So it looks like traditional retail stores are not going anywhere in the near future. Posted By: kpopoonam on: February 24, 2016 In: Uncategorized No Comments. The people are informed about the product either through e-mail or telephones, or through internet sites or television. Everything you need to know about retail marketing. The whole concept of retailing revolves around the customer. Right from accessibility to convenience, retail has different levels of importance in the life of the customer. The value of the inventory shrinkage can be determined as a difference between the physical stock of goods and the recorded stock of goods. Let us suppose a guy wanted to gift his wife a nice watch on her birthday. Example, providing finance for refrigerators, cars, mobile phones, furniture etc. Following Walmart, there is Costco with revenue of 118K million dollars 2016 show Amazon jump four positions up and recording the highest growth among retail sector with whooping 19.5% and revenue of 94K million dollars. The organized sector faces stiff opposition from unorganized sector. If you are responsible for planning and running projects in your retail business, you’ll undoubtedly come across project scoping. Strategic implementation of IT can improve (though not eliminate) the demand and supply imbalance. Retail stores tend to cluster together in order to attract sufficient customer traffic, in traditional town centres (central business district) locations, suburban shopping centre, edge- of-town, on retail parks or in retail villages. With the increase in retailing there has been an increase in the exclusive retail stores selling products of particular brands only. The behaviour of the retailer and his employees with the customers also affect their sales volume. The more areas they reach, the more possibility of getting orders and having a good business there will be from the customers. | K-12 Teacher Newsletter Retailers ensure to open different branches of their shop in order to cater to customers present in different parts of geography. It is because of these functions that retailer forms a valuable middleman or a penultimate point in the process of retailing. And how they can apply this in the future. Let’s say, for example, you are an FMCG retailer, and you’re about to refresh your Non-Edible and Edible departments across all stores. It is not at all possible for a retailer to survive in today’s world by offering just a single product. Definition of Retail Marketing 2. In modern times, retailing is categorized by large multiple chains and not by small scale independent retail stores. Today, these once successful retailers have almost died out. Non store based retailing means a retail format that is not confined to the walls of a particular area. 7. A benefit of having a firm grasp of everything is that it should also lessen any stress. A retailer who wants to extend their business by selling their goods in other countries opens stores in different countries to increase the number of consumers of their products. Your email address will not be published. Ultimately they are guided by the retailer who provides information about features and quality of the product, convince them and persuades them to buy a particular product. The entire process can take just a few years or decades, depending on the conditions of competition. Factors Affecting 7. The following are suggested business enterprises: This way, the retail business can be that specific more can cater to the general population. But in present times there are many suppliers for a single type of product. That number has since dropped to 44 and by 2008 that has gone down to 30. Mistrust and distorted information throughout the supply chain. Consumers expect retailers to provide timely and fashionable merchandise at a convenient location for a reasonable price. Adding to these many hurdles, operating in an environment of high transaction volume makes analyzing and reporting on crucial data a very challenging prospect. Companies like these have shown that there is huge potential in the retail market as well as in combining resources of E-Commerce with regular retail businesses, and this way, the customer can experience the best of both worlds. Initially, many of the traditional retailers were not able to keep up with the drastic changes in the market, but they are not making up for the lost time and lost business in a huge way. 3. In tonnage terms, this is almost the amount that is consumed in Great Britain. Customers do not have to buy in bulk and store it. Every product is assigned a unique bar code. The MNCs face various problems and they have to come up with customized products. According to a Neilson study food continues to dominate the private label market at 76 per cent of total sales. Retailing is a part of marketing activity. Packaged grocery dominates this market with about 53 per cent share of total sales. The drastic change in the retail sector has definitely changed the economy of the country. They must be able to take quick decisions. This debate is in relation to the introduction of Foreign Direct Investment (FDI) in retailing. Retailing firms that once occupied a unique position, such as traditional department and discount stores, are now being squeezed by more innovative firms. It sets out everything that needs to happen and gives you the exact route to take. Also if any article goes missing in the bar code series, it becomes easy to know the product details as all the information is already loaded in the computer.