Business of Retailing

Retailing involves selling of individual units or small lots to large numbers of customers by a business set up for that specific purpose.  In most business activities retailing is extremely competitive and establishments are relatively high. The competition is more under price and it is mild somewhat by non-price forms as selection, display of merchandise, convenience of location and attractiveness of retail establishments. eCommerce solution provider companies in India advocates usage of online presence.

Retailing is one of the fastest growing segments of the economy. Retail industry also provides good business opportunities to people.  Mostly retailing involves buying merchandise or a service from manufacturer, agent or other retailer and selling it to consumers. The retail location includes visibility, affordability and lease terms

The following are principles of retailing that need to know:

Customer is the most important person in business:  Customer plays a key role in every successful retail operation. Customer is the main target to the retailers in every successful business. The retail business should be customer focused and has potential to make business success. Customer is the centre of business and everything we do should revolve around the customer. By focusing on customer, it will help in growing business and the team

Retail is detail:  This is one of the most important principles in retailing. The challenge should be “How to become more detailed and what detail we should focus on?” .Here we need complete details of what we are focusing on and to address and improve the understanding of customer. There will be mistakes in implementing but we should get better one from those mistakes. Understanding in detail is a key in retail

Understand the four P’s: this will help us understand overall foundations of retail business. The 4 P’s are Product, Price, Place, Promotion. These play a key role for successful retail business.

Product:  We need products that customers want to buy and that should satisfy customer’s needs and desires. Products must also deliver a profit to have successful business.

Price:  Price must be consistent in the marketing mix and meet the requirements for business. We need to price the product at accurate level so that customers will be able to buy products and to gain value from products. This also means pricing high or low which depends upon customer offering.

Place:  This decides the location for customers to purchase products it can be a physical store, an ecommerce website, a catalogue

Promotion:  Once if we have a product at right price, in a place where customer can access it. We need to tell them about this and promote the business and products. We have to make sure customers know that our products exist and are available for them anytime.

Customer service:  We need to provide good customer service that starts with understanding and knowing about the customer. To be successful we must deliver world class customer service. We should form a team and have to take extra time for customer in delivering more than expected.

eCommerce solution provider companies in India helps in managing all above parameters and factors in online solution.