Technology is enhancing many industries from financial institutions to retail outlets. Besides this, retailing is a great asset to the economy. Role of IT in Retail Sector. It is estimated that in the by 2021, a majority of all retail purchases will be made using mobile devices. Innovation is the great way to success in this digital age. The retailer does so to encourage shopping. Store staffs likely include inexperienced, part-time or seasonal employees. Retail is how producers of goods and services get their products to the consumer. Discuss how space management is done by using the effective layout in a Mall 4. Retail trade, especially the brick-and-mortar models, are human resource-centric establishments. Retailers often get their goods directly from the manufacturer. In retail, the product is the most important thing, and tracking its movement all through the value chain is the only way to see how well you’re doing. Retailer purchases goods and products from producers in large quantities and in turn sells them to consumers in smaller quantities. You can follow me on Facebook. That is when a commodity becomes a finished product. The use of information technology (IT) is considered a prerequisite for the effective control of today’s complex supply chains. Retail & Mall Management SECTION A 1. Retailers may also provide additional information about the characteristics and availability of products to customers through salespeople who are available to answer questions. M-commerce is the share of online purchases that are made via mobile devices, which include tablets, smartphones and other portable technology like smartwatches. to study the entire spectrum of its existence in relation to retail strategy and store design. This helps the wholesaler to carry on with his operations seamlessly. Retailing has developed from a number of interrelated disciplines such as … The retailer measures the pulse of the market by listening to the consumer feedback, expectations, complaints, and by observing a shift in the tastes and preferences of the consumers. First, retail businesses contribute to our high standard of living by providing a vast number and diversity of goods and services. The retailer assumes these risks while storing goods. In order to attract more customers, a retailer offers a wide range of merchandise at attractive prices. Visual Merchandising and It’s Role in Retailing: In order to understand the key role played by Visual Merchandising in retailing one has to look at the whole scenario with a macro view i.e. You’ve probably heard these terms before, but what do they mean? They require many employees for numerous functions such as stock taking, over the counter selling, packaging, after sales services, floor management etc. First, retail businesses contribute to our high standard of living by providing a vast number and diversity of good and services. Some of them are as follows: 1) Delivery of the goods to the end consumer This makes shopping for all requirements quite hassle-free for the consumers. Almost 95% of shoppers have admitted that they use a coupon code when they do shopping. Nonetheless, financing is one of the major functions of retailing. A retail manager's goal is to maximize productivity. Societal Objectives: Retailing is all about selling goods or services or both to consumers for their … Before we go to retailing, let us understand the major participants of distribution. Now that you know what is retail supply chain management, let us tell you its importance. We use cookies to help provide and enhance our service and tailor content and ads. To discuss the role and importance of retailer means, it is relevant to mention their services provided to producers, wholesalers and consumers. This also facilitates consumption and maximizes consumer satisfaction. It is important that companies stay up-to-date with the increasing changes and enhancements technology is creating for their business. Following changes in retailing and especially in the fashion industry, this chain has developed a strategic information system intended to improve its purchasing and distribution processes. The Definitive Guide to Omnichannel Real Estate. In retail, the product is the most important thing, and tracking its movement all through the value chain is the only way to see how well you’re doing. Finally, possible future extensions of the system are presented. This also facilitates consumption and maximizes consumer satisfaction. Role and Function of Logistics Management In e-commerce, an important aspect is the timely, regular and apposite delivery of the product in accordance to the customers’ desired specifications. 10) Offers after sale services, differentiated packaging, giving more information about the use of the product. To deal with voluminous load of transactions on daily basis, these transactions are grouped together based on common share … You’ve probably heard these terms before, but what do they mean? According to Joseph Demeri, CEO of Exclusive Retail Interiors, people need a reason for walking into a store. ScienceDirect ® is a registered trademark of Elsevier B.V. ScienceDirect ® is a registered trademark of Elsevier B.V. Major breakthroughs in information technology, communication, and transportation have been the driving forces behind the early 21st century global market boom. 2) Is an essential part of the distribution chain Be… Let’s discuss the most common model of selling today- omnichannel retail. M-commerce encourages use of loyalty program, social media and apps to share information. The extended CTT model can provide better insight into managing customer relationships in online retailing. All these activities add value to the retail transaction and cater to various requirements of the consumers suitably. He sells these goods at a markup or profit margin considerably higher than that of the wholesaler. 8) Offers wide variety of customers and enticing price range in a product line. Using technology can give you stability- especially in the retail context where stock-outs can mean lost business. Also, there is also a risk of loss of these goods on account of destruction, theft, spoilage etc. Retailing … The Journal of Strategic Information Systems, https://doi.org/10.1016/S0963-8687(96)80023-0. What is retail and what can retail software do for your business? Role of Supply Chain Management in Retail. Mannequins draw attention and tempt customers to buy products through displays. IT plays an increasingly important role in the management of complex retail operations. The “In-Store” Retail Shopping Experience is Still Key. Good Inventory Management Equals A Great Buying Experience. The firm that performs this consumer selling—whether it is a manufacturer, wholesaler, or retailer—is engaged in retailing. It should allow the manager to monitor sales of product mix and daily sales volume. With the increasing globalization of retailing, both in terms of their points-of-sale and their points-of-supply; the information technology (IT) spend in the retail sector has increased significantly. Copyright © 1996 Published by Elsevier B.V. Discuss the importance of retailing in the U.S. economy. Besides this, retailing is a great asset to the economy. WHAT IS THE ROLE OF M-COMMERCE IN RETAIL SALES? This enables a better understanding … The case study first reports on the business factors that led to the development of FIPS, the design features of the system, as well as its cost and benefits. This is based on the rampant growth of m-commerce. supply chains, delivering goods and services to the final customer. With the retail market growing vigorously, retailers across the nation are ideating on how to make the best of the opportunities at hand. Discuss the role of M-Commerce in retailing. For retailers to gain from offers, they need to first ask themselves how valuable such deal would be their business. Customer Relationship management is the strongest and the most efficient approach in maintaining and creating relationships with customers. It provides jobs, adds to the GDP, and acts as a preferred shopping channel during the holiday season. Discuss the Role of Mall Manager in the Success and Failure of Mall 5. Major participants in Production and Distribution cycle, Job Simulation | Importance and Different Formats, Project Implementation – Key Ingredients, Process, Methods and Importance, Impact Investing | Types, Importance & Characteristics. Other key areas where data analytics play a key role are: a.) Integrated technology in retail is the best way to stay on top of your business, even if it runs across multiple locations. Retailing … Discuss the role of the genesis of Mall in the success of Retail 2. A retail purchase is often tied to the emotions of the shopper, and successful stores play into their consumer’s emotions. 2. Let’s discuss the most common model of selling today- omnichannel retail. Various parties to the production and distribution of goods play a pivotal role in any economy keeping the robust volume of trade and commerce flowing through the market, leading a nation to prosperity. This paper consists of an actual case study that illustrates the increasingly strategic role of information technology (IT) in retailing in the context of a large European chain of department stores. Visual Merchandising and It’s Role in Retailing: In order to understand the key role played by Visual Merchandising in retailing one has to look at the whole scenario with a macro view i.e. Thus, retail sector thrives with lots of lucrative employment opportunities for all the talented job aspirants. 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