2. WHAT IS RETAIL RESEARCH
Retail research means studying customers' psychology about products
pertaining to their daily necessities,asking for comments from them about
a particular product and revert the same back to the manufacturer for
changes/improvement to regain market share.
Since retailers have direct contact with the ultimate customers, retail
research is of utmost importance to upgrade/improve the product/shop to
enhance selling possibility.
3. PURPOSE
At Manager level,
Retail
research
help
managers
to
1.Undertake market situation analysis
2.Work at developing strategy to build competitive advantage
3.Work out specific market development programmes
4.Implement the strategy with measurable objectives
4. At retail level,
i. concept testing
ii. Business feasibility analysis
iii. Identifying correct product mix
iv. Understanding target market’s profile
v. Understanding consumer behaviour and so on.
5. TYPES OF RESEARCH METHODS
QUALITATIVE RESEARCH METHODS ( Used to find out whats is in consumer’s mind)
i. exploratory research methods
ii. Orientation method
iii. Clinical methods
iv. Individual in-depth interview
v. Focus group discussions
vi. Projective technique
6. QUANTITATIVE RESEARCH METHODS
1. Survey/ questionnaire
OBSERVATION METHODS OF RESEARCH ( relevant behaviours of customers are
observed)
i. Casual observation
ii. Systematic observations
iii. Direct observations
7. UPC
The Universal Product Code (UPC) is a barcode symbol that is widely
used in countries for tracking trade items in stores.
12 digit barcode
Purpose: to make it easy to identify product features, such as the brand
name, item, size, and colour, quantity, store type.
8. RETAIL AUDIT
It helps to ascertain the sales personnel's efficiency at the point of sale
Every two months a team of auditors from a research firm visits a sample of stores to
count the inventory on hand and record deliveries to the store since the last visit
It help the retailer to work out ways to improve customer service.
The sales for particular period can be obtained by
BEGINNING INVENTORY + DELIVIERS TO THE STORE – ENDING INVENTORY =
SALES
9. NIELSEN RETAIL INDEX
Nielsen’s auditing services cover four
reporting groups:
1. Grocery products
2. Drugs
3. Other merchandise
4. Alcoholic beverages
Contents of a Nielsen Store Audit
Report
1. Sales
2. Distribution
3. Selling prices
4. Retailer support
5. Media advertising
6. Special analyses
10. CONSUMER PURCHASE PANEL
AUDITS
the retail store audits and warehouse withdrawal services help to understand how
much the product is oving through distribution channel.
There are two methods:
Home Audit Approach : Panel member agrees to permit an auditor to check the
household stocks of certain product categories at regular intervals
Mail Diary Method : Panel member records the details of each purchase and
returns the diary by mail at regular intervals
11. BENEFITS OF CONSUMER PANEL
Provides information on sales activity, types of retail outlets on a monthly
basis
Possible to measure and understand the changes in consumer behaviour
Provide more accurate information
