Some Good Retailing Tips


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Some Good Retailing Tips

  1. 1. Retailing: A Service Perspective
  2. 2. WHAT IS RETAIL? <ul><li>Retail - derived from the French word retaillier , which means to cut off a piece or to break bulk. </li></ul><ul><li>Retailer - defined as a dealer or a trader who sells goods in small quantities or who repeats or relates </li></ul><ul><li>Retailing - considered as the last stage in the movement of goods or services to the consumer. </li></ul>
  3. 3. India Perspective <ul><li>“ Indian retailing is the least competitive and least saturated of all global market.” </li></ul>
  4. 4. 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
  5. 5. 7 P’s of Services
  6. 6. 1st P: PRODUCT <ul><li>Product- refers to the merchandise i.e. the range of clothes. </li></ul><ul><li>supplementary services -include a component of fashion, life style and Ambient shopping as an addition to the core product. </li></ul><ul><li>Today, customers buy experiences and not brands or products. </li></ul>
  7. 7. 2nd P : PRICING <ul><li>Cost plus price and Percentage method pricing: </li></ul><ul><li>Most widely used technique to price apparels. </li></ul><ul><li>ex:- COLOR PLUS and IN-HOUSE brands like those of SHOPPER’S STOP or WESTSIDE use this technique. </li></ul>
  8. 8. 2nd P : PRICING (contd.) <ul><li>Perceived value pricing: </li></ul><ul><li>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. </li></ul><ul><li>ex:- Designer Wear, Bridal Wear </li></ul>
  9. 9. 3rd P : PLACE <ul><li>Apparel Retailing Business is driven by one crucial factor: </li></ul><ul><li>Location </li></ul><ul><ul><li>Approachable </li></ul></ul><ul><ul><li>Parking </li></ul></ul>
  10. 10. 4th P: PROMOTION <ul><li>Print medium. </li></ul><ul><li>Loyalty programs </li></ul><ul><li>In-store Visual merchandising </li></ul>
  11. 11. 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
  12. 12. 5th P: PEOPLE <ul><li>Every second a customer spends inside the store has to be viewed as Moment of Truth </li></ul><ul><li>“ People” is that aspect of the marketing mix which adds tangibility to the service of creating an experience </li></ul>
  13. 13. 6th P: PROCESSES
  14. 14. 7th P : PHYSICAL EVIDENCE <ul><li>Managing Appearance of the building & Location </li></ul><ul><li>Maintaining Temperature , Music, Lighting and Fragrance inside the store </li></ul><ul><li>Availability of services like Prams, Wheel Chair ,Valet Parking etc </li></ul><ul><li>Stylish Stocking of Merchandise </li></ul>