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Some Good Retailing Tips
 

Some Good Retailing Tips

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    Some Good Retailing Tips Some Good Retailing Tips Presentation Transcript

    • Retailing: A Service Perspective
    • WHAT IS RETAIL?
      • Retail - derived from the French word retaillier , which means to cut off a piece or to break bulk.
      • Retailer - defined as a dealer or a trader who sells goods in small quantities or who repeats or relates
      • Retailing - considered as the last stage in the movement of goods or services to the consumer.
    • India Perspective
      • “ Indian retailing is the least competitive and least saturated of all global market.”
    • Evolution of Indian Retail Weekly Markets Village Fairs Melas Convenience Stores Mom and Pop/Kiranas PDS Outlets Khadi Stores Cooperatives Exclusive Brand Outlets Hyper/Super Markets Department Stores Shopping Malls Traditional/Pervasive Reach Government Supported Historic/Rural Reach Modern Formats/ International Source of Entertainment Neighborhood Stores/Convenience Availability/ Low Costs / Distribution Shopping Experience/Efficiency
    • 7 P’s of Services
    • 1st P: PRODUCT
      • Product- refers to the merchandise i.e. the range of clothes.
      • supplementary services -include a component of fashion, life style and Ambient shopping as an addition to the core product.
      • Today, customers buy experiences and not brands or products.
    • 2nd P : PRICING
      • Cost plus price and Percentage method pricing:
      • Most widely used technique to price apparels.
      • ex:- COLOR PLUS and IN-HOUSE brands like those of SHOPPER’S STOP or WESTSIDE use this technique.
    • 2nd P : PRICING (contd.)
      • Perceived value pricing:
      • This technique of pricing apparel is mostly followed in high value-high involvement apparels as these have to be premium priced to avoid a perception gap.
      • ex:- Designer Wear, Bridal Wear
    • 3rd P : PLACE
      • Apparel Retailing Business is driven by one crucial factor:
      • Location
        • Approachable
        • Parking
    • 4th P: PROMOTION
      • Print medium.
      • Loyalty programs
      • In-store Visual merchandising
    • Offers & Promotions (Shoppers Stop) Being a First Citizen is about much more than just earning Reward Points because there are numerous offers and discounts open to our First Citizens! In fact, every year, Shoppers' Stop organizes a shopping festival that's open exclusively to its First Citizens. These festivals have already seen our First Citizens win exquisitely crafted Mont blanc pens and diamond pendants from Carbon
    • 5th P: PEOPLE
      • Every second a customer spends inside the store has to be viewed as Moment of Truth
      • “ People” is that aspect of the marketing mix which adds tangibility to the service of creating an experience
    • 6th P: PROCESSES
    • 7th P : PHYSICAL EVIDENCE
      • Managing Appearance of the building & Location
      • Maintaining Temperature , Music, Lighting and Fragrance inside the store
      • Availability of services like Prams, Wheel Chair ,Valet Parking etc
      • Stylish Stocking of Merchandise