INTRODUCTION
Retailing is the globe’s largest private sector contributing to 8% of the GDP and it employs one sixth of the labor force. The estimated retail trade is expected to be 7 trillion US $. Many countries have developed solely thanks to retailing and presently we see there is an unlimited change in the retail industry. As so much as India is anxious it contributes to fourteen% of our GDP and it's the second largest sector next to agriculture that provides employment to a lot of variety of persons. Currently in line with a survey, India is classed in to the fifth most tasty retail destination and second among the countries in Asia. Worldwide it's ranked as fifth most attractive retail destination. Before continuing any, let me tell you the functions of retailing.
OVERVIEW
These days our topic will be on one of the attention-grabbing areas of Service Selling - Retail Marketing. First we have a tendency to can see what is meant by Retail. This word has come back from a French word Retailer that suggests that to cut off a piece. Retailing includes all activities involved in selling the merchandise and services to the ultimate consumers. Therefore this is said to be the last person in the channel of distribution. During this discussion I can be introducing the concept world wide furthermore in the national context. Next our discussion can be on the functions of retailing, then we proceed to why there is retail revolution at present, and eventually we have a tendency to will study concerning the challenges faced by the retail industry.
FUNCTIONS OF RETAILING
Retailing is meant to produce:
• Product Utility
• Place utility
• Time Utility
• Possession Utility
It provides final finish product to the consumers, not raw materials, end products in usable form to the consumers. Thereby it creates product utility. Other, it is given within the place where it is required by the consumer. That's, retailing outlets are open in the places per the convenience of the customer and also based on the demand of the consumer. Third One, it creates Time Utility. In the way that, the shops are open as per the requirement of the consumer that is between 10 and eight or ten to 5. Whenever the consumers want to go and search they'll go and shop at a explicit amount convenient to the customer. Next one, when the merchandise is sold finally it creates Possession Utility. So, we have a tendency to can conclude that retailing is a marketing intermediary which creates Product Utility, Place Utility, Time Utility and Ownership Utility in providing product and services to the shoppers
CLASSIFICATION OF RETAIL INDUSTRY
Retail Sector will basically be classified in to 2 segments. One is organized phase and another one is unorganized segment. As far as India is anxious this organized segment contributes solely to 3% of the retail trade and also the unorganized phase contributes to remaining ninety seven% of the retail trade. Why is it therefore?? As a result of all nowadays we tend to have been purchasing only from the street vendors and from the native retailers and arranged retailing was not in vogue in India. Only when 1991, after gap of economy and because of liberalization, this organized sector has come to light-weight and presently it exists in varied formats.
• Super markets
• Hypermarkets
• Departmental stores
• Specialty stores
REASONS FOR RETAIL REVOLUTION
. With double salaries and nuclear families, disposable income within the hands of middle income group people is high and that's one reason why retail revolution has taken place. The second may be a terribly interesting feature. Now there's a customer called New Age Customer.
Conclusion.
Retailing is the world’s largest private sector contributing to eight% of the GDP and it employs one sixth of the labor force. The estimated retail trade is expected to be seven trillion US $. Many countries have developed solely thanks to retailing and presently we tend to see there's an enormous amendment in the retail industry. Discretionary income is that the income left with a person but providing for his basic facilities. Thus this discretionary income he will utilize in any manner as he wants. Therefore he is one person who is being aimed at by the retail business, who is being trapped by the retail industry for purchases.
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