Management, Books and Learning

Retail Formats (Classification, Key Features, Advantages and Disadvantages) Retail Formats can be classified into the following categories: Store Based:  Store based formats can be further classified into two formats based on the basis of Ownership or Merchandise offered. Non Store Based Classification:  Non Store retail organizations focus on establishing direct contact with the consumer. This may be both personal (direct personal selling) and nonpersonal TV, the Internet, mail, catalog or phone). Service Based Classification:  Such retailers specialize in providing different kinds of services to the end consumer. The services can be classified as Banking Services, Rentals, Electricity, cooking gas, etc. Various factors like quality of service, how much customization can be provided for meeting the client specific requirements, the uniqueness of the service and delivery within the timelines, usage of innovative technology, etc, are given importance fo...

Characteristics, Functions and Services of a Retailer In the fast changing globalized and a technology-driven business world, Retail industry over last few decades has witnessed a sea change. World’s largest retail giant of the present times Walmart is operating worldwide by establishing hypermarkets in various countries by taking the help of sophisticated means of communication as well as information systems technology. A careful analysis of the trends reveals that in the Fortune 500 list of organizations, 50 are from retail industry and the top rank is occupied by the world’s No. 1 retail giant Walmart. The statistics convincingly reveal how fast the retail industry has grown and paved the path for expansion of business as well as employment opportunities. Characteristics of a Retailer In the entire distribution chain, a retailer is considered to be the final link, who deals directly with the customer. A retailer purchases in bulk from the wholesalers and sell...

Retail Management Meaning and its Need What is management ? Management refers to the process of bringing people together on a common platform and make them work as a single unit to achieve the goals and objectives of an organization. Management is required in all aspects of life and forms an integral part of all businesses. Retail management The various processes which help the customers to procure the desired merchandise from the retail stores for their end use refer to retail management . Retail management includes all the steps required to bring the customers into the store and fulfill their buying needs. Retail management makes shopping a pleasurable experience and ensures the customers leave the store with a smile. In simpler words, retail management helps customers shop without any difficulty. Need for Retail Management - Why retail management ? Peter wanted to gift his wife a nice watch on her birthday. He went to the nearby store to check out few o...

The art of increasing the sale of products by effectively and sensibly displaying them at the retail outlet is called as visual merchandising . Visual merchandising refers to the aesthetic display of the merchandise to attract the potential buyers, prompt them to buy and eventually increase the sales of the store. In simpler words, visual merchandising is the art of displaying the merchandise to influence the consumer’s buying behaviour. The store must offer a positive ambience to the customers for them to enjoy their shopping. The location of the products in the store has an important role in motivating the consumers to buy them. Sensible display of the merchandise goes a long way in influencing the buying decision of the individual. The end-user will never notice something which is not well organized: instead stacked or thrown in heaps. Proper Space, lighting, placing of dummies, colour of the walls, type of furniture,music, fragrance of the store all help in increasin...