Wait a second!
More handpicked essays just for you.
More handpicked essays just for you.
Evolution of retailing in india revolution
Retail evolution in india
Evolution of retailing in india revolution
Don’t take our word for it - see why 10 million students trust us with their essay needs.
Recommended: Evolution of retailing in india revolution
EFFECT OF TODAY’S TECHNOLOGY ON INDIAN RETAIL
RETAIL IN INDIA:
Indian retail industry is one of the fastest growing retail industries in the world, comprising both of organized and unorganized sectors, especially over the last few years.
It is the 5th largest retail industry with 1.2 billion people. With the growing demand of this market, it is expected to grow at a pace of 25-30% annually. Though initially this industry was mainly unorganized, but with the increasing change in the tastes and preference of the consumers, the inclination is getting more towards the organized sector.
GROWTH OF INDIAN RETAIL:
According to 8th Annual Global Retail Development Index (GRDI) 2014, AT Kearney, Indian retail industry is one of the most promising emerging
…show more content…
With the increasing consumer demands, the retailers had to find a way to inorder to stand out from a crowd to similar retailers providing the similar products. With the customer base increasing, the retailer started to face operational challenges, therefore, the he had to distinguish himself in front of the customers in terms of services provided. This could be made possible through extensive use of technology. Therefore, various hardware and software tools have become most essential for retailing to be carried out competitively. They enable to capture the data and help in improved decision making. Various hardware and software tools being used …show more content…
It helps in both improved inventory management and CRM. In order to manage the inventory, it keeps the track of the stock available, optimum inventory levels, avoiding stock out and reducing unnecessary ordering. It also results in satisfied customers. The staff can identify the exact location of any retail item at any time. It offers store to store visibility, thus handling customers’ requests quickly. It also boosts customer loyalty, because a hassle free shopping will always result in repeated
Levy, Michael, Barton A. Weitz, and Dhruv Grewal. Retailing Management. ed. New York, NY: McGraw-Hill Education, 2014. Print.
IT helps manager to reduce inventory and human resource requirement to a competitive level in market.
Industry Overview Some 400,000 specialty retail stores operate in the US with combined annual sales of $350 billion. CAGR 2002-06: 5%. Market is dominated by large players like Best Buy, Toys “R” Us, Gap, Sports Authority, etc. The market size of some major product categories.
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 recent years there has been major growth in the wider business world surrounding the overall influence that the retailing industry holds and because of which, retailing and the issues that surround it have become a vital influence in today’s global economy. (Fisher & Raman, 2001)
Not only does the company have six potential alternatives, but the firm also has several uncertainties if it enters into the India market space. The magnitude and timing of the firm’s retail competitors may be unclear. Competitors could aggressively advertise their current products or extend product lines if the market appears to...
India is a nation that is on the move towards becoming one of the leaders in the global economy. While the country still has a long way to go, it is making significant strides towards competition with nations such as the United States and England. Indian leaders have been moving towards "a five-point agenda that includes improving the investment climate; developing a comprehensive WTO strategy; reforming agriculture, food processing, and small-scale industry; eliminating red tape; and instituting better corporate governance" (Cateora & Graham p. 56, 2007). These steps are geared to begin India's transformation from a third world nation into a global economic leader. The current marketing environment in India is in transition, with both similarities and differences in comparison to the marketing environment in the US.
With a hierarchy supported by a hands-on and forward-thinking chief executive officer, senior management, and several specialized departments, over the years, its organization structure swells and contracts, as it sees necessary. This aggressive flexibility is a major reason for its commerce dominance. Motivated by its acquisition of the grocery chain, the online retailer's main strategy is to provide the ultimate convenient shopping experience to its customers. It steadfast connection to external trends is one of the main indicators to drive its internal structure. Now, with a new business to add to its organization, a new area with specialized knowledge about the grocery business is a necessity.
Inventory management is a method through, which a business handles tangible resources and materials to ensure availability of resources for use. It is a collection of interdisciplinary processes including a full circle from the demand forecasting, supply chain management, inventory control and reverse logistics. Inventory management is the optimization of inventories of manufactured goods, work in progress, and raw materials. According to Doucette (2001) inventory management can be challenging at times; however, the need for effective inventory management is largely seeing more as a necessity than a mere trend when customer satisfaction and service have become a prime reason for a business to stand apart from its competition. For example, Wal-Mart’s inventory management is one of the biggest contributors to the success of the company;
Introduction India is the world’s second most populated country with over 1.2 billion people. Since its independence from British rule in 1947, the country has been more or less a stable democracy. Until 1991, Indian governments imposed economic austerity and its markets were comparatively closed to the world. Economic reforms in 1991 brought about a change which made India an attractive and huge market for multinational corporations from all over the world (Joshi 8). Retail industry within a globalized world is one of the most thriving and profitable sectors.
There are many reasons for choosing to go into a store to purchase items needed. For instance, having some assist you in finding what you need, or just answer questions about the product. It is also a way to get out of the couch, away from the television, or off the computer. Another feature is you can see and examine what you are going to purchase, helps in the decision making for most people. You know the minute the salesperson ring you up the product are yours to take home and use right away. It also makes return on items simple, take it back to where you bought and get an exchange or a refund if needed. For the draw backing for in store shopping is you do spending hours looking for the right product or in the lines trying to just purchase it. Or listening to all the people around you and all the additional noises you hear in stores. Not to mention store have set hours on when you can shop and when you can not, this is something which can change with assign on the door.
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.
There are many reasons for choosing to go into a store to purchase items needed. For instance, having someone assist you in finding what you need, or just answer questions about the product. It is also a way to get off the couch, away from the television, or off the computer. Another feature is you can see and examine what you are going to purchase. This helps in the decision making for most people. You know the minute the salesperson rings you up, the product is yours to take home and use right aw...
2. Organized Retail: The emergence of organized retail have lead to more variety with ease in browsing, opportunity to compare with different products in a category, one stop destination (entertainment, food and shopping) etc, which is playing an important role in bringing boom in the Indian FMCG market. Currently the modern trade is capturing 5% of the total retail space, which will increase to 10% and 25% in 2010 and 2025 respectively. Also, as the credit card and organized retail trend picks up, people won’t think much while buying and buy more.
For instance they can purchase anything at any point of time without going out to any physical store; they can compare the prices of the product from different websites and can purchase from the site where they are getting cheaper; it also saves time; customers can also avoid pressure when having a face to face interaction with the salesperson etc. We can summarize these factors into 4 categories: