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The document outlines key characteristics of retailing, emphasizing consumer focus, product assortment, and the importance of both physical and digital presence. It highlights the significance of marketing strategies, customer interaction, supply chain management, pricing strategies, location selection, and evolving technology in enhancing retail operations. Additionally, it underscores the necessity of creating a positive consumer experience for customer retention and loyalty.

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0 views

Document (10)

The document outlines key characteristics of retailing, emphasizing consumer focus, product assortment, and the importance of both physical and digital presence. It highlights the significance of marketing strategies, customer interaction, supply chain management, pricing strategies, location selection, and evolving technology in enhancing retail operations. Additionally, it underscores the necessity of creating a positive consumer experience for customer retention and loyalty.

Uploaded by

ghosthanos0
Copyright
© © All Rights Reserved
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Characteristics of Retailing

• Consumer Focus: This refers to the


central emphasis on understanding and
catering to the needs, preferences, and
behaviour’s of the target consumers. It
involves strategies to attract and retain
customers.

• Assortment of Product: The range and


variety of products offered by a retailer.
It involves deciding what items to stock,
including factors like brand diversity,
price points, and product categories.

• Physical and Digital Presence: The


combination of brick-and-mortar stores
and an online presence. Retailers aim to
be accessible to customers both in
physical stores and through e-commerce
platforms.

• Marketing and Promotion: Strategies


and activities used to promote products
and attract customers. This includes
advertising, sales promotions, social
media marketing, and more.

• Customer Interaction: The ways in which


retailers engage with customers, both
instore and online. This includes
customer service, feedback collection,
and creating a positive shopping
experience.

• Supply Chain Management: The


coordination of processes from product
sourcing to delivery to ensure products
are available when and where they are
needed. Efficient supply chain
management is crucial for avoiding
stockouts and overstocking.

• Pricing Strategy: The method used to set


prices for products. This can involve
various approaches like competitive
pricing, value-based pricing, or discount
strategies.

• Location Selection: Choosing the right


physical locations for stores. This
decision considers factors such as
demographics, foot traffic, and proximity
to competitors.

• Evolving Technology: Keeping up with


advancements in technology, such as
point-of-sale systems, inventory
management software, and data
analytics tools, to enhance operational
efficiency and customer experience.
• Consumer Experience: The overall
impression and satisfaction level of
customers during their interactions with
a retailer. Creating a positive and
memorable customer experience is
essential for customer retention and
loyalty.

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