It goes without saying that the displays play very significant role in retailing and retail outlet. An attractive and informative displays can help in large volume of sales in terms of goods and services. In building a retail display, some fundamental rules should be followed to get best out of these where good deal of treasure, talent and time is involved on the part of retailer. This golden rules are: 1. Achieve Balance It is important to make sure that the display appears balanced to the viewer, in building display. This is achieved by arranging products and props in a particular way. A display may have formal or informal balance. “Formal” balance is achieved by balancing on each side of the center one more or more similar items. “Informal” balance is achieved by balancing on opposite sides of the center dissimilar items. The effects produced by informal balance are less Continue reading
Strategic Retail Management
Trading Area Potential in Retail Site Evaluation
Most of the retail site evaluation procedures use the concepts of “trading area adequacy” and the “trading area potential” to predict the total trading area business and the share of business a particular retailer can expect. Read More: Trading Area Adequacy Trading area potential, it is something, which is predicted ability of a trading area to provide acceptable support levels for a retailer in future. The two important concepts in trading area potential are residential support levels and non-residential support levels. Residential Support Levels A retailer is to concentrate on the most important source of business, namely the area’s residents, after sufficiently identifying the gross trading area. To measure a trading area’s potential consumers, the retailer is expected to analyse population or demographic and household or residential variables. Population or Demographic Analysis. A trading areas total capacity to consume is partly a function of the total number of population and Continue reading
Concepts of Merchandising and Merchandise Planning in Retail
Retail Merchandising Merchandising is a process involving developing, securing and managing the merchandise mix to meet the firm’s marketing objectives. The merchandise mix stands for the retailer’s total offering, be it goods or services or both. The merchandising process is a three tier structural set of activities. The following configuration gives the idea of merchandising process. The first stage or tier is to do with developing the merchandise-mix which is composed of two elements namely product and service-mix. The second stage or tier is securing the merchandise-mix which involves two highly skillful and specialized activities namely the buying process and the procurement process. Here, the retailer determines “from where”, “when” and “how” to get products into the stores. The third and the final stage or tier in the merchandising process is managing the merchandising-mix which is to do with planning and controlling the merchandise to ensure efficient, profitable operations. Retail Continue reading
How Internet of Things (IoT) Transforms the Retail Industry?
Competition is at the center of the victory or disappointment of firms. Competition decides the suitability of a firm’s exercises that can contribute to its execution, such as advancements, a cohesive culture, or great execution. Competitive Advantage is the seek for a favorable competitive position in an industry, the elemental field in which competition happens. Competitive advantage points to set up a beneficial and economical position against the powers that decide industry competition. A firm’s competition is expected to incorporate not as it were all of its current competitors, but moreover, potential competitors balanced to enter an industry at a future date. Hence, a firm that appreciates a competitive advantage or a supported competitive advantage is executing a technique, not at the same time being executed by any of its current or potential competitors. Forward-thinking retailers have embraced e-commerce and mobile innovations to address the competitive advantage. Retailers and innovation Continue reading