In simple terms, it implies a first-hand transaction with the customer. Retailing involves direct interface with the customer and the coordination of business activities from end to end – right from the concept or design stage of a product or offering to its delivery and post delivery service to the customer. Retailing is an activity copiously concerned with getting goods in the finished state into the hands of the customers who are prepared to pay for the pleasure of sumptuous eating, wearing or experiencing particular product items. Retailing is all about the distribution of goods and services because retailers play a key role in the journey that products make from a manufacturer, a grower or service-provider to the person who consumes. A retailer buys goods or products in large quantities from manufacturers or importers, either directly or through a wholesaler, and then sells individual items in small quantities to the general public or end-user customers at a margin of profit.
By bringing large number of manufacturers and consumers together at a single point, retailers make it possible for products to be sold and consequently business to be done. It is also defined as the timely delivery of goods and services demanded by consumers at prices that are affordable and competitive. This involves adding a makeup amount to the wholesaler’s cost. Retailing can be done in either fixed locations like stores or markets or temporary retail methods like door-to-door selling or by drop shipping. The pricing technique used by most retailers is cost-plus pricing.
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
Market Basket Analysis is one of the most common and useful types of data analysis for marketing and retailing. The purpose of market basket analysis is to determine what products customers purchase together. It takes its name from the idea of customers throwing all their purchases into a shopping cart (a "market basket") during grocery shopping. Knowing what products people purchase as a group can be very helpful to a retailer. A store could use this information to place products frequently sold together into the same area (or the different areas), while a catalog or World Wide Web merchant could use it to determine the layout of their catalog and order form.
Key aspects of Arcadia’s Value and Supply Chain There are two types of supply chain aspects that the Arcadia including financial and nonfinancial. It is important to highlights activities and operations in regards of these two aspects so is to understand the supply chain management of the company. Financial Aspects of Supply Chain Inbound Logistics The inbound logistics of Arcadia is based on local and international suppliers all over the world that manufacture and supply the products of the company to its retail house by means of business to business approaches. The supply chain of Arcadia has helped the company to maintain the product availability and high quality products in their inventory to control the accessibility of products towards
The sector is witnessing a radical change as traditional retail markets are replacing with new formats such as discounts stores, departmental stores, hypermarkets, supermarkets etc. In this competitive environment the retailers are more forced to concentrate towards Customer service & their satisfaction. In retail stores, the customer service is includes like counter service, billing the products, offer explanation to customers, providing them coupons, explain the product
The survival or existence of business is possible only because of Customers. Wesfarmer Ltd is huge company with many divisions of retail shopping centre from house hold to office product, clothes, fashion and technology, Coal mine industries, insurance company and many more where million of customer consumes different products. For the growth and existence of the company it is necessary to understand the customers needs and wants and build good relationship with customers. Wesfarmers is committed to provide better value to the Customer by delivering safe and sustainable products and services, booming sales force performance, improving their delivery performance, broadening the products and services ranges and offering solutions, focusing more on small customers through online(wesfarmers annual report, 2015).Coles is their largest consumer business (wesfarmers annual report,
They identify that the marketing phenomena exist in all core business processes of product development management, supply chain management and customer relationship management. Basically, the function of marketing is attracting and retaining customers (Srivastava et al., 1999). Marketing possesses the functions also as customer value creation and shareholder value creation (Day,1997; as cited in Srivastava, Shervani & Fahey, 1999). Moreover, marketing is an intellectual and operating discipline that influence whole business process to have each business process gets done. Hence marketing tasks have broad items of work.
1. PRODUCT: One of the main elements of retail marketing mix is the products and services that store offers to the customer. The different products that the store offers are together termed as merchandise mix. Big bazaar sold a wide range of products which comprises of apparels, food, farm products, furniture, child care, toys etc. If we consider the fashion department store the merchandise line comprises: 1.
The organized retail in the last few years has made an impression appearance in Metros, cities and towns across Indian as seen in sprawling shopping centers, Multi stored malls and huge complexes that offer shopping experience, entertainment and food all under one roof. Several well known corporate houses, such as Tata’s, RPG, the Rahejas, Biyani’s Future Group, Reliance, Bharti and Birla’s have entered the Indian retail arena. The evolution of retailing in India can be traced back to the village Haats and small town Markets. The rural retail industry could be categorized into two formats: Weekly Haats and Village Melas, Primarily, Weekly formats catered to the daily necessities of villagers. Village Melas were larger in size with a wide variety of goods sold from food, clothing, cosmetics and small consumer durables.