This is a solution of Retail Industry Australia Assignment part 2 in which we discuss the report will find results by using statistical methods like mean, mode, media, standard deviation and variance.

Retail Industry Australia Assignment part 2

Retail Industry Australia Assignment part 2Analysis of top industry groups performance in different states

Considering a four week average data, Aldi seems to be the favourite for the shoppers as it has got a significant share of 35.1%. ALDI customer base is strong in New South Wales and Victoria. ALDI has limited operations in Australia as it operates only in three states currently. In the Victorian market which is having the maximum growth rate in terms of the population, the market share has increased 13.3% to 15.5%. Other major competitor is Woolworths which also has 35% market share.

Analyzing the top performer across all industry sectors
Food retailing

During the period of 2012, the food retailing segment has seen an increase of 0.4%..The major market share has been occupied by the grocery stores and supermarkets. Small share is also occupied by the food outlets and cafes. Considering the seasonally adjusted estimate, there has been an increase of 0.1%. Analysing the subgroup trend, the grocery stores and supermarkets has gone up by 0.1% while the retailing has grown up by 0.6%. However there has been a significant drop in the specialized food retailing by 0.6%. Other food retailers, such as butchers and bakeries, remain relatively stable in market trends.

Household goods retailing

During the period of July 2012, there has been an increase of 0.7% in household goods retailing. During the same period the seasonally adjusted estimate has improved by a figure of 2.4%. Further conducting the subgroup analysis reveals that retailing in hardware, building and garden supplies have gone up by 1.1% while the house ware and textile goods retailing has marginally gone up by 0.4%. While analysing the seasonally adjusted estimate, a significant increase of 3.5% is seen in hardware, building and garden supplies retailing. The other sectors with significant increase are house ware, furniture and textile goods retailing with 2.2% and electrical and electronic goods retailing with 1.8%

TASK 2:
Analysis of changing demographic trends in major capital cities across all the states

From the demographic profile, it is clear that the fastest growing state in Australia is Victoria. The growth rate in Victoria was highest at 1.8%. There was sharp decrease in the population growth rate of Western Australia where the growth rate has reduced from 3.3% to 1.6% due to reduced migration from other countries. Another important fact is that 64% of the population remains in cities. Thus for retail organisation like Myer, it is important to concentrate on cities and areas where there is higher growth rate.

Analyze changes in technology

Technology has led to improvement in products and services. Organisations are adopting technological procedures to meet the consumer .Technological procedures are means to make and improve products and services. In past few years, the customers have become more technology savvy and are looking to buy products on internet and mobile (Nelson.et.al.2011). With advancement in internet technology information technology, technology has improved the customer experience. Customers are willing to buy products from e-commerce portals, flash sales. With advancement in mobile technology, users are now using mobile apps to buy products (Hjelmar, 2011). With advancement in e-commerce, the marketing mediums have also changed. Online and digital marketing are the key concepts which are used by the companies to market the products. Another important platform for marketing is social media. People are more connected towards social media thus companies are using it as a strong medium to market the products. E-commerce is a successively systematic and developing sector. There has also been identified that use of mobile technology and internet at different retail store is influencing the business process.

Analyze change in consumer buying habits and preferences

Retail industry is majorly influenced by the consumer preferences and buying habits in response to food concerns, including first choice and buying habits. Success of an organisation also depends to a significant extent on consumer confidence on the products, which is influenced by the quality of the products, variety in products and the competitive pricing. Moreover, the change in the trading habits like buying from e-commerce website and preferences like buying in flash sale has been disturbing the functioning activities of retail industry in a considerable manner (Wang.et.al.2011). If company underestimate either the market for their commodities or customer purchasing habits, sales may decline considerably, and sellers may be required to mark down certain products to sell the resulting surplus inventory or to sell such inventory through their outlet stores or other insolvency channels at prices which are very much lower than their retail prices, either of which would negatively impact on their business environment. Consumer preferences and buying behaviour is changing according to their culture and festivals. The changing preference and buying habits is very hard to forecast with certainty as it may differ as per the season of selling.

Analyze economic trends 2011

According to the unemployment data, the rate of unemployment was 4.9% in early 2011 which has shot up to 5.3% by November 2011. The rate of increase in unemployment is sharp Gross Domestic Product is defined as the total market value of goods and services produced in Australia within a given period after take away the cost of goods and services used up in the procedure of production but before subtracting payments for the utilization of fixed capital. The growth rate of GDP was 2.5% which is around the average GDP of Australia for past three years.. The inflation in Australia was 2.4% in 2011 (September).Obviously, there are many other factors that impact economic growth however, if households were saving money rather than spending and investing money there is a flow on effect right across the economy. Moreover, lower demand for retail and manufactured goods and lower demand for housing are also impacting factor

Analyze social and cultural factor affecting retail industry

There are several social and culture factors affecting the retail market For instance, it can partly cover and basically change how a society thinks. Retail business owners cannot forecast every possible change within the industry and perception of customers. Moreover by paying awareness to the major culture and social factors, organisations can plan strategies to capture market. For e.g. McDonalds in India sells vegetarian burgers as most of the population in India is vegetarian. The strategy has been helpful in capturing a sizeable market share in India. Thus considering the culture and social value is an important factor affecting the retail sector. . Also the consumer preferences have shifted frequently and unpredictably. Retail business organization makes business strategy to stay in front of consumer and influence the decision of customers.
It has been observed that, friends and families manipulate the decision of shopping from particular market (Aghdam, 2011). Another important factor affecting the retail industry is the marketing campaigns at the local level. These campaigns directly influence the consumers and thus impact the buying behaviour It has also been recognized that change in the preference of consumer is unpredictable and changeable. On the other side, cultural factor is seen to be the mixture of values, principles and ideologies that is followed by a particular society or a group of persons even as performing the purchase process. The younger generation have chosen to use technology for shopping. In spite of that older people may follow the traditional shopping methods.

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