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Analysis Of Canadian Retail Industry

1209 words - 5 pages

Technology

The retail shopping industry can use technology to gain competitive advantages over others who don't invest in it. In the retail industry we have seen how walmart has been a leader in supply management because of their investments in information technology. Retail companies usually will have buying power over the suppliers because their purchases are a big part of the suppliers sales. In the retail industry, some companies like walmart use RFID tags and smart tags to help manage their inventories and many more are starting to embrace these technologies. The use of these technologies can help them know which items are getting low on stock and have the system ...view middle of the document...

With this information they could send these customers a mail to let the potential customer know that they offer these items and they could even offer a slight discount on it. Companies are also looking into removing cashiers by having self checkouts and some are even looking at ways to have customers pay wit their smartphones. If they do integrate these technologies, they will be able to reduce the costs associated with hiring cashier staffs.

Demographic

Retail companies can use demographic statistics to better understand their customers as well as their potential customers. Canada has a very diverse population so companies need to study these groups of people to better understand and serve them. The baby boomers are starting to get out of the working force, leaving room for the younger generation. There will be a larger percentage of the population (working and retired) who will have money to spend on expenditures and they will be looking for the best way to save on each dollar because of the uncertainties of today’s economy, therefore retail shopping sales should keep on increasing because retailers often have the best prices. Toronto, Montreal, Vancouver , Ottawa and Calgary are the major cities population wise in canada so companies should look to open some stores in those cities which most have already done.

Socio cultural

To better understand their customers, they also have to look at the socio cultural trends to understand what is going with them culturally. Canadians value equality so it would be good for these companies to have a balanced number of staffs which are females as well as males.This equality should also be present at the management and executive level. If customers see that the company cares about equality, it will attract them and it will also attract some of the best employees which could help the companies in reaching their goal. Canadians also value strong work ethic so always having employees available in the stores to help customers find their items for example will make the customer feel great about the company. It tells the customers that they are working hard to deliver the items that they need. Individual freedom is a thing which is valued in Canada as well so having an online presence and a physical store for example will give the customer more freedom in choosing how to get the items. People are also starting to be saving oriented, they do try to get the best for their dollar. Retailers have the opportunity to do that because they usually sell their items cheaper but with...

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