Challenges of Retailing in India
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Retailing in India faces several challenges including cultural diversity leading to difficulties targeting consumers, high real estate prices, a poor supply chain infrastructure with inefficient logistics, a shortage of skilled workers, fraud issues, and an inconsistent taxation system that does not fully recognize retail as an industry. However, the conclusion notes that retailing is now about forging relationships by casting customers in stories that reflect their desires and aspirations in order to provide experiences consumers want to repeat during each store visit as Indian consumers continue to evolve.
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The document discusses the concept and evolution of retailing in India. It defines retailing as the final step of distribution involving the sale of goods and services to final consumers. Retailing in India has evolved from traditional small family-run stores to the modern organized sector with shopping malls and complexes. Currently, over 90% of Indian retail remains unorganized while organized retail is a growing sector.
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Key measure of the retailer’s success is selling as much merchandise as possible at the highest profit margin.
Retailers can no longer depend on random sourcing / buying in the hope that they will sell them all.
There are two major areas of profit leakage in retail. Firstly - lost sales resulting from lack of stock, and secondly - forced margin reductions (markdown) due to excessive stock.
There are processes and solutions in order to reduce and eliminate excess inventory and maximise profit. That is "Merchandise Planning".
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There are two major areas of profit leakage in retail. Firstly - lost sales resulting from lack of stock, and secondly - forced margin reductions (markdown) due to excessive stock.
There are processes and solutions in order to reduce and eliminate excess inventory and maximise profit. That is "Merchandise Planning".
Merchandise Planning is "A systematic approach by the retailer, aimed at maximising return on investment, through sales & inventory planning, in order to increase profitability”.
Main goal of Merchandise planning is to maximize the use of assets, and resources a company owns.
In the long run, effective merchandise planning can save time, help streamline business processes and objectives, and optimize and mobilize inventory to get it off the shelves into the hands of the consumers for the right price.
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1) Buying and assembling goods from wholesalers and manufacturers.
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3) Selling goods directly to consumers through various methods to satisfy consumer demand.
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1. The marketing mix consists of the 4 P's - product, price, place, and promotion. It represents the set of controllable tactical marketing tools that a firm uses to produce the desired response in target markets.
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This document discusses legal and ethical issues in retailing. It covers two main categories of issues - ethical issues and legal issues. Ethical issues relate to explicit and implicit codes of conduct, while legal issues involve laws that make certain activities punishable. Specific topics covered include misuse of company assets, employee theft, consumer fraud, ethics policies, relationships with customers, site location considerations regarding environmental and zoning laws, equal employment opportunities, compensation, employee safety and privacy laws, and unethical advertising practices. Unethical purchasing practices for merchandise such as terms and conditions, commercial bribery, and chargebacks are also examined.
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1. Omni-channel retail strategies that seamlessly integrate online and offline shopping channels are becoming essential as customers browse and shop across different channels. Marketers need hybrid models to meet customer expectations of convenience. Smaller cities are seeing growth in niche product categories available online but not in local stores.
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Retailing in india
this ppt gives details abt how retailers consumers and retail industries behave in past present and future in India
Scope And Importance Of Retail Industry In India.pptx
Consumers benefit from retailing because merchants engage in marketing activities that allow them to explore a diverse selection of products and services. Retailing also plays a role in the formation of a sense of place, time, and ownership. The service given by a merchant also helps to improve the image of a product. Retailing has a large economic impact. It necessitates a large annual revenue and personnel. Hence. retail business in India holds profound importance.
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Subhiksha began in 1997 as India's largest retail value chain with over 1600 outlets. However, it failed due to rapidly expanding the number of stores without sufficient funds or systems in place. Other reasons included a lack of strong human resource policies and staff, as well as facing intense competition from established national chains. The company overestimated customer demand and grew too aggressively without proper controls or infrastructure to support its expansion.
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The retail industry faces several challenges. One major challenge is adapting to constant shifts in the market. Customers now research purchases online and consider customer experience, forcing retailers to engage customers. While e-commerce grows, customers still prefer shopping in-store but use online for information. Retailers must create engaging experiences across online and in-store to build loyalty. Technological advancements are also imperative, like digital payment options, or retailers risk losing customers. Indian retailers additionally face infrastructure issues like underdeveloped transportation and poor storage facilities that drive up costs.
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The document discusses strategies for an e-retail company to onboard the first million sellers online in India. It recommends focusing on tier 2 and 3 cities and unorganized sectors like food, apparel and consumer electronics. The company should treat sellers as partners, offer competitive pricing and faster delivery. It should use multiple strategies like outcalling, digital marketing and partnerships to onboard 30,000 sellers per month. Key metrics like resolution rates and resource utilization should be tracked.
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Identity in the Retail Industry: The Paradigm Shift in Retail Management (58)
Identity in the Retail Industry: The Paradigm Shift in Retail Management (58)Arab Federation for Digital Economy
The retail industry is in the throes of transformation. Multi-channel retailing has become the norm of the day with the advent of mobility and self-service models. Retailers are seeking to stay ahead of the technology curve and meet new customers’ demands and buying behavior. Today’s customer is more consummate and discerning and not averse to sharing personal information for a better and perhaps preferential treatment. Thus, retailers are seeking to be ubiquitous in today’s digital world trying to garner customer information in their efforts to maximize their reach and points of sale. The role of modern identity management in the retail industry thus plays a dual role. Managing the identity of the customers while grappling with the employee identities to meet the challenges of the reality of remote operations. In this context, we make a cursive examination on the transformation in the retail industry and the data driven decision making that is expected to drive the industry. We also shed light on one of the world’s most renowned identity management infrastructures—in the United Arab Emirates (UAE)—and examining how reliable identity management systems can facilitate and enable the retail industry in their digital transformation.Strategic HRM case study- vijay K
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The document provides an overview of the retail industry in India. It discusses how retail is a large industry in India, accounting for 10% of GDP. It also describes how the retail industry is at an inflection point, with organized retail and consumption growth set to increase significantly. This is driven by India's young population and growing urbanization. The document then covers differences between organized and unorganized retail sectors in India, and how organized retail is growing and spreading, led initially by supermarket chains in Southern India.
Study on comparative analysis of product sales with reference to selected sto...
This document presents a study on comparing product sales across selected retail stores in Andhra Pradesh, India. The objectives are to analyze consumer preferences and satisfaction levels across Heritage, More, and Reliance Fresh stores. Data was collected through questionnaires from 106 respondents. The data analysis used statistical tools like percentages, cross-tabs, ANOVA, and chi-square tests to analyze relationships between variables like store preference, purpose of purchase, price, quality, and consumer demographics. The study aims to understand which retail store is most preferred and identify factors influencing consumer preferences and satisfaction in Andhra Pradesh.
Similar to Challenges of Retailing in India (20)
Scope And Importance Of Retail Industry In India.pptx
Scope And Importance Of Retail Industry In India.pptx
exploring-the-diverse-formats-of-retail-management-
exploring-the-diverse-formats-of-retail-management-
Identity in the Retail Industry: The Paradigm Shift in Retail Management (58)
Identity in the Retail Industry: The Paradigm Shift in Retail Management (58)
Study on comparative analysis of product sales with reference to selected sto...
Study on comparative analysis of product sales with reference to selected sto...
Challenges of Retailing in India
- 1. Challenges of Retailing in India Presented By: M. Rajesh Kumar MBA 2nd Year
- 6. High Real Estates Prices
- 7. Poor Supply Chain Infrastructure
- 8. Shortage of Skilled Workforce
- 10. Challenges with Infrastructure & Logistics
- 11. Frauds in Retail Retail Not Being Recognized as an Industry . Multiple and Complex Taxation System
- 12. Conclusion Today, retailing is about so much more than mere merchandising. Its about • casting customers in a story, • reflecting their desires and aspirations, • forging long-lasting relationships. As the Indian consumer evolves they expects more and more at each and every time when they steps into a store. Retail today has changed from selling a product or a service to selling a hope, an aspiration and above all an experience that a consumer would like to repeat.