Social And Social Trends In The Retail Industry

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Retail industry Trends
A trend simply reflects what seems to be going around at any given time. A trend can be in any area and doesn’t only reflect fashion, pop culture and entertainment. There can also be a trend in the stock market to be bullish or bearish, depending on economic indicators, or a political trend reflecting on a nation’s current mood (Vocabulary.com, 2016). Trends impacting the retail industry include social, environmental and technological trends, in ways that can either negatively affect or be beneficial to the industry. There are almost 140, 000 retail businesses in Australia, accounting for 4.1 percent of GDP and 10.7 percent of employment. The retail industry exhibits great diversity by: size, region, retail format, competition and the nature of goods sold. The retail industry has met many competitive challenges in the past. Online retailing and the new entry of new innovative global retailers are just the latest. The intensified competition between retailers is good for consumers, but is challenging for the industry. (Commonwealth of Australia, 2016)
A social trend currently affecting the retail business is the increase of casualization within the …show more content…

Purchases on social media has gone from 0 to $1 billon in just two years (Kim-Mai Cutler, 2016). Social media was initially used by brands to connect with their consumers as a way of advertisement. However, social media platforms have evolved to offer far more than cost effective, target media space. Social network platforms such as Twitter and Instagram are creating “one-click purchase” buttons and “Like2Buy” functionalities (figure 2) that will prompt a direct response from the retailer or brand. (Smollan, 2015) Whilst still in its early phases, one can only be intrigued and excited about the possibilities that social media has to offer as a shopping

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