are less (Carmeli, Dutton, and Hardin, 2015). This will help in increasing the profit of the organization. The customers will be able to buy products of their choices. Such creative and innovative ways should be used for the process of improvement.

In case of providing services, the companies should try to provide a quality amount of services to their end users. This will help in delivering a positive attitude towards the company. It can be observed that a company can only satisfy its customers by producing trending products and by providing quality services. The personnel in the retail markets should try to assist the customers during their difficulties. They should be well-trained and aware about the products the retailers are selling (Baer, 2014). This will help them in delivering adequate information to the consumers. They should also use some of the retail strategies such as the assortment of products, serving the market, etc. This will be useful for the retail.

On the other hand, different approaches should also be used for increasing the opportunity of the markets in a better form. It was observed that urbanization leads a better scope for the functioning of the organization. Along with this, the new process of launching and designing should be used for growing the demands of the users (Csikszentmihalyi and Wolfe, 2014). People usually attract innovative ideas. Due to this reason, the retailer companies should use such measures for their betterment. The ideas mentioned above will assist the retail markets towards the scope for advancement. This will also aid the retail to gain more innovative and new opportunities for them. Thus, such opportunities, if implemented in a better manner, can improve the status and brand image of the retail stores or companies. From the opportunities that are taken, it can be seen that the assessment was viable according to the requirements.

Conclusion

Digital sales and hyper-urbanization are having an impact on the retail markets. In the areas of business opportunities, such megatrends are said to be as a scope for better and broader future of retail markets. Promotion of the products by using innovative and useful ways, with the help of digital sales will lead to an increase in sales. Through this medium, they are trying to present their products more broadly with the help of social media platforms. The retail market organizations are getting impacted by the use of such measures and tactics. From the social media, the customers noticed certain products and this, in turn, helps the company to expand its growth as the customers can choose items comparing them with the other ones. In this way, they will also be able to choose their desired item. The increase of the products and sales are equally influenced by the growing demands of the customers towards the companies and this, in turn, also affects the working structure of the organization just because it helps in increasing growth.

Recommendation

Some of the advanced methods were seen impacting the condition of the retail markets in a positive manner, which states the company’s growth and also advances the level of competition of the company. It can be recommended that the markets need to focus on the shopping habits, brand preferences, media habits and the analysis of the wants and needs of the customers. This will help the retailers to know the customer’s perception, which in turn will also help in satisfying their needs and wants. In contrast, it can be recommended that the retailing markets should concentrate on the competitive trends of the market. Their reputation will be maintained by having a good brand image and this, in turn, will improve their rate of production and income (Olofsson, Hoveskog and Halila, 2018). Apart from this, it can also be recommended that retail companies should pressure on the market stage and size while producing their items. This is because; this will help in understanding the human perception and the retail companies can act according to that. This, in turn, will also help in increasing the demands of the human and the growth of the organization in the retail market. For the process of advancement, the retail markets mainly stress on the megatrends. In this manner, these two megatrends will help in increasing the business opportunity for many retailing companies.

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