Essays on Contemporary Issues in Retail Management - Australian Market Trend Literature review

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The paper "Contemporary Issues in Retail Management - Australian Market Trend " is a good example of a literature review on management. Good management of the retail business isn’ t limited to the existence of a flashy store. Indeed, the increased competition in retail business all over the world has led to new demands by the businesses that have made it in the retail business. The Australian market just like other large economies has gone retail, where many of the customers have had a preference to purchase items from the retail stores that offer the best items at the best prices.

The increased demand for customer-tailored products that added services such as transport has also led to many customers in Australian having a preference to make orders from the retail stores that are closer to them, as well as those that will give them goods and services that would satisfy their desires. However, the management of these retail outlets is confronted by diverse issues. For instance, MacGregor and Vrazalic, (2006, p. 1) cited that despite e-commerce being perceived as a “ business enabling technology” , small scale businesses, which mostly encompass the retail outlets have not fully embraced it in a similar manner evident in their large-scale counterparts. Major Trend identified The key trend influencing retailers in Australia currently is the rapid growth of channel extensions of retail stores.

In addition, the heightened acceptability of e-commerce in business operations has triggered an avoidable necessity to embrace it among retail outlets. The specific existing retail format that is affected is the mortar and brick retail stores in Australia. Contemporary issues in Retail Management The retailers in Australia have had to come to terms with this changing trend as many new retail channels have been opened in Australia.

Indeed, there are main changes in the market that has affected business in Australia. The Australian market changes affect the retailer the most since most of the retail businesses are the ones that serve the largest percentage of people. Indeed, apart from a few industries which have not gone retail, most of the businesses have gone retail by opening various retail stores in various parts of the country. The contemporary Australian market has been characterized by the expansion of the retail market in urban centers.

The major trend in the Australian retailing business lies in channel extensions as the retail businesses seek to capture the new markets that were effectively not reached before. The increased population in Australia’ s urban population has led to the need for more retail channel extensions of business so as to satisfy the emerging markets. This has been propelled through the advanced technology that is prevalent in the contemporary world. This has also helped in the elevation of efficiency in the retail business.

According to Huber & Michael (2008, p. 4), technologies in the retail industry are endowed with the capacity of enhancing the efficiencies of the supply chain as well as reducing shrinkage. Another trend has been the move towards merging and partnership among the players in the retail industry. This is evident in the pharmacy industry, According to the Management update (2011, p. 67), a partnership between Priceline Pharmacy, Medimobile, and Sanofi Pasteur was forged after a successful pilot professional program in the year 2010 which was delivered in contraception and heart health in the latter year.

References

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Huber, N. & Michael, K. (2007). Minimizing Product Shrinkage across the Supply Chain using Radio Frequency Identification. University of Wollongong, Dubai. 1-8.

Jeffrey, E (2010), Retail Strategies, Managed Healthcare Executive, 20 (9), 16-17.

Jensen, P. H. & Webster, E (2008), Labelling characteristics and Demand for Retail Grocery Products in Australia, Australian Economic papers, 47 (2), 130-140.

MacGregor, G& Vrazalic, L (2006) Sector Driven Variations on E-commerce Adoption

Barriers in Regional Small Businesses: An Australian Study, University of Wollongong, Dubai, 1-5.

MacGregor, R & Vrazalic, L, (2009) The Role of Gender in the Perception of barriers to E-commerce Adoption in SMEs: An Australian Study’, Communications of the IBIMA, (4) 18, 141-147.

Management update (2011), Priceline Rolls out Australia’s largest walk-in Immunization Program; Better Retail news from Mid-2011, The Australian Journal of Pharmacy, 92, (1092), 67.

Marrett, G & Worthington, A (2011), ‘The Month-of-the-year Effect in the Australian Stock Market: A Short Technical Note on the Market, Industry and Firm Size Impacts’, Australasian Accounting Business and Finance Journal, 5 (1), 117-123.

Mantrala, K. (2010), Retailing in the 21st Century: Current and Future Trends. London: Springer.

Natalie, A (2011), Australia's retail revolution, Charter, 82 (5), 32-35.

Northcliffe Newspapers Group Limited (2010) ‘Retail competition offers chance to set up business’ Evening post, 11, January, p. 14

Wamba, S. F & Boeck,H (2008) ‘Enhancing information flow in a retail supply chain using RFID and the EPC network: a proof-of-concept approach’, Journal of Theoretical and Applied Electronic Commerce, 3 (1), 92-105.

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