The Indian retail industry is now beginning to evolve in the line with the transformation that has swept other large economies.
There is a change a foot in Indian retail too, the liberalization of the consumer goods industry initiated in the mid-80's and accelerated through the 90's has begun to impact the structure and conduct of the retail industry. The concept retail which includes the shopkeeper to customer interaction, has taken many forms and dimensions, from the traditional retail outlet and street local market shops to upscale multi brand outlets, especially stores or departmental stores. Store Retailing as the departmental store, which is a store or multi brand outlet, offering an array of products in various categories under one roof, trying to cater to not one or two but many segments of the society and nonstore retailing as the direct selling, direct marketing, automatic vending.
Therefore, this concept of retail marketing through departmental stores, which is coming up in a big way in India was decided to be studied in detail, through an exploratory and conclusive research. The objective being to assess the various parameters that influences a buyer to visit or shop at departmental store thereby contributing to its turnover (in terms of sales and profits) hence leading to its overall success. The extensive research brought me to conclude that departmental stores are soon emerging on the top priority lists, amongst the shopping spree in Delhi, as they seem to derive immense pleasure of convenience and exposure to variety under one roof, in their extremely busy lives, when they don't have time for things.
Though some of the customers perceive departmental stores to be expensive and only high income category's cup of tea, the stores make constant efforts to induce them to at least visit the store at once during the sale period, or discount offers. Most of these stores believe in creating not just a marketing activity with its customers, but rather favor relationship building with him so as to convert first time customers into a client.
[...] Shoppers Stop has a centralized purchasing department in Mumbai, this fact sometimes results in delayed decisions in adapting to changing market trends Opportunities Apart from the metros, cities like Ahmedabad, Pune, Lucknow, Indore and Coimbatore have shown substantial retail presence. Most sport modern retail formats like supermarkets, department stores and specialty chains. These markets are expected to show exponential growth in the next few years. Thus Shoppers Stop has the opportunity to explore new markets According to the Consumer Outlook study, consumers are generally satisfied with the service that organized retailers extend to them. [...]
[...] The owners as such have no future plans for expansion at least in the near future, but yes- perhaps for them, the most important thing is to make this store as a leader in retail marketing business without losing the customers' faith. BigJo's One of the top stores on the priority list of a Delhi based shopping spree, seems to have top of the mind awareness, due to successful advertising and cashing on the credit earned over the years, in terms of good quality merchandise available in large variety. [...]
[...] Although advertising's effect on the retail image will be discussed first, non of the seven advertising areas in many stronger than any other in the chain of advertising success. Various Advertising Media Knowledge of the various available advertising media and their various methods of application for retail situation is a vital to a well-planned, successful advertising program. For a given situation, there are particular media that would be appropriate for a retailer to use. ( Newspaper Advertising ( Magazine Advertising ( Television Advertising ( Outdoor Advertising ( Transit Advertising ( Special Advertising ( Direct Mail Advertising ( “Donation” Advertising The list of possible is almost unlimited. [...]
[...] There's a lot at stake here: even so early in the 21st Century, India is too large a market to be ignored by transnational retail giants. From the manufacturing company's perspective, the focus should be on producing good products, and forging relationships with organized retail. Manufacturers need to draw a plan of producing quality products and tie in with retailers. Indeed, the birth of organized retail will also engender the creation of private labels and store-brands. Thus, if a manufacturing company lacks the resources to build a brand, it can supply to a retail- chain that has the resources to create a brand of its own. [...]
[...] Trends In Retail Marketing At this point, I can summarize the main development retailers and manufacturers need to take into account as they plan their competitive strategies. In India the trends are mainly in three sectors. These sectors are: Trends in retail marketing Urban Suburban Rural 1. New retail forms and combinations continually emerge. Bank branches and ATM counters have opened in supermarkets. Gas stations include food stores that make more profit than the gas operation. Bookstores feature coffee shops. [...]
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