Question
. What is Modern Retail? Discuss its features, scope and growth in the Indian context?
Answer :
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Modern retail refers to the organized form of retailing that uses systematic business practices, advanced technology, professional management, standardized operations, and large-scale distribution to sell goods and services to consumers. It differs from traditional retail by offering a wide range of products under one roof, maintaining fixed prices, ensuring better customer service, and creating a superior shopping experience. Modern retail includes supermarkets, hypermarkets, department stores, specialty stores, shopping malls, convenience stores, and online retail platforms. The major features of modern retail include organized business operations, standardized store layouts, self-service formats, efficient inventory management, barcode and RFID technology, computerized billing systems, attractive visual merchandising, customer loyalty programmes, multiple payment options,
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