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Importance of the retailing industry
Importance of the retailing industry
Importance of the retailing industry
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E-Retailing Strategy
Why E-Retailing Strategy?
To evaluate the feasibility of an online retail format. It provides a comparatively low cost alternative channel to the retailers keeping in mind their overall brand and retail strategy.
For Whom?
• Retailers looking to enhance sales by selling online
• Online retailers planning to improve various aspects of their retail offerings
• Entrepreneurs venturing into online retail formats
How?
Why Integrated Retail?
Integrated Retail combines several strengths:
• Retail IT solutions for chain retailers across verticals such as: specialty, hypermarkets, department store, supermarkets, food-service and kiosk retailing
• A client base of over 100 retail companies across Asia, in retail automation solutions
• Dedicated, multi-lingual, 24 X 7 help desk for supporting clients of specialty retail solution companies in the US
• Consultants engaged by leading IT systems integration companies to assess the business needs of multi-billion US$, multi-country and multi-format retail companies
Advisors who are the thought leaders in cutting edge retail applications such as RFID, Biometrics, VICS CPFR, GDSN etc.
Introduction
E-Retailing:
Internet Retailing or �e-retailing� as is usually referred to as covers retailing using a variety of different technologies or media. It may be broadly be a combination of two elements.
� Combining new technologies with elements of traditional stores and direct mail models
� Using new technologies to replace elements of store or direct mail retail.
Internet retail also has some elements in common with direct mail retailing. For eg, e-mail messages can replace mail messages and the telephone, that are used in the direct mail model as means of providing information, communication and transactions while on-line catalogues can replace printed catalogues. As with direct mail businesses, critical success factors include:
� Use of customer databases
� Easy ordering
� Quick Delivery
Operational elements that the Internet retail model shares with both the retail store and direct mail models include:
� Billing of customers
� Relationships with suppliers
There are, therefore, many elements that Internet retail and more traditional retail models have in common. Indeed many of the most successful Internet retailers have been those that have been able to successfully transfer critical elements from traditional retailing to the Internet, such as customer service and product displays.
The four challenges of E � Retailing
Every on-line fulfillment operation, large or small, faces four main challenges:
Controlling customer data
As outsourcing arrangements proliferate and delivery services become more expert in using information technology, retailers risk losing their lock on consumer data. This knowledge, ranging from the socioeconomic status of customers to their buying patterns and preferences, helps intermediaries and shippers reduce costs, but they can also use it to compete with retailers.
Lowe’s is a home improvement warehouse that was founded in 1946 as a single store and since has grown to become the second largest in the world. As technology has evolved, Lowe’s has made many advances incorporating new systems and devices to stay competitive. The purpose of this paper is to evaluate the information technology management systems used at Lowe’s. It will look at Porter’s Five Force Model, supply chain management; data base management system, five agent-based technologies, e-commerce and system development lifecycle. Furthermore, it will look at business continuity planning, emerging trends and security vulnerabilities relates to the organization to remain competitive.
Key Issues The growing popularity of online retailing is attracting competition from traditional and online multi-retailers such as Wal-Mart and Amazon, which are gaining considerable market shares in many of the product segments included in the specialty retail sector. Currently, the majority of revenue is generated by store sales, but online sales from the stores’ websites are increasing. With the US dollar getting weaker, international sales from these US based websites are increasing too. This creates a significant positive outlook for the large incumbent players but also acts as a significant barrier of entry for new players.
Due to the good establishment of the business, it has huge market national. The company has therefore opened many retail shops and stores all over the country to ensure that their products are accessible to the customers. The entity provides a favorable environment, and many clients view the place as a fun shopping place to be. The retailer has targeted a big pool of customer because of the variety of products it sells. The stores products vary from kitchen goods, jewelry, and electronics clothes to hardware
In 1994, Internet commerce (e-commerce) was miniscule. One day in the spring of 1994, Bezos who was already crazy about computers observed that Internet usage was increasing geometrically and more and more people were getting excited about its astounding commercial possibilities. A few inventors were already trying to make use of the new technology. Bezos saw an opportunity for a new sphere of commerce, and immediately began considering the possibilities. The thought foremost in his mind: "What is it that users cannot get easily offline that will sell online?"
Over the previous couple of decades, modern business has been evolving rapidly and the retail industry has been no exception. Whereas previously the customers received retail ads and offers from disconnected sources, today retailers are operating a combination of all available retail marketing methods to reach the customer.
In addition to the change in behavior of consumer, many companies or retailers change the sales channel combinations. The greatest impact of the Web-bases electronic revolution has occurred in companies adopting the click-and-mortar approach. Click- and-mortar is one the strategy used by the companies or retailers that they continue to conduct their business in the physical locations and have added the electronic commerce component to their business activities. According to one study, 37% of United States retailers are selling through a combination of the internet, in stores and catalogs. This represents a growing demand for the business-to-customer package delivery service.
The online retailer plans to strengthen its dominance in both the e-commerce and physical commercial space with its expansion into the grocery industry. Maintaining the original name of the grocery chain, to retain the chain’s
Growth of internet retailing has been credited to retailers’ efforts to develop businesses by improving their products expanding their reach to serve other areas aside from Metro Manila and carry out promotions like markdowns and discounts.
The Indian retail industry has emerged as one of the most dynamic and fast-paced industries due to the entry of several new players. It accounts for over 10 per cent of the country’s Gross Domestic Product (GDP) and around 8 per cent of the employment. India is the world’s fifth-largest global destination in the retail space.
The model followed by this website is that of an e tailer and for further classification a “click and mortar” business model. According to Laudon (2012), click and mortar businesses refer to physical organizations that also conduct some e-commerce activities, usually as an additional marketing channel. Odel was previously a brick and mortar company where they sold products offline using physical interaction, however in an attempt to increase revenue and to keep up with the market competition, Odel also ventured into the ecommerce sector.
The Indian Retail Industry is the fifth largest in the world comprising of organized and unorganized sectors. This industry is one of the fastest growing industries in India, undergoing a transformation from unorganized sector to organized sector. This transformation phase is observing the crucial role of IT in retail businesses leading to e-retailing. The emergence of e-retailing seems to have come up as an alternative to
The retail industry has experienced doom and gloom since last few decades. Digital retail Renaissance is on its way, transforming the retail world linking consumer, device and data generating a smarter shopping experience. With the perfect combination of smart in-store and online outlet, retailers can enjoy a profitable commercial future in the long run.
The advancements in the technological world have allowed supermarket chains and other national stores to quickly dominate the market and are driving out the concept of the ‘local stores’. This surge in the market has seen shares rise and profits bulge with the three main contenders in mind being Sainsburys, Safeways and Tescos who now serve the whole of the UK between them and are the household names of the shopping world. The ICT input to these businesses is vital in that it provides speedy service; controls stock levels and will even allow bank balance transfers to be carried out with minimal difficulty or technical experience.
In a world where people have constant needs, the use of skills and expertise are employed in order to meet the demands of the people through the goods and services produced by such skills and expertise. Because not everyone is able to produce goods and services, there rises the existence of producers, manufacturers, retailers, and so on. In retail management, retailers offer their customers several benefits (Levy, 2011). Such benefits include making merchandise which is made available to the customers whenever they want it, wherever they want it and how they want it (Levy, 2011). Retailers also provide services which give customers the opportunity to see and try out merchandise before they purchase it (Levy, 2011). In order
...s that online shopping undergoes is revealed. The diagram shows simplicity and can be easily done, that’s why people tends to be an online shopper now a days. Online shopping offers a lot of benefits for the customers.