Retail Marketing: Forms of Retail organization – levels of organization.

Retail Organization Structures;

Demographic Analysis in Retailing - Age distribution population,
Income Urbanization, shrinking household, working women, diversified
minorities.
Emerging Trends and research Issues in Retailing.

What is Retail :
The word ‘retail’ has been derived from the French word “retaillier” and means ‘to cut a
piece’ or ‘to break bulk’. It covers all the activities involved in the sale of product and
services. Retailing is a high-intensity competition industry and second largest globally.
The reason for its popularity lies in its ability to provide easier access to a variety of
products, freedom of choice, and many services to consumers. The size of an average
retail store varies across countries depending largely on the level of a particular
country’s economic development.
The largest retail store in the world is Wal-Mart of USA.

Retailing is the world’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 only due to retailing and presently we see
there is a vast change in the retail industry. As far as India is concerned it contributes to
14% of our GDP and it is the second largest sector next to agriculture which provides
employment to more number of persons.

Retailing is the business activity of selling goods and services to the final consumer.
Retailing can be defined as the business products and services to consumers for their
own use.
According to Kotler, “Retailing includes all the activities involved in selling goods or
services to the final consumers for personal, non business use”.
Retailing is the activity of selling goods and services to last level consumers for their
use. It is concerned with getting goods in their finished state into the hands of
customers who are prepared to pay for the pleasure of eating, wearing or experiencing
particular product items. Retailing is all about the distribution of goods and services
because retailers play a key role in the route that
products take after originating from a manufacturer, grower or service-provider to reach
the person who consumes. Retailing is also one of the key elements of a marketing
strategy facilitating the targeting process, making sure that a product reaches particular
groups of consumers. It is important in a marketing strategy to match the arena in which
a product is purchased to the benefits and characteristics of the product itself and its
price. Retailers provide a collection of service benefits to their customers such as being
located in convenient places, editing product ranges according to shopping tasks, and
selling goods in quantities that match personal consumption levels. Ensuring that this
process runs smoothly presents a host of managerial challenges. Retailing is therefore
a deceptively simple management process – yet fascinatingly
complex in its detail.

Caution The term retailing applies not only to the selling of tangible products like loaves
of bread or pairs of shoes, but also to the selling of service products.

Companies who provide meals out, haircuts and aromatherapy sessions are all
essentially retailers, as they sell to the final consumer, and yet customers do not take
goods away from these retailers in a carrier bag. The consumption of the service
product coincides with the retailing activity itself.

From a traditional marketing viewpoint, the retailer is one of a number possible

organization through which goods produced by manufacture flow on their way to their
consumer destiny. These organizations perform various roles by being a member of a
distribution channel.
Example: Chocolate producer like Cadbury’s will use a number of distribution channels
for its confectionery, which involve members such as agents, wholesalers,
supermarkets, convenience stores, petrol stations, vending machine operators and so
on.
Channel members, or marketing intermediaries as they are sometimes referred to, take
on activities that a manufacturer doesn’t have the resources to perform, such as
displaying the product alongside related or alternative items in a location that is
convenient for consumer to access for shopping.

Retail Marketing
Retail marketing is the process by which retailers promote awareness and interest of
their goods and services in an effort to generate sales from their consumers. There are
many different approaches and strategies retailers can use to market their goods and
services
 The Nature of Retail Marketing:

I. The key aspects of retail marketing is an attitude of mind.

II. In making retail marketing decisions, retailers must consider the needs of the
customers.
III. Retail marketing decisions are driven by what the shoppers need and want.
IV. Retail marketing is therefore a philosophy and is all about satisfying the customers
V. What the customers regard as value and what they buy is decisive.
VI. What the customers buy determines the nature of the retailer’s business.
VII. The essence of retail marketing is developing merchandise and services that satisfy
specific needs of customers, and supplying them at prices that will yield
profits.
VIII. Retailers must take the customers’ needs into consideration in retail operation.
IX. Retail marketing is stimulating, quick-paced, and influential.
X. The retail marketing concept is the acceptance by the retailer that it is the
“customer”
and not “demand” that lie at the core of the retail organization.
 Retail Marketing Mix: The Four Ps of Retail Marketing
Retailers use various advertising and communication tools to grow awareness and
considerations with future customers. Finding the right marketing mix can lead to a
profitable growth and a higher return on investment. By considering the right advertising
strategy retailers can persuade consumers to choose to do business with their retail
brand. The fundamental approach used my modern retailers in marketing their products
is the Four Ps of Retail Marketing.

Product: There are two primary types of merchandise. Hard or durable goods like
appliances, electronics, and sporting equipment. And soft goods like clothing,
household items, cosmetics, and paper products. Some retailers carry a range of hard
and soft items like a supermarket or a major retail chain while many smaller retailers
only carry one category of goods, like a boutique clothing store.

Price: Pricing is a key element to any retail strategy. The retail price needs to cover the
cost of goods as well as additional overhead costs. There are four primary pricing
strategies used by retailers:
1. Everyday low pricing: The retailer operates in thin margins and attracts
customers interested in the lowest possible price. This strategy is used by big
box retailers like Wal-Mart and Target.
2. High/low pricing: The retailer starts with a high price and later reduces the price
when the item’s popularity fades. This strategy is mainly used by small to mid-
sized retailers.
3. Competitive pricing: The retailer bases the price on what their competition is
charging. This strategy is often used after the retailer has exhausted the higher
pricing strategy (high/low pricing).
4. Psychological pricing: The retailer sets the price of items with odd numbers that
consumers perceive as being lower than they actually are. For example, a list
price of $1.95 is associated with spending $1 rather than $2 in the customers
mind. This strategy is also called pricing ending or charm pricing.

Place: The place is where the retailer conducts business with its customers. The place
can be a physical retail location or a non-physical space like a catalog company or an e-
store. While most retailers are small, independently owned operations (over 90%), over
50% of retail sales are generated by major retailers often called “big box retailers” (see
the list of the top 20 big box retailers below).

Promotion: Promotion is the final marketing mix elements. Promotions include personal
selling, advertising, sales promotion, direct marketing, and publicity. A promotional mix
specifies how much attention to pay to each tactic, and how much money to budget for
each. A promotion can have a wide range of objectives, including increasing sales, new
 product acceptance, creation of brand equity, positioning, competitive retaliations, or the
creation of a corporate image.

Forms of Retail Organizations

(1) Hawkers. Such retailers don't start any shop anywhere. Rather they go on wandering
here and there and thus affect sales of the commodities in piece-meal or smaller
quantities, to the consumers. The following are some of their popular names:
i.) Wandering Retail Vendors;
ii.) Vendors of the Foot-Path;
iii.) Vendors of the Fairs and Village Markets.

(2) Retailers Having Established Shops. The permanent retailers, by setting up their
shops on a specific place, resort to the sale of the commodities to the consumers in
small quantities, as per their needs.

(3) Large-Scale Retailers. Some traders or the organizations resort to take up retail trade
on large-scale some of which include the following:
i.) Departmental Stores;
ii.) Chain Shops;.
iii.) Mail-Order Business;
iv.) Super-Bazars;
v.) Consumers' Co-operative Stores;
 Major Formats of In-Store Retailing :
Format Description The Value Proposition
Complete range available for
Exclusive showrooms either owned or franchised
Branded Stores a given brand, certified
out by a manufacturer.
product quality
Greater choice to the
Specialty Focus on a specific consumer need, carry most of
consumer, comparison
Stores the brands available
between brands is possible
Large stores having a wide variety of products,
Department organized into different departments such as One stop shop catering to
Stores clothing, house wares, furniture, appliances, toys, varied/ consumer needs.
etc.
One stop shop catering to
Supermarkets Extremely large self-service retail outlets
varied consumer needs
Stores offering discounts on the retail price through
Discount
selling high volumes and reaping economies of Low Prices
Stores
scale
Larger than a supermarket, sometimes with a Low prices, vast choice
Hyper- mart warehouse appearance, generally located in quieter available including services
parts of the city such as cafeterias.
Convenience Small self-service formats located in crowded urban Convenient location and
stores areas. extended operating hours.
Shopping An enclosure having different formats of in-store Variety of shops available to
Malls retailers, all under one roof. each other.
 Formats Adopted by Key Players in India :
Retailer Original formats Later Formats
Hypermarket (Spencer's)Specialty Store (Health
RPG Retail Supermarket (Foodworld)
and Glow)
Department Store (Piramyd
Piramal's Discount Store (TruMart)
Megastore)
Pantaloon Small format outlets (Shoppe) Supermarket (Food Bazaar)
Retail Department Store (Pantaloon) Hypermarket (Big Bazaar) Mall (Central)
Department Store (shopper's
K Raheja Supermarket (TBA)
stop)
Group Hypermarket (TBA)
Specialty Store (Crossword)
Tata/ Trent Department Store (Westside) Hypermarket (Star India Bazaar)
Landmark
Department Store (Lifestyle) Hypermarket (TBA)
Group
Discount Store (Subhiksha, Margin Free, Apna Bazaar), Supermarket (Nilgiri's),
Others
Specialty Electronics
 Services Rendered by the Retailers
I. Services Towards the Wholesellers

 Helpful in the Sale of Stored Goods.

The retailers are helpful in getting the goods, purchased from the wholesellers or the
manufacturers, sold off.
 Providing Valuable Market Information
The retailers go on supplying to the wholesellers the information regarding the
tastes, fashions, etc. of the masses.
 Economy in Publicity Expenses
Due to the retailers, 'he wholesellers are not required to resort to the publicity or
advertisements. Thus, they reduce their publicity expenses.
 No Need of Contacts With Consumers
Due to the retailers, the wholesellers don't feel the need of extending their contacts
with the consumers.

II. Services Towards Producers

 Selling Goods
Due to the retailers, the manufacturer gets himself relieved of the botheration of sale
of goods in smaller quantities personally.
 Availability of Relevant Information Regarding Consumers' Tastes.
Whatever information the manufacturers get from the wholesellers regarding the
consumers' tastes and interests, is actually furnished by the retail traders.

III. Services Towards the Consumers

 Free from the Problem of Storing the Products
The retailer sells the products to the customers in piece-meal or smaller
quantities, as per their needs, due to which the consumers are not required to
store the products unnecessarily.
 Closeness to the Customers.
The retail shops are mostly situated close to the consumers' localities due to
which they don't feel any sort of difficulty.
 Providing the Credit Facility
The retailer also provides the credit facility, i.e. they sell commodities on credit, to
the known customers.
 Providing Facility of Returning.
On account of the approval-or-return basis, the retail traders also extend to the
consumers the facility of returning the products if unapproved.
 Home Delivery of Commodities
 Many retailers also extend the facility of delivering the goods at the customers'
home: and thus enhance their sales.
 Freedom of Choice of Products.
The retail traders, after collecting products of various kinds from different
sources, extend the facility of selection of goods to the consumers, out of the
stocks available with him.
 Taking Care of Consumers' Needs
The retailers make their whole-hearted efforts to provide to their consumers, the
products of their tastes, fashions, size and desired qualities.
 Providing Facility for Purchase in Small Lots.
Ordinarily, the retailers extend to the consumers, the facility of purchasing the
commodities in small lots as per their needs.
 After-Sales Service.
Many retailers, after the purchase of goods by the customers, also extend the
guarantee for the repairs or replacements of parts, to the customers.
 Demographic Analysis in Retailing
As a retailer, knowing what to stock and sell can be a daunting task. A retailer could
select products based on his or her own preferences. This may work if the retailer's
needs and wants are similar to its customers'. However, if the retailer doesn't know what
the customer wants, or ignores requests, clientele may lose interest and choose to shop
elsewhere. Instead, the ideal course of action would be to learn about their consumers
and then to learn about their interests. This provides the basis for developing a product
mix that would be attractive to clientele.

Though each consumer has a unique set of criteria they use to make judgments about
products, the practice of classifying consumers by characteristics (based on their
demographics, interests, and other factors) into manageable groups, or market
segments, is common. It would be difficult to produce a product that would appeal to
every consumer. Hence, successful retailers tend to focus on those consumers who are
most likely going to find their products appealing and purchase them.

Existing retailers should determine what segments of consumers they serve,

understand the segment's desires, and learn about products that might appeal to them.
Those segments that spend significantly more money than others are referred to as
'core' or 'target' customers. New retailers may not have an accurate understanding of
who their 'core' or 'target' customers might be. However, learning about consumers and
product trends pertaining to their industry is a must. By learning about core consumer
segments, the retailer could better focus attention on details that appeal to these
consumers and design an appropriate product mix and promotional campaign.

What are Demographics?

Demographics describe who we are as individuals, for example: ethnicity,

age/generation, gender, income, marital status, education, and homeownership. These
and other characteristics categorize us without describing our personality. Many
demographic characteristics cannot be changed and are directly related to our physical
being. A recognized definition is: "The characteristics of human populations and
population segments, especially when used to identify consumer markets". Retailers will
find that most of the demographic data they need in order to make business decisions
can be found on the U.S. Census website.
Demographics: Generations

Members of the lawn and garden industry have promoted container gardening and the
use of raised garden beds as a way for 'Baby Boomers' and 'Mature' generations to
garden without having to bend over.

Evidence suggests that the volume of wine purchase annually by members of

Generation Y has a greater impact on the economic viability of the wine industry than
some other generations.

Terms, such a 'Gen X,' 'Generation Jones,' and 'Baby Boomers,' were created as a way
of classifying "a group of individuals, most of whom are the same approximate age,
having similar ideas, problems, attitudes, etc.". Marketers have discovered that they can
often work with producers and retailers to provide goods and services that would appeal
to a majority of members of a particular generation, based on the general needs and
wants of consumers within the group. See the sidebar for examples.

Demographics: Ethnicity

For the past several years, the population of certain ethnic groups has increased,
particularly those who are of Asian and Hispanic or Latino descents. These changes
present opportunities for many agricultural businesses. It is necessary for agricultural
businesses to understand that within the Asian ethnic group, that those of Chinese,
Korean, and Japanese descent will have different languages and cultures. The same is
true for groups within the Hispanic ethnic group.

Agricultural retailers or producers who offer foods could produce vegetables, flours,
grains, and other ingredients used by ethnic groups on a day-to-day basis and when
preparing meals for Chinese New year (mushrooms, bamboo shoots, and bean
sprouts). If this approach is pursued, it will be important to know which vegetables are
commonly used by each ethnic group. It will also be important to learn about the
meaning that certain ingredients convey. Examples include: Chinese lettuce (prosperity)
and turnip (good omens).

Those who grow plants and flowers can also market their products to ethnic groups who
wish to incorporate these items into traditional ceremonies.

It will be necessary to determine that there is a large enough population of the target
ethnic group in order to support the retailer's or producer's efforts.
Demographics: Income

Disposable income (or net income) is the amount of money that an individual has
available to pay for expenses minus taxes and deductions. Discretionary income is the
amount of money that remains after consumers pay for "needs" (food, rent/mortgage,
insurance, etc.) that are required to sustain a reasonable livelihood. In general, the
higher the level of net income the greater the amount of discretionary income that would
be available for a consumer to purchase 'wants,' or items not necessary to maintain
their life but rather their lifestyle.

If the 'core' customer has a limited income then goods and services marketed to them
should be within a price range that is affordable.

Products marketed to more affluent consumers,however, would be manufactured,

packaged, and promoted in a manner that would reflect their level of quality and
prestige and would be priced accordingly. Agricultural businesses that offer food items
classified as specialty foods might be considered as supplying a 'want' and would have
to develop a marketing strategy to appeal to consumers with a higher income level.

Demographics: Geographical

The location where a consumer lives (e.g., the southeast vs. the northwest U.S. and/or
in a metropolitan area versus a rural environment) can greatly influence his or her
needs, wants, and access to goods and services. Cultural 'tastes' and traditions can
affect food preparation, ingredients commonly used, and availability of specialty cuisine.
East Coast consumers may include seafood as a staple in their diets, while consumers
living in the southwest may frequently use chili peppers. Food retailers should be aware
of entrees and recipes commonly prepared in their area and provide as many essential
ingredients as possible. As a greater number of consumers travel and experiment with
new cuisines, they may desire to recreate the dish in their own kitchen upon their return.
Specialty or gift shop retailers can offer gift baskets that include these food ingredients
or sell baking mixes that customers can prepare with ease.

The availability and variety of food ingredients can also differ based on consumer's
proximity to large metropolitan areas. Consumers residing in metropolitan areas, such
as New York and Philadelphia, have access to a large variety of products and outlets
from which to purchase. Rural consumers, however, may have fewer options. Retailers
in these areas will need to become educated about current trends and predictions and
what is needed to provide consumers with ingredients and information necessary to
cook a popular meal or to plant a fashionable garden. Becoming a member of a national
association may be a wise decision. Subscribing to free e-newsletters published by
marketing associations and related sources will also provide retailer with useful
information.
Demographics: Homeownership

Knowing the level of homeownership within a market area is particularly important for
businesses that sell plants, vegetable seeds, and lawn and garden services.
Consumers who are homeowners may be more willing than renters to: a) invest in the
establishment and upkeep of their lawn and garden and b) purchase outdoor plant
material and landscape services.

Income level and amount of outdoor space may have an influence on the amount of
money spent and the types of goods and services purchased.

The types of plant material grown and marketed should not only be appropriate for the
'target' market's location, but should also be the right dimensions for the consumer's
outdoor lawn or garden space. Horticultural business that find that there are several
apartment complexes or condominiums, with limited yard or no yard at all, within their
market area should consider marketing plant material that can be grown in containers,
in raised beds, or have a more vertical growth habit.
 Emerging Issues In Retail:-
It is truly said by William James that individuals. That is the reason retailing is like to be
in the jungle where we have to think for our survival to be the fittest. A good retailer
would combine the personalized care of the local grocer with the state-of-the-art CRM
and other tools of retail to retain his customer base and to survive and flourish in an
ever emerging retail scenario.

However, there are a few challenges that retailers across the country have to face. With
the markets here being mainly fragmented and unorganized, retailers across the
country face the following challenges:-

1.Heavy investment

It is very important for the retailers to focus on heavy investment to meet their
infrastructure needs as well as appointment of well-trained middle management level
professionals for the smooth functioning of the trade in the market.

2. Supply Chain Management

Now a days, the market scenario is changing with a rapid speed which results in the
constant changes in consumer taste & preferences, logistical challenges and evolution
of new retail formats from time to time. Retailers need to implement various strategies to
improve their business processes, such as logistics, innovation, distribution, fashion,
marketing and management to keep in pace with changing market trends and to reach
the levels of quality and service as per the expectations of the consumers.

3. Frauds in Retail

However, with rapid growth in the retail sector, the associated perils and issues are also
coming to the forefront. The shrinkage or fraud in retail is a key issue that is becoming a
cause of concern for Indian retailers. Shrinkage is the "loss in inventory on account of a
combination of employee theft, shoplifting, vendor fraud and administrative error."

4. Infrastructure and Logistics

Retailing and logistics are concerned with product availability from the manufacturers
and sometimes the retailers have to bear huge losses due to lack of proper
infrastructure and distribution process. Good infrastructure and efficient distribution
channel is the need of the hour to boost the retail business. It is required to concentrate
in providing better transportation systems, warehousing facilities and timely distribution
of products.
 5. Merchandise:

The primary goal of the most retailers is to sell the right kind of merchandise and
nothing is more central to the strategic thrust of the retailing firm. Merchandising
consists of activities involved in acquiring particular goods and services and making
them available at a place, time and quantity that enable the retailer to reach its goals.
Merchandising is perhaps, the most important function for any retail organization, as it
decides what finally goes on shelf of the store.

6. Change or perish

is the writing on the wall. Some of the largest names in retail, with stores all over the
country have disappeared from the retail map and some of the retailers are struggling to
come to terms with the change so that they can meet the expectations of customers.
New players are emerging, who seem to know which way the wind is blowing.

7. Pricing
Pricing is a crucial strategic variable due to its direct relationship with a firm's
goal and its interaction with other retailing elements. The importance of pricing
decisions is growing because today's customers are looking for good value when
they buy merchandise and services. Price is the easiest and quickest variable to
change.
8. Target audience

"Consumer the prime mover" "Consumer Pull", however, seems to be the most
important driving factor behind the sustenance of the industry. The purchasing power of
the customers has increased to a great extent, with the influencing the retail industry to
a great extent, a variety of other factors also seem to fuel the retailing boom.

9 Technology

Keeping up with the pace of modern technology is one of the major problem the retail
industry is facing. For instance, retail point of sale technology often uses computer
systems that are several years behind the computer industry as a whole. The inability of
retail industry technology to keep up with initiatives such as mobile digital coupons is a
problem that the industry regularly faces.
 Trends in Retail
• Experimentation with formats: Retailing in India is still evolving and the sector is
witnessing a series of experiments across the country with new formats being tested
out. Ex. Quasi-mall, sub-urban discount stores, Cash and carry etc.

• Store design : Biggest challenge for organised retailing to create a “customer-pull”

environment that increases the amount of impulse shopping. Research shows that the
chances of senses dictating sales are upto 10-15%. Retail chains like MusicWorld,
Baristas, Piramyd and Globus are laying major emphasis & investing heavily in store
design.

• Emergence of discount stores: They are expected to spearhead the organised

retailing revolution. Stores trying to emulate the model of Wal-Mart. Ex. Big Bazaar,
Bombay Bazaar, RPGs.

• Unorganized retailing is getting organized: To meet the challenges of organized

retailing such as large cineplexes, and malls, which are backed by the corporate house
such as 'Ansals' and 'PVR‘ the unorganized sector is getting organized. 25 stores
in Delhi under the banner of Provision mart are joining hands to combine monthly
buying. Bombay Bazaar and Efoodmart formed which are aggregations of Kiranas.

• Multiple drivers leading to a consumption boom:

Favorable demographics

Growth in income

Increasing population of women

• Raising aspirations : Value added goods sales, Food and apparel retailing key
drivers of growth.

Organized retailing in India has been largely an urban phenomenon with affluent
classes and growing number of double-income households.

More successful in cities in the south and west of India. Reasons range from differences
in consumer buying behavior to cost of real estate and taxation laws.

Rural markets emerging as a huge opportunity for retailers reflected in the share of the
rural market across most categories of consumption

ITC is experimenting with retailing through its e-Choupal and Choupal Sagar – rural
hypermarkets.
HLL is using its Project Shakti initiative – leveraging women self-help groups – to
explore the rural market.

Mahamaza is leveraging technology and network marketing concepts to act as an

aggregator and serve the rural markets.

IT is a tool that has been used by retailers ranging from Amazon.com to eBay to
radically change buying behavior across the globe.

‘e-tailing’ slowly making its presence felt.

Companies using their own web portal or tie-sups with horizontal players like Rediff.com
and Indiatimes.com to offer products on the web.

Ø Opportunities in Retail Sector:

• Investment Opportunities

Potential For Investment: The total estimated Investment Opportunity in the retail sector
is around US$ 5-6 Billion in the Next five years.

• Location: with modern retail formats having made their foray into the top cities namely
Hyderabad, Coimbatore, Ahmedabad, Mumbai, Pune, Chennai, Bangalore, Delhi,
Nagpur there exists tremendous potential in two tier towns over the next 5 years.

Ø Sectors with High Growth Potential:

Certain segments that promise a high growth are

· Food and Grocery

· Clothing

· Furniture and Fixtures

· Pharmacy

· Durables, Footwear & Leather, Watch & Jewellery

Ø Fastest Growing Formats:

Some of the formats that offer good growth potential are:

· Speciality and Super Market

· Hyper Market
 Conclusion

Market research will still need to be done after final product selection is made. The best
way to do this is to monitor consumer reaction to goods and services offered and
determine whether foot traffic and sales have changed. Additional decisions can then be
made to further alter product assortment. Consideration will also need to be given to the
number of 'core' or 'target' customers that live within the selected market area. If
relatively few consumers within the area fit the profile of who would have an interest in
the products and/or don't have the means to purchase them (i.e. true demand), then the
producer or retailer may need to modify their plan. Agricultural businesses that
accomplish the task of learning about these audiences will certainly experience rewards
by knowing what products to offer that would interest their customers.

To conclude, retailing is a technology – intensive industry where successful retailers

today work closely with their renders to predict consumer demand, shorter leads times,
reduce inventory holding and thereby save cost. So, to compete successfully in the 21st
century, firms need to meet the challenges of a rapidly globalizing, highly competitive
and technologically complex environment. These challenges become yet more daunting
with the accelerating pace of change and increasingly volatile and turbulent nature of
markets. And it is important for the retailers to cope with this changing scenario for
better survival.
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