Importance of Environmental Scanning to an Online Clothing Retailer
Environmental scanning helps in the identification of potential threats and opportunities. Therefore, it is important for a firm to embrace the opportunities to enable it to stand out in the market. The firm will even be more secure in the market when it adopts necessary approaches to help it overcome possible risks caused by the threats. Environmental scanning is also crucial when it comes to making decisions for the firm.
My emphasis on environmental scanning as the CEO of an online clothing retailer
In this case, if I were a CEO of an online clothing retailer, I would put substantial effort into environmental scanning (both internal and external). E-commerce trading is a very dynamic business because of the constant advancement in technology (Pandey & Chawla, 2018). Most customers who shop online go by the trend; hence, scanning the environment will help me understand and go by the trends. For example, environmental scanning will help me keep up with the changing technology and understand the preferences of the consumers (Pandey & Chawla, 2018). Moreover, environmental scanning will enable me to embrace SWOT analysis and come up with better strategies like having a pretty website and a blog that will increase and maintain traffic apart from fashion accessories. All these strategies and solutions would help overcome competition from other online clothing retailers since I will be aware of my strength and weakness that will help me take advantages of the opportunities and provide solutions to my threats.
Potential Threats to Online Clothing Retail
Competition is the leading cause of threat in this industry. Some of the online competitors who happen to be bloggers would go as far as destroying the name of the company to make it disliked by the public. The other threat is that some of the competitors have a big name in the market, making it hard to outdo them.
ReferencesPandey, S., & Chawla, D. (2018). Online customer experience (OCE) in clothing e-retail. (International journal of retail & distribution management.)
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