Personal Insight Retail Industry Samples †MyAssignmenthelp.com

Question: Discuss about the Personal Insight Retail Industry Answer: Introduction The industry that I have always found interesting and fascinating is the retail industry. The retail sector is booming and it contributes substantially to the Gross Domestic Product of a country. I would like to work in the retail sector in future because this sector of the industry provides ample of job opportunities worldwide. Like any other industry, the retail sector has undergone modernization and technological changes in the past decade. In order to work in the retail sector, I would like to upgrade my skills and knowledge to enhance my employment opportunity in the retail sector. The Industry Trends for the Retail Sector The jobs that are expected to change or disappear The current trend that is dominating the retail sector is automation and technological innovation like Artificial Intelligence (AI). The advent of robots is a powerful instance about disruptive technology that is going to hit the retail sector in the near future resulting in the disappearance of several jobs (Bogue and Bogue 2016). For instance, the job of a cashier in the retail industry can disappear in the near future because most of the supermarkets will be automated and shoppers will be able to scan items on their purchase list with their smart phones. However, the jobs that will be affected the most are low-skilled jobs in the warehouses or shop floors of the retail sector (Sands 2016).However, robotics and automation will also create new jobs that will require high-skilled individuals. The booming of e-commerce has also changed the nature of jobs in the retail sector. The online retail giants like Amazon have made the physical stores quite redundant (businessinsider.in 2017). Thus, jobs in physical stores of the retail industry are at risk. Why is this happening? The cause of these changes in the jobs of retail sector is the innovation in technology. The retail industry has witnessed a steady growth in the percentage of consumers who prefer to make purchases from online retail stores rather than physical stores. Online purchases saves time and money, the online retail stores ensure speedy delivery of goods to the homes of customers worldwide (Yeoman, Wheatley and McMahon-Beattie 2017). Also, automation and robotics enhance the accuracy and efficiency of jobs in the retail industry(Kumar 2016 ).Thus, the retail sectors have identified repetitive tasks which do not require human inputs but consume employee hours and have automated such business process to save time and cost(Yu et al. 2016) The changes that I forecast in the next 5 years i) The retail sector will witness the growth of Omni-channel stores which will combine good practices of brick-and-mortar stores and the digital e-commerce stores (businessinsider.in 2017) ii) Disruptive technology like automation and robotics will hit the retail industry replacing low-skilled jobs (Bogue and Bogue 2016). iii) Modern analytical tools like Artificial Intelligence will enhance the market intelligence factors in retail industry (Bogue and Bogue 2016). iv)The needs and preference of customers will change, so retail industry will embrace innovation in business process, product and service delivery (Wang, Wang and Liu 2016). v) However, demand for high-skilled jobs in retail industry will increase. The reason for choice of this job cluster I have chosen this job cluster because the retail sector will continue contributing substantially to the economy of developed and rapidly developing nations. Thus the demand for high-skilled and semi-skilled jobs in the retail industry will increase in near future. Also, the retail industry will experience modernization with automation and e-commerce growth(R.Y. and Huang 2016 )Thus, I can secure employment in the retail sector by improving my business knowledge, soft skills and technical skills. I personally prefer to study behavior of customers and the retail industry will provide me opportunity to be in close proximity with consumers. The skills or knowledge that is expected Personal soft skills Development of personal soft skills like teamwork, communication and time-management, self-confidence are important to secure employment in the retail sector. Teamwork- Teamwork plays a vital role in the retail sector. It is very important to be a good-team player to perform well in the retail sector. Team-work helps in mitigating individual weakness of team members and helps the retail business to accomplish objectives within deadline. My personality traits like high conscientiousness and emotional intelligence will make me a good team player (Woodcock 2017). Communication- I would like to develop both verbal and non-verbal communication skills to perform well in retail sector. The retail sector requires high level of interaction with customers and higherpeople management skills and thus the role of communication is indispensable in this industry (Ruesch 2017). Technical knowledge and skills Database management, Customer Service, Book Keeping, Social Media Campaign Analysis, andEvent Management are some of the technical skills required in retail sector. I would like to enhance knowledge about Artificial Intelligence, Business Analytics, and modern software like Enterprise Resource Planning (ERP) and Supply Chain Management Software (SCM) to perform well in the retail sector (Bowman et al. 2016). Review of my current discipline knowledge and capabilities Arenas where I am developing skills and knowledge- Results that show my abilities Review of my experience, habits and abilities I have been part of many volunteer and community activities, for instance, I have raised awareness about environmental sustainability among members of community of a reputed NGO in Australia, and I have also volunteered with a NGO to raise awareness about rehabilitation of youngsters who are addicted to drugs. In school I have taken leadership roles while organizing several events like annual function, farewell parties, group presentation and sports events. I have gained soft skills of team-work, communication and time-management from these activities. I am a fast-learner and I am quite inquisitive about the external environment. I am ready to embrace changes, flexibility and resilience is my strength that will help me to adapt to the uncertainty of the business environment of the retail sector. The role of leadership and human resource management is of paramount importance in the retail sector. My experience of leadership roles in school and volunteering experience in community have been strongly instrumental for me to learn skills of human resource management, team-work and leadership. Review of my academic performance to date I have performed well academically in school, high-school and college. The units that I enjoyed in school were Mathematics and Language lesions. I have always scored well in language examinations in school which clearly demonstrates my verbal and non-verbal communication skills. I have enjoyed business studies in college especially units of marketing and human resource management. The units related to retail management and consumer behavior were extremely enjoyable because of the methodology adopted by teachers in college. I particularly enjoyed working in teams for a group presentation or solving a case-study during my academic sessions. Key findings that demonstrate my strengths and areas for improvement Key findings of my Temperament, Learning styles and Resilience- Learning Styles- I have scored 83% in learning styles. I can access a wide range of information and apply the information in variety of ways. My medium score in Active Changer category shows that I prefer to learn while exploring new opportunities. I am energetic to pursue new interests and I can easily engage with people which help me to explore new ideas. I scored medium in reflective realist category suggesting I prefer to learn in an organized and scheduled manner. I scored medium in quietly creative and pragmatic scale suggesting that practical actions are a medium of learning for me. Resilience- I have scored in middle range in my ability to cope with changes, I have scored low in problem solving skills which suggests that I am anxious about solving problems. I have self-confidence in most situations, my mid-range score in working with others and networking skills clearly suggests that I will be good in networking and engaging with people because this skill is required in retail industry. Temperament- From ISTPs scores, it clearly reflects that I am reflective in nature as an introvert, I have preference for sensing and like to work with facts and figures, I have preference for thinking and I am a logical decision maker and stay calm in crisis, I have preference for perceiving suggesting that I am flexible and spontaneous. My test results show that I am susceptible to procrastination, sometimes I fail to recognize feelings of others and I sometimes fail to see big picture. I have also scored low on problem solving skills and would like to improve my analytical skills for high-skilled jobs in retail industry. I have scored high on introversion, though this will make me focused in high-skilled retail jobs, I will try to improve on my ability to empathize with others. GAP analysis and SWOT GAP Analysis Skills and knowledge that are required to be developed by me to meet industry standards- In the Gap Analysis, I have found that the retail industry will experience a demand of high-skilled workers. I would like to develop knowledge and skills about business analytics, robotics and automation and would develop my technical skills to meet the industry standards. I also plan to enhance my knowledge about modern software used in retail sector like Enterprise Resource Planning and Supply Chain Management software. I would like to improve Digital Marketing skills and enhance knowledge about consumer behavior to perform well in retail sector. TABLE OF SWOT Analysis Strengths(S) I am flexible, creative, pragmatic and self-confident. I like to explore new things and I have the ability to access and apply a wide range of information. My excellent soft-skills like team-work and communication are my strengths. I am a fast learner and I am very inquisitive about technology like robotics and automation. Weakness(W) I require improvement in problem-solving skills. My technical and analytical skills like market intelligence require improvement to match industry standards. Opportunities(O) Demand for high-skilled jobs in the retail sector is an opportunity for me. The growth of digital technology and e-commerce retail store with a positive growth of consumers disposable income and preference to buy retail products have enhanced job opportunities in retail sector. Threats(T) The robotics and automation will replace many jobs in retail sector. Conclusion It can be concluded from my report, that development of personal soft skills like communication and teamwork is essential to enhance my career opportunities in the retail sector. The retail sector has undergone technological changes like automation and that is why I would like to develop my technological skills to work in the retail industry. The SWOT analysis clearly depicts my internal Strength and Weakness and the opportunities and threats of the external retail industry. I would like to utilize my strengths to optimize the opportunities of my internal environment and improve on the arenas of weakness to minimize external threats. References Bogue, R. and Bogue, R., 2016. Growth in e-commerce boosts innovation in the warehouse robot market.Industrial Robot: An International Journal,43(6), pp.583-587. Bowman, J.S., West, J.P., Berman, M. and Van Wart, M., 2016.The professional edge: Competencies in public service. Routledge. businessinsider.in. 2017.Trends in Retail. [online] Available at: https://www.businessinsider.in/25-companies-that-are-revolutionizing-retail/articleshow/59597176.cms [Accessed 23 Nov. 2017]. Kumar, A., 2016. A conceptual model for automation of product dynamic pricing and sales promotion for a retail organization.Kybernetes,45(3), pp.490-507. Ruesch, J., 2017.Communication: The social matrix of psychiatry. Routledge. R.Y. and Huang, G.Q., 2016. E-commerce logistics in supply chain management: Practice perspective.Procedia CIRP,52, pp.179-185. Sands, W., 2016. Future of Retail 2016. Wang, W.T., Wang, Y.S. and Liu, E.R., 2016. The stickiness intention of group-buying websites: The integration of the commitmenttrust theory and e-commerce success model.Information Management,53(5), pp.625-642. Woodcock, M., 2017.Team development manual. Routledge. Yeoman, I., Wheatley, C. and McMahon-Beattie, U., 2017. Trends in retail pricing: A consumer perspective.Journal of Revenue and Pricing Management,16(2), pp.174-200. Yu, Y., Wang, X., Zhong, R.Y. and Huang, G.Q., 2016. E-commerce logistics in supply chain management: Practice perspective.Procedia CIRP,52, pp.179-185. Yu, Y., Wang, X., Zhong,