Retail is a big word in today's consumer driven market. Big brands like walmart, Big Bazar, Reliance are some of the examples of the stronger and growing retail market. The brick and mortar trade contributes to a majority of GDP and for various brands. It is the present and the future.
This all makes Retail a big name, but retail is not about winning big battles. It is winning the small battles- the consumers and trade. Exploring the new avenues and creating a regular contact with the existing ones.
Retail is about winning the confidence of consumers and making them delighted through the products and services.
To make Retail successful for any brand it is must that all the analysis are done from Retail perspective: Market Analysis, customer analysis, internal manpower analysis, competition analysis, product offering analysis, existing distribution analysis and cost benefit analysis.
The brand needs to have a clear understanding of the market they are willing to enter. The customer who is king needs to be understood in detailed and accordingly the actions are required which invoke him to purchase the product and make decisions.
Retail requires legs, the manpower is an important factor to make the retail successful. Retail is about creating big and small trade points for raching to customers and it require lot of leg work with patience. The employees need to be trained to channelise the retail chain and serve them.
A successful retail business requires clear understanding of customer expectations and their demands. The customer delight is the key to success in retail market. The happy customer experience is the secret of long run success in the market.
The retail requires correct product mix. The product offering needs to meet all the customer requirements and their expectations.
The brands also needs to establish a clear distribution channel for the successful retail business. In retail the products flow through the retail chain which involves CFA/Super Stockist/ Stockist/Distributor/Retailer . One need to have the understanding of the complete chain and the material needs to be available at all these points.
The cost benefit analysis, understanding business economies are required to chalk out the retail strategy.
Post all these actiosn, everything come down to creating a customer delight program and winning them.
Retail is the oldest form of business started with peddlers and evolving to super markets. But it still remains about winning small battles. Retail is exciting , Retail is energy, Retail is the RELATIONS!!
