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Three trends are emphasised in this sector that dematerialisation, technological revolution, and online revolution. Firstly, dematerialisation is the process in which physical record keeping is moved towards electronic record keeping. This means that manual maintenance of data is minimised to the utmost level and the electronic keeping of record is emphasised. Moreover, the technological revolution is the process in which new or better technology replaces the outdated or old technology. This is done with the intention to improve the process in terms of efficiency, time, and cost. Furthermore, online revolution is the improvement or advancement that takes place in the online assistance that is given by businesses to their customers.
The impact of the trends on the retail sector of the UK is immense as it is giving rise to various business opportunities. The main opportunity that entrepreneurs can focus with the help of emerging and mega trends is finding a niche and fulfilling a need. This is the most imperative opportunity for the entrepreneurs because it assists them in finding the need of the consumer and discovering the manner in which those needs can be achieved. This demonstrates the importance of mega trends because with the help of this a new and creative service or product arises in the retail sector. However, in order to achieve this business opportunity, the service that is focused on the entrepreneurs for the retail sector is the self-checkout machine.
It is noticed that different theories are there that can be used by entrepreneurs to achieve their target. However the theory that is focused in order to achieve the business opportunity is opportunity based theory. This theory was introduced by Peter Drucker who stated that entrepreneurs prefer to seek and take advantage of the opportunities that are brought to the chances in social, cultural, and technological factors. With the help of this theory, the entrepreneurs can focus on the method in which the business opportunity that is present in their particular market or sector can be achieved (Fisher, 2012). Various technological and social changes takes place in the retail sector due to which significant opportunities takes place. These opportunities can be achieved if the entrepreneurs emphasise on the concept of opportunity based theory. While on the other hand, another that can be used is resource based theory because it emphasise on the manner in which individuals leverage various resources in order to get the efforts of entrepreneurs off the ground. One resource that is important is access to capital that is needed to start a new venture. However, entrepreneurs take initiation from little capital instead of making huge investments. Moreover, other resources that are identified in this theory include human resources and social network (Alvarez & Barney, 2013).
The three mega trends that are emphasised in relation to the retail sector are the technological revolution, dematerialisation, and online revolution. It is noticed that these three trends are gaining pace in the market due to the fact that it is improving the method of doing business in the retail sector. These trends of prominent because changes are taking place in the technological and online area with the intention to improve business processes. Moreover, the customer needs are the priority of the businesses today due to which the businesses are focused towards these mega trends. Ovaskainen and Tinnila (2013)stated that dematerialisation is achieving prominence in the market because many of the businesses are now moving from the physical record keeping to the electronic record keeping. This is because it assists them in keeping the records more conveniently and effectively. In addition to this, with the help of this trend, the chances of errors are minimising. Therefore, through this, it is evaluated that this trend of dematerialisation is impacting the business opportunities present in the retail sector positively as businesses can make themselves grow and develop by introducing new techniques or products.
The technological revolution is another imperative mega trend that is arising in the retail sector of the UK. The aim of this trend is making operations of the retail businesses more strong and effective with the help of introducing the techniques or services through which customers need are satisfied timely. Moreover, the technological revolution is brought in the sector with the intention to attract increased number of consumers as well as to improve the functions of the businesses. With the help of technological revolution, the time and cost of the businesses could be controlled as it would minimise the need for extra resources. In addition to this, the time that is taken to complete a process would also reduce due to introduce an innovative technology. This demonstrates that the need of technological revolution is wide in the retail sector and this trend is gaining pace rapidly in this particular sector (Stank, et al., 2015).
Online revolution is another mega trend due to which the business life is impacted widely. This trend is also focused in the retail sector because the attentions of consumers are moving towards online facilities that are offered by the businesses in the retail sector. Due to this trend, the business opportunity is impacted in the manner that it has become important for the retail businesses to incorporate latest online facilities and technologies. This trend has the ability to influence the decision of the consumers either positively or negatively. It is noticed that customers prefer the retail business that offers significant online facilities as it makes their task convenient, effective, and less time consuming. This means that entrepreneurs in this sector have to make sure that are following the online revolution trend within their operations and functions (Simpson, et al., 2015).
Consumer needs and demand in the retail sector keeps on changing at the rapid pace which means that entrepreneurs have to come with new and creative ideas, products or service in order to satisfy them. The business opportunity that is focused based on the mega trends of the retail sector is finding a niche and fulfilling a need. This opportunity states that entrepreneurs have to determine the need of customers and then have to find the manner in which this need can be filled (Drucker, 2014). The entrepreneur theory of opportunity based theory can be related to this business opportunity in the manner that it states that advantage of the opportunities must be taken by the entrepreneurs that arise due to changes in the technological, social or cultural factor. Moreover, the trends are also related to the business opportunity because it would help the entrepreneur in determining the exact area in which change is needed in order to achieve the need of the customers. Therefore, it is important for the entrepreneurs to analyse the manner in which this business opportunity can be achieved by the retail sector (Sahut & Peris-Ortiz, 2014).
From the mentioned three mega trends, the one that suits more with the business opportunity of finding a niche and fulfilling need is the technological revolution. This is because, in the retail sector, significant technological advancements take place. Moreover, in order to identify and achieve the need of customers, the entrepreneurs have to think of the technological advancement that they can incorporate within their retail as it is the service provider sector. It is noticed that from the literature that the aim of this trend is to make the business processes and functions in the retail sector more effective and strong. In addition to this, it also focuses on introducing the techniques that save the time of customers as well as staff due to which service would be made more efficient. While based on the theories of entrepreneurship, it is evaluated that technological revolution brings significant changes in the sector that need to be identified by the retail businesses (Turner & Pennington, 2015).
Technological revolution has imperative impact on the business opportunity in the retail sector because it provides basis for determining the processes through which service can be made more efficient. In order to achieve this business opportunity of finding a niche and filling a need by utilising technological revolution, the product that is focused is self-checkout technique. It is noticed that customers often complain of waiting long hours in the queue for making their transactions. With the help of self-checkout technique, the entrepreneurs can achieve the need of consumers. This is because with the help of this service, the consumers would not have to wait in the queue for their transactions. They can process their own purchases from the retailer instead of relying on the traditional cashier service. This technique or service would assist customers in checking out and paying for their purchases with utmost speed. This means that the mega trend of technological revolution is applied on the business opportunity in the retail sector in the form of the self-checkout service (Antonites & Vuuren, 2015).
Through self-checkout, the cost of the business would be saved because these take less space and fewer human efforts. It is noticed that multiple machines can be placed in the small area which means that customer transaction has cared through minimal space. Moreover, the need of multiple cashiers declines due to which the number of employees declines. This results in the saving of the retailer as fewer employees would be there to pay. Furthermore, the most important are that the need of the customers that is not waiting long in the queue can be achieved by implementing the technological revolution trend. The introduction of this service by the entrepreneurs would make transaction systems of the retail sector efficient and expert. Therefore, the implication of the technological revolution for the selected business opportunity is positive because it is providing the basis of growth for the retail sector. With the help of achieving this business opportunity, increased number of customers can be attracted towards the sector due to which the revenue and profitability would increase (Trimi & Berbegal-Mirabent, 2012).
Based on the discussion made above, it is concluded that each of the mega trends have a significant impact on the sector that is retail. The technological revolution, online revolution, and dematerialisation are the three most prominent mega trends that are present in the retail sector. With the help of the selected mega trend that is a technological revolution, the retail sector is able to introduce significant services which would attract the attention of the customers. Moreover, due to the mega trend, the business opportunity that is arsing in the retail sector of the UK is finding a niche and fulfilling the need. This opportunity states that entrepreneurs have to determine the need of the customers and find the solution through which those needs can be fulfilled. In order to achieve this business opportunity, the service that is proposed in this sector is self-checkout technique. With the help of this technological revolution, the need of the customers that waiting long in the queue for transaction is achieved. The customers would not have to wait long for their payment transaction which is the result of the business opportunity and mega trend. Therefore, the technological revolution is the significant mega trend that is impacting the business life in innovative and creative manner.
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