Using 350-500 words each, please answer the below questions:
1. How have or will external factors result in the overhaul of a traditional industry of your choice (such as retail or any other) as we know it? Please explain and cite examples.
2. How do you currently describe the business climate globally? What are the implications for the companies in the same industry as a company like Amazon? Explain why. Please explain and cite examples.
Traditional industries are those ancient methods of production that were practiced before the pre-industrial times and continue to be used as production methods even during the era of factory-based industrialization like food processing, fishing and, craftsman or, the furniture industry. About the furniture industry, it has changed over time to be the furniture industry we know today, which is currently growing at a very high rate. The industry is advancing from small-scale production methods to complex, large-scale production methods (Yu, Wang, Zhong, & Huang, 2017). Different external factors have contributed to those transformations in the furniture industry. Some of these factors are changes in consumer buying behaviors, the need for business globalization, the competitions levels in the industry and, technological changes. Consumer purchasing behaviors are one of the main factors which have led to significant transformation in the furniture industry. Customers need beautiful furniture products. The old fashion styles will attract less or no consumers compared to the new fashions that are beautiful and compelling to consumers (Abu, Gholami, Saman, Zakuan, & Streimikiene, 2019). Consumers are willing to spend more on those products which suit their interests. Therefore, manufacturers are changing their methods of productions so that they can produce those items which will fit client’s interests as this will guarantee high sales.