ASSIGNMENT 1
MY OPPORTUNITIES
Executive Summary
The purpose of this report is to delve into the Australian industry of retailing through the understanding of digital marketing. The digital marketing foreground will help in the understanding of how it can progress on the behaviour of the economic transaction and validation of the exhibition in the retail industry of Australia [Refer to Appendix 1].
The report has found that there have been imperative models and theories that have been a period of long-standing improvement. The communication is based on the theories that are based on augmented reality through a proper and efficient description of E-commerce in the Australian retail industry.
The method that has been influenced in the gap analysis through the research method where the analysis is done with the help of personalisation of the e-commerce industry. The personalisation of the e-commerce industry helps in determining the digital marketing concepts in programming the determinants of the organisation through minimising the cost.
Table of Contents
1.0 Introduction 4
2.0 My capabilities 4
2.1 Professional Dashboard 4
2.2 Capabilities to beanalysed 5
3.0 My Industry Requirements and Trends 6
3.1 My Industry Dashboard 6
3.2 Industry Requirements and Trends – analysis 7
4.0 My Gap Analysis 9
4.1 Analysis Table 9
4.2 My Skills Gap Analysis 11
5.0 Conclusion 11
Reference List 12
Appendices 13
Appendix 1: Completed test of Cottrell 13
Appendix 2: Completed test of Cottrell 14
Appendix 3: 16 personalities summary page 15
1.0 Introduction
The retail industry of Australia exhibits a wide diversity by the size of businesses, competition and region. There are around 140000 retail businesses in Australia and accounts for around 10.7 % of employment in the economy (Pc.gov.au, 2021). The purpose of this report is to enable me to develop my digital literacy skills in relation to the current retail industry trends. The trend of the industry which is increasingly becoming important is having an experience of personalised shopping has been described in this study. I have focused on this particular trend of the industry as I have skills such as paying attention to details, ethics, customer service skills and interpersonal skills. In addition, this trend of the industry is also helpful and related to my current study area and shall help me to prioritise my potential career prospects in the industry.
2.0 My capabilities
2.1 Professional Dashboard
Figure 1: PPF Aspect
(Source: Created by author)
Figure 2: SHAPES Profile table
(Source: Created by author)
2.2 Capabilities to be analysed
2.2.1 Findings
From the results, I could understand that I do have good communication and adaptability skills. However, what was surprising for me to see from the results of the test was that my time management skills required more brush up.
2.2.2 Strengths and Weaknesses (Areas for Improvement)
Strengths
Weaknesses
Communication
Problem-solving
Time management
Adaptability
Unable to manage multiple tasks at the same time
Spontaneity
Humour [Refer to Appendix 2]
Table 1: My strengths and weaknesses
(Source: Created by author)
2.2.3 Impact of these strengths and weaknesses on my job or career choice
a)I would like to make a career in the retail industry as I would like to get into a growing industry. Bunnings Australia provides their customers with the widest range of products and also looks after their employee satisfaction (Bunnings.com, 2021). The company also looks for providing growth opportunities for its employees in the industry. As the industry is gradually growing, I think it shall provide me with opportunities to grow as an individual by learning new things about the industry. It shall also provide me with ample opportunities for professional development as well. Also, I shall be able to get into an industry where those qualities are required which I already have and must implement to achieve success.
b) My communication and adaptability skills shall help me to focus on the better part of every event and be able to think critically. My inability to manage multiple tasks at once can affect my work performance which is why I must work on developing it. Time is an important factor in the industry and shall help me to meet my deadlines at work. On the other hand, my problem-solving skills shall be made to use to resolve issues and think about solutions rather than getting tensed about the problem. These skills shall help me to work on my spontaneity and to be confident at work. In addition, I shall also get a platform to showcase my skills where they are required[Refer to Appendix 3].
3.0 My Industry Requirements and Trends
3.1 My Industry Dashboard
Industry Name: Retail Industry
Emerging Jobs / Roles: Customer success specialist
Graduate Criteria: Retail management
Industry Growth Areas: Personalisation, Augmented reality
1. Package consultant
2. Profit centre Head
3. Beauty representative
Technical Skills:
1. Software proficiency
2. Common operating systems
3. Project management
Transferable (Soft) Skills:
1. Multitasking
2. Friendly
3. Respectful
Industry Challenges:
Competition, changing trends and growing demand of customers
My Top 5 Organisations:
1. Bunnings
2. Woolworths
3. Kmart
4. Coles
5. Kogan (Yun, 2021)
Employment Challenges: Competition, presence of adequate soft skills
Table 2: My industry Dashboard
(Source: Created by author)
3.2 Industry Requirements and Trends – analysis
The customers of the retail industry are constantly increasing their expectations from their online purchasing experience. Personalisation can be identified as the solution for all of their problems. Around 33% of customers had abandoned their relation with brands as they lacked personalisation facilities (Comestri.com, 2020). The retail industry must be taken seriously as a lack of personalisation could increase the chances of businesses losing around 1/3rd of their retail sales. Personalisation of E-Commerce comes from various different forms such as online sources and demographics. Currently, customers are looking forward to something more from their retailers and are looking to have a personalised experience. The data that is gathered from these sources can be reviewed by using the product information catalogue that is present with retailers already. This can help retailers to be able to provide their customers with a personalised experience that is based completely on their likings and preferences.
Figure 3: Future operating model of the retail industry
(Source: Assets.kpmg, 2021)
With a personalised experience, a retailer can increase the chances of a potential customer transforming into a buyer of their products. By keeping in mind the current state of the pandemic, personalisation shall be required to come in many different forms (Naseri, 2021). Personalisation is also important for retailers to be competitive in the market. It is important that they are able to make use of the algorithms that Google uses to reach a better level of complexity each day. Capabilities of voice search and optimisation of mobile are required and can be effectively used for ensuring that products are shown to customers in the right way.
Augmented Reality can be identified as a way of the future for the majority of people worldwide. According to Van Esch et al.(2019), It is an enhanced portrayal of the real world with the use of technology. It is also predicted that around 3.5 million mobile users will get themselves transformed into AR users worldwide (Comestri.com, 2020). AR shall enable people to get into a fitting room, engage with the product of their choice and make their final decision regarding their purchase online. Innovations like augmented reality shall enable retailers to provide their customers with personalised options and better their services towards them (Alam et al. 2021). Services and facilities such as easy ‘try on’ through AR, on-time delivery and easy return options shall enable retailers to gain the trust of their customers towards them. However, there are some constraints of AR that might require retailers to get adapted to them and can be time taking.
Figure 4: Constraints of Augmented Reality
(Source: Alam et al. 2021)
From the pandemic situation of 2020, it could be understood how retailers are required to quickly adapt to changes and fluctuations of the industry. Individuals with good adaptability skills and are competent shall be required in the industry within the next years. The trend of personalisation in the industry signifies competition which must be ensured by businesses. It is important that people with effective inventory knowledge, understanding about the market and its changing patterns and principles of profitable cash management are involved in the industry. It can be said that as personalisation shall be used by the majority of businesses to provide their customers with better experiences of shopping with them, businesses that provide more facilities shall stand out (Ayodeji and Kumar, 2019). An extra step for additional satisfaction of customers can help businesses to get better returns.
4.0 My Gap Analysis
4.1 Analysis Table
A
B
C
D
E*
A summary of experiences (where necessary) which support your self-rating.
SELF-RATING
(Scale: 1 – 5
1 – Needs work
5 = Meets industry standard)
CRITERIA
Technical, Transferable & Experiences
INDUSTRY RATING
(Scale = 1 – 5,
1 – Nice to have
5 = Critical)
YOUR GAP
(= Column B minus Column D ratings)
Have great communication and adaptability skills. However, can take a little time to process complex situations
4
Empathetic skills
5
-1
Have the ability to solve most problems or have the scope of thinking critically and analysing the situation of most problems to be specific
4
Critical thinking, looking for solutions rather than panicking.
4
0
Good time management skills. However, can be ineffective if multiple tasks have to be handled
2
Punctual, understand the importance of time.
3
-1
Completed Dale Carnegie training and course for enhanced growth of customer service skills
3
Technical customer service skills
4
-1
Table 3: My skills gap analysis table
(Source: Created by author)
4.2 My Skills Gap Analysis
From the gap, I could understand that I require changes in most of the fields except problem-solving. I believe skills such as communication, time management, adaptability and problem solving are required almost at all times in the industry as it is constantly developing. Fast learning and computer skills are the technical skills that I must pay attention to developing in the future. These skills are something that is required for standing out in the industry. In addition, soft skills such as being respectful, friendly and multitasking shall be on my list for development in the future. These skills shall help me to develop my ability to manage time and be confident in the workplace. As the industry is saturated with upcoming businesses, it is extremely important to perform in the best way possible to be distinguished from the common people and employees. By developing the above-mentioned skills, I shall be able to stand out in the field and grow as an individual.
5.0 Conclusion
The retail industry is growing with a number of businesses coming to the industry each day. This is increasing the competition in the industry and calling for new technologies to be implemented by businesses to be competitive in the market. It can be concluded that with the growing implementation of advanced technology in the industry, the importance of technical as well as soft skills is getting prominent each day. Communication, adaptability, problem solving and technical knowledge are crucial for people like me who are looking forward to having a future in the retail industry. I must also be able to improve my other soft skills such as multitasking, being friendly and respectful.
Reference List
Alam, S.S., Susmit, S., Lin, C.Y., Masukujjaman, M. and Ho, Y.H., 2021. Factors Affecting Augmented Reality Adoption in the Retail Industry. Journal of Open Innovation: Technology, Market, and Complexity, 7(2), p.142.
Assets.kpmg, (2021). Can imagination overcome the unimaginable? Available from: https://assets.kpmg/content/dam/kpmg/au/pdf/2021/australian-retail-outlook-2021-report.pdf [Accessed on 03/08/2021]
Ayodeji, O.G. and Kumar, V., 2019. Social media analytics: a tool for the success of online retail industry. International Journal of Services Operations and Informatics, 10(1), pp.79-95.
Bunnings.com, (2021). Who we are. Available from: https://www.bunnings.com.au/about-us/who-we-are [Accessed on 03/08/2021]
Comestri.com, (2020). 2021 Trends in Ecommerce (AU). Available from: https://www.comestri.com/wp-content/uploads/2020/11/2021-Trends-in-Ecommerce-AU.pdf [Accessed on 03/08/2021]
Naseri, R.N.N., 2021. Issues And Challenges Of Online Shopping activities On The Impact Of Corona Pandemic: A Study On Malaysia Retail Industry. Turkish Journal of Computer and Mathematics Education (TURCOMAT), 12(10), pp.7682-7686.
Pc.gov.au, (2021). Economic Structure and Performance of the Australian Retail Industry. Available from: https://www.pc.gov.au/inquiries/completed/retail-industry/report [Accessed on 03/08/2021]
Van Esch, P., Arli, D., Gheshlaghi, M.H., Andonopoulos, V., von der Heidt, T. and Northey, G., 2019. Anthropomorphism and augmented reality in the retail environment. Journal of Retailing and Consumer Services, 49, pp.35-42.
Yun J., (2021). Bunnings, Woolies: Australia’s top 100 retailers revealed. Available from: https://au.finance.yahoo.com/news/top-retailers-2021-020116395.html [Accessed on 03/08/2021]
Appendices
Appendix 1: Completed test of Cottrell
Appendix 2: Completed test of Cottrell
Appendix 3: 16 personalities summary page
14