characteristics of retailing

Retailers are able to use IT to measure staff performance, enabling further cost reduction with the help of quality information about transactions and performance levels. Retail stores are the places where most of the actual sales to the customers take place. 3. The selling need not necessarily take place through a store. 6. 6. 1) Intangibility – Services are intangible offerings. What are the essential characteristics of retailing? Currently we are seeing blurring of retail channels. In the distribution system, retail is the link to the ultimate consumers. General-specific-general cycle or accordion theory. Growth and maturation occur during which market shares are increased, but trading- up occurs and finally the firms become high cost, high price retailers once again vulnerable to the next innovator. Entrepreneurs are believed to be a courageous lot. Know market trends, opportunities as well as threats – Retail Strategy involves planning for the business growth and companies will have to deal with various external factors. Organizations should leverage it to get maximum benefits. There are other retail channels as well like Selling direct to the consumers, Souvenir Outlets, Institutional sellers like Restaurant Chains, etc. In the final decline phase, sales and profits fall and new, more innovatory retailers are developing and growing. Companies constantly evaluate its Search Engine Optimization (SEO) capabilities. It is the last link in the distribution channel. The key benefit for retailers of multichannel is that it gives them more opportunities to showcase their product, and to customers whom they wouldn’t have been able to reach with a single channel. Alternate channels give more options for retailers. If a retail outlet or type does not address to these factors, it may have the fate of dinosaurs. The role of retailers in the present competitive environment has gained the attention of manufacturers because external parties, such as market intermediaries and supplying partners are becoming increasingly powerful. F-Commerce is growing and becoming a trend as it is easy to use and doesn’t require programming skills to set up the Facebook store. The practice of holding the fairs can be seen even today, in rural areas, in the form of jatharas or melas and in urban areas, in the form of trade fairs, exhibitions, etc. Online social reputation monitoring and management is more important now than ever. They provide the correct price in a fraction of few seconds. Retailing is the last activity conducted in the chain of product distribu­tion down to the consumers. Retailing is defined as a set of activities or steps used to sell a product or a service to consumers for their personal or family use. Integrating Back-office appropriately, ix. For e-Commerce, this continues to be an important way to drive traffic, conversion and eventually revenues. Let us now study how IT is used to help solve retail business problems. xi. Importance of Retailing in Indian Economy. Daily use items like bread and milk generally do not see much of impact due to change in personal income but goods like Apparel and other products’ demand increases when an individual’s income goes up. Increased customer loyalty through better understanding of customers, iii. Even in prehistoric times, people travelled much space in order to arrange the merchandise in the areas where goods or products are less or short in supply. Product or company names, logos, and trademarks referred to on this site belong to their respective owners. Retailing accounts for an impressive part of Gross Domestic Product (GDP). Required fields are marked *. Concept 5. Taylor (1998) argues that IT system such as data mining, multimedia kiosks and web-based commerce are helping retailers of differentiate their services from their competitors. It also includes small kiosks at the malls, online marketplaces like Amazon and eBay, and even the restaurants which sell food and service. Retailers are affected by the environment in which they operate; it influences how and why they conduct business. Information Technology (IT) has become a vital part of retailing. Some of the points that a retailer should keep in mind while starting an e-commerce sites are: i. But, we personally feel that this market is oversubscribed. A retailer is a person, agent, agency, company, or organization, which is instrumental in reaching the goods, merchandise, or services to the ultimate consumer. Introduction to Retail Marketing: Retailer is the person or institution who delivers goods to final … The earliest traders were the Cretans who sailed the Mediterranean and carried on trade with the people of that area. Retailing is essentially an economic activity. Support multi-channel customer service, viii. The nations that have enjoyed the greatest economic and social progress have been those with a strong retail sector. It is the second largest employer in the India after agriculture. Realising the lifetime value of consumers. Customer loyalty – It’s very difficult to build consumer loyalty and maintain it for online retailers. The retailers buy the goods at a cost price, add up the cost of labour, equipment, and distribution to it along with the desired profit margin, and sell it at a higher price. (g) Additional selling space owing to reduced stockholding. Various channels – In retailing the goods and services can be sold either in person, through mail, through telephone, through vending machines or the internet. Multi-Channel Experience Management can help you understand how each customer views his or her journey and ensure the best experiences occur at each stage to build loyalty and foster advocacy. However, they opened their first store in 1925, only to complement their catalogue channel, launched way back in 1886. Some of the factors that drive customer demand are: Probably the most important factor that affects demand.

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