Retailer-Definition, Development,Types,Business Formats,

1. Anilambica Kata
Asst.Prof,AKNU

2.  Retailer is any business entity who is
responsible for the final sale of goods to the
consumer. A retailer can be a single person, a
brick-and-mortar store or even an online seller.
By definition, retailers are usually not involved
in the manufacture of goods and services. They
procure the goods from a supplier and are
responsible for selling the same to the end-user.

3.  Retail marketing is defined by Fernie et al. (2003:
105) as ‘the application of marketing concepts,
theories and actions within the context of retail
organisations’.
 Retail marketing has evolved as a discipline
alongside the development of marketing theory
and it is possible for marketing principles to be
applied throughout the retail sector.
 Nevertheless, retailing has some of its own unique
systems that differ from marketing in other sectors,
for example in its usage of distribution and
logistics.

4.  The marketing mix is a classic marketing
model, also known as the 4Ps: Product, Price,
Promotion, Place. Since the 1960s,
 when the model was developed, these four
elements have been viewed as the key areas on
which marketers should focus, ensuring that
they are blended effectively to communicate a
consistent message to consumers.

5.  However, the marketing mix’s dominant
position in marketing theory via Relationship
Marketing and Service Dominant Logic, in
which services take priority over products
(Vargo and Lusch, 2004).
 There is obviously a great deal of emphasis on
the ‘place’ element within the retail marketing
mix, since the physical location of stores has
long been the focus of retailing.

6.  extended marketing mix or 7Ps, developed to
apply more effectively to service organisations.
This extended mix adds people, physical
evidence and process and could be said to be
more suited to the retail sector than the
traditional 4Ps (Blythe, 2009). Retail marketing
theory and practice have been highly
influenced by the widespread development
and implementation of marketing strategies
and techniques in the late 20th and early 21st
century.

7.  The British Retail Consortium (BRC) is the
main trade association for UK retailers,
covering all product sectors, and its mission is
‘to make a positive difference by advancing
vibrant and consumer-focused retail’ (BRC,
2014). Most of the major High Street retailers
are members of the BRC and they fund the
organisation by contributing a fee based on the
size and turnover of the company.

8.  Retail Trust is another industry-wide body that
was founded in 1832. Retail Trust comprises
various charitable initiatives, one of the most
well-known being Cottage Homes, which can
support former retail industry workers with
accommodation in their retirement.

9.  The year 2018 witnessed major developments
across all industries and verticals, including
some of the most crucial turn of events in the
retail industry in India.

10. The year was certainly not the same for all—while the world’s largest athletic-
gear maker Nike went on a consolidation spree in India to curtail losses,
renowned brands like Adidas and Reebok shifted towards athleisure upon
gauging its potential in the Indian market.
From major acquisitions such as that of Flipkart by Walmart, and of Heritage
Foods, Lee Cooper and UK-based Laura Ashley by Future Retail to
international furniture giant IKEA opening its first store in India at
Hyderabad—the retail industry has seen it all in 2018.
In 2019, the market will be defined by emerging technologies that change the
way consumers interact with their favourite brands, a shift in preferences, and
the emergence of new battle lines for e-commerce.

11.  Augmented Reality vs Virtual Reality
Retailers are beginning to experiment with virtual
commerce, which leverages virtual and augmented
reality devices to create entirely new conveniences for
tomorrow's consumers. Augmented reality (AR) is
slightly different from virtual reality (VR) as it
overlays holograms on top of the physical world
around us. Experts have noted that by 2020, the retail
industry is slated to be the top spending industry on
AR and VR.
For instance: IkEA launched a new VR experience that
places shoppers in the middle of a shoppable, 3D
kitchen.

12.  Multi-Channel RetailMoving away from the tenants of
the traditional retail market, multi-channel retailing
has gained increasing popularity. The aim is for the
retailer to be available to the consumer on all devices.
The most common device used by shoppers nowadays
is their mobile phones.
 With online shopping available at the click of a button
and features like product details, size guide and free
shipping, it is imperative for retailers to move their
businesses online.
 For instance: Future Retail owns brick and mortar
stores, while they have also tied up with e-commerce
websites such as Amazon and Myntra for selling its
products. Future Retail also has a mobile app and Big
Bazaar website for shopping.

13.  Multichannel retailing is the practice of making
products available to consumers on more than
one sales channel. Multichannel retailing uses
multiple sales channels such as ecommerce
websites, brick-and-mortar stores,
marketplaces, comparison shopping engines,
social media platforms, and other online
channels.

14.  Hyper Personalisation
 The driving purpose behind today’s retail trends is to elevate the
consumer-retailer relationship by increasing personalisation,
transforming customers into fans and boosting Customer Lifetime Value.
 Imagine a store where 99 percent of the items are selected for a customer
based on their history and preferences. A shoppable virtual fridge
stocked with your favourite foods. A smart speaker that knows your
order history and can order your usual coffee with a simple voice
command. A store where the inventory, messaging, prices and sizes are
dynamically changed for you. It will soon seem absurd that we ever
wasted time shopping at stores not designed for us.
 For instance: Stitch Fix is an online retailer that offers customers access to
personal stylists who help them find clothing based on their sartorial
tastes. The hand-selected pieces are shipped to their door and customers
keep what they want and send back the rest. With the option to do this
automatically or on demand, customers can buy what works best for their
budget and their closet.

15.  Automated Retail
Lastly, the retail industry is slowly working towards
creating a human interaction-free experience for the
consumer. Moving rapidly towards automation on all
fronts, many retailers have already adopted the
cashier-less model – be it small merchants or large
ones.
Automated retail is now a broad area including
everything from vending machines to unmanned
kiosks to unattended grocery stores.
For instance: BigBasket has launched BB Instant, as
part of a broader strategy to increase the volume and
frequency of orders on its platform.

17.  Chain store/multiple
Two or more outlets under the same name, product buying usually
centralised
Independent store
 Individual store or small chain of stores which does not belong to
another company
Retail co-operative
 A retailer which is owned by its members and has centralised
buying
Franchise
 A franchisee runs a store via a contract to sell the franchisor’s
goods
 or services, under the name of the franchisor’s company
Concession
 A retailer which rents a proportion of space within another
retailer’s store

18. THE END