Asked by Karan Patel on Jun 24, 2024
Verified
What are the current trends in retailing?
Current Trends
The latest developments or movements that are gaining popularity or influence in a particular field or industry.
Retailing
The process through which companies sell products and services to consumers for their personal or family use.
- Comprehend the global repercussions and significance of the retail sector.
Verified Answer
HK
Harmanpreet kaur SidhuJun 25, 2024
Final Answer :
Two current trends in retailing-the growth of multichannel retailing and the increasing use of data analytics-are likely to lead to many more changes for retailers and consumers in the future. Multichannel retailers utilize and integrate a combination of traditional store formats and nonstore formats such as catalogs, television home shopping, and online retailing. Similarly, Crate&Barrel has integrated its store, catalog, and Internet operations, and Amazon has opened physical stores in six states, with more coming soon. Data analytics has been described as the "new science of retailing." Data now available from the use of wearable technology (described earlier in this chapter) and the growth of multichannel marketing complement the substantial amounts of data already collected through scanner and loyalty card systems. The combination of these data sources has the potential to enable a new, comprehensive, and integrated analytical tool for retailers.
Learning Objectives
- Comprehend the global repercussions and significance of the retail sector.
Related questions
Which Statement Is True Regarding Nonstore Retailing ...
According to the Wheel of Retailing,new Types of Retailers Enter ...
A Company's Most Important Consideration in Choosing a Distribution Channel ...
Explain the Dimensions of the Retail Positioning Matrix, and Give ...
Describe Several of the Technical Solutions That Power Today's Smart ...