Changes In Retailing

As the days passes, the world evolves, and this leads to changes in consumers’ demand. Consumers do not value and need the same things as they used to in the previous years. For that reason, every business including retail businesses, must adapt themselves to the changes in demand and changes in the environment to stay relevant. Retailing is the process of selling life necessities items at a small scale and varieties directly to consumers. A retailer is the direct link between producers/wholesalers and the final consumers. They buy their products in bulk and resell them in small quantities. A key component of retailing is selling in a store. Their goods are displayed in different categories and at a large variety to make consumers buy more

we do not any longer just shop from physical stores, but we have the availability to also shop from the internet. Most retailers have physical stores but also an online website where you can get the required information regarding any product you need and purchase that particular product. Sometimes the website has more choices and better prices than the actual store. There is the possibility to get online coupons that gives you access to better deals. However, they might want to get a product the same day they are shopping which is not always possible online, if so, they still have the possibility to get to a physical store. Both means complement each other. Also, an online website also allows the customer to gather information about products they want to buy in the physical stores, it reduces the amount of time they would have spent if they didn’t have any knowledge prior to coming to the store. An example of that kind of store is Walmart: it has a physical as well as an online website. This is to the advantage of the consumers because first, they have the choice to shop from the convenience of their home and get even better deals and second, they still have the possibility to get to the store when needed. Hybridism in this context was being able to add technology to the shopping experience of customers and make it more

This can be done via internet purchases where it is required to enter personal information such as your name, address, and payment method or in-store where an agent ask for that information. The personal information is required for a retailer to provide more value to their loyal customers and to also design specific programs. This will create a customer relationship management (CRM). Based on quizlet (year), a customer relationship management is a: “Company-wide business strategy and mechanisms designed to optimize profitability and customer satisfaction by focusing on highly defined and precise customer groups.” This a type of strategic segmentation. They target a certain type of customer and make sure to deliver exactly what matches their customer profile. This creates emotional attachments because the retailer is able to create a personal relationship with his customer. Retailing nowadays is no more just about transactions but it is also creating meaningful relationships with customers so that they stay loyal and connected to the retailer. When a customer is attached to a specific retailer, it becomes its favorite and do not get influenced by competitors. Being able to create a connection with customers allows retailers to create a desirable positioning. They clearly differentiate themselves from the competitors and create very loyal customers. Gathering