Let me share my perspective on retail. While it is ‘retail’ for one, the business, it is ‘shopping’ for another, the consumer. In most cases, ‘Retailing’ and ‘Shopping’ connote the same expression, as looked from the side of business or from the side of the consumer. In this book, I will try to explain from the perspective of a shopper, a technologist, the organization and the operating environment. Reader may call it journey maps.
The Retail industry includes establishments selling merchandise and offering services related to the sale of goods. Retailers sell goods to the end consumer. The retail sector consists of two main types: store and nonstore retailer.
The retail industry is a division that consists of individuals and companies that are involved in the selling of finished products to consumers. When it comes to the customers associated with the retail industry, there are five different categories in which they can be put into. These categories include; loyal, discount, impulse, need-based, and wandering customers. Loyal customers represent up to 20 percent of the customer base while making no more than 50 percent of sales. The discount customers shop in stores quite often but only shop depending on the sales and markdowns. Impulse customers purchase without limitations and will buy items with no regards to price, brand, etc. The need-based customers are on a mission and will only buy what they intended on purchasing. Wandering customers are the last type of customer and they are the ones who most likely have no desire to purchase anything but are only looking to get a sense of the community and browse the products. Out of the five categories of customers impulse and loyal customers are the ones who the retail industry will primarily focus on because the loyal customers are the main people who keep coming back to the retail store and the impulse customers are going to purchase anything you can get their interest on. Every product starts its distribution with the supplier but what happens after that can differ over the past few years there has been an evolution from a single channel distribution to a multi-channel retail distribution. Consumers are now not only faced with what to buy but they now have the choice of how they wish to obtain their product. Multi-channels shopping options now include; ordering online and pick up in the store, visiting the store and order online via ...
This is an opportunity to reach a large demographic and expand into emerging technological markets. As more consumers move to e-commerce and their main shopping venue, the need to manage high cost, larger retail stores dimensions. The money saved in operating costs can be allocated elsewhere.
With the surge in popularity of smart phones and online shopping, several retail stores have seen a decline in their in-store sales (Bustillo 2012, Laird 2013 and Zimmerman 2012a,b,c). Studies and statistics have shown a decline in the amount of purchases made per visit to electronic retail establishments such as Target and Best Buy (Zimmerman 2012b). A decline in sales among bookstores has also been noticed while book sales at popular online marketplaces like Amazon.com have seen an increase. These trends have “brick and mortar” locations nervous and scrambling for strategies. Earlier this year, Target and Best Buy extended their price matching promotions permanently after testing its effectiveness during the retail holiday season while maintaining their policy to match other brick and mortar retailers (Banham 2013). But is showrooming something to be avoided or embraced? While some analysts predict the end of brick and mortar retail (Laird 2013), others feel retailers must evolve (Banham 2013, Datko 2012, Laird 2013, Monteleone & Wolferseberger 2012 and Webb 2012). Many analysts are considering a change in strategy as an alternative to meeting online prices.
BATTLE OF THE DISCOUNT RETAILER: The Visionary’s Secret Weapon A Comparative Case Analysis A Paper Presented in Partial Fulfillment Of the Requirements of Abstract The recognized giants in today’s discount retail market are Wal-Mart, Sears, Roebuck and Company, and Target, and this paper compares Wal-Mart and Target. As the competition stiffens to capture market niches, these two organizations are heading for a showdown.
Retailers in the apparel industry are primarily engaged in the distribution, merchandising, and sale of men's, women's, and/or children's clothing to consumers. Apparel retailers include department stores, mass merchandisers, specialty stores, national chains, discount and off-price stores, outlets, and mail-order companies. A relatively new development is the rise of electronic forms of retailing such as interactive TV and on-line shopping services. Some retailers who sell their own private labels go beyond their traditional role as distributors and become directly involved in the design and production of garments from manufacturers and contractors.
In conclusion, retailers differ to attract different customer bases. Retailing proves to be rather complex because it “encompasses the business activities involved in selling goods and services to consumers for their personal, family, or household uses” (3). Wal-Mart and Apple Inc. strive to satisfy their consumers by appealing to them in different ways with the computers. The purchasing process differs between the two retailers as well. Overall, how one purchase a product, such as a computer shows how every process and activity we do in business plays a
The retail industry is as old as human civilizations, and it’s worth noting the retail sector is much better geared to change than most sectors. Over the past couple of decades there has been a wide range of changes in the retailing business. The retail sector dates back to the early 1800’s when the first local corner store sold common household items and basic groceries. As its name states, the corner store was just that, stores strategically placed on corners on high foot traffic areas for easy access. As society started to grow so did the need for new consumer goods and how a consumer would reach those goods. Department stores became popular simply because they were able to offer an assortment of categories and a variety of items within those categories all under one roof. The first two cities to start developing large scale department stores were New York City, and Chicago. In New York in 1846, the first building was built offering a variety of goods at fixed prices that were shipped from Europe. Department stores moved away from the idea of bartering and all items sold were considered fixed. However, department stores did offer discounts and coupons as a way to get customers in the door. In 1862, the largest department store was built during this time in New York City. The department store was on a full city block with eight floors and nineteen departments of dress goods, furnishing materials, carpets, fine china, toys and sports equipment. All these items were arranged around a central glass-covered court. The glass windows quickly became a staple in the department stores design. The act of window shopping was introduced and quickly all department stores had floor to ceiling windows advertising the newes...
Since its launch in the mid '90s, Dell's e-commerce business has been a poster child for the benefits of online sales, says Aberdeen Group analyst Kent Allen. The company's strategy of selling over the Internet -- with no retail outlets and no middleman -- has been as discussed, admired and imitated as any e-commerce model. Dell's online sales channel has proven so successful, says Allen that the computer industry must ask: "Does the consumer need to go to the store to buy a PC anymore?"