Question

Trace the evolution of Retailing business from various secondary sources in the Indian context. Compare the structure of traditional retailing vis-a vis the contemporary retail business evolving in India and discuss the driving factors for its growth as a key contributor to the economy.

06 Feb 2018
Answer :
Word Count : 2000

The origins of retailing in India can be traced back to the emergence of Kirana stores and mom-and-pop stores. These stores used to cater to the local people. Eventually the government supported the rural retail and many indigenous franchise stores came up with the help of Khadi & Village Industries Commission. The economy began to open up in the 1980s resulting in the change of retailing. The first few companies to come up with retail chains were in textile sector, for example, Bombay Dyeing, S Kumar’s, Raymonds, etc. Later Titan launched retail showrooms in the organized retail sector. With the passage of time new entrants moved on from manufacturing to pure retailing.

Retail outlets such as Foodworld in FMCG, Planet M and Musicworld in Music, Crossword in books entered the market before 1995. Shopping malls emerged in the urban areas giving a world-class experience to the customers. Eventually hypermarkets and supermarkets emerged. The evolution of the sector includes the continuous improvement in the supply chain management, distribution channels, technology, back-end operations, etc. this would finally lead to more of consolidation, mergers and acquisitions and huge investments.

Phases in the evolution of retail sector

Weekly Markets, Village and Rural Melas

The origins of retailing in India can be traced back to the emergence of Kirana stores and mom-and-pop stores. These stores used to cater to the local people. Eventually the government supported the rural retail and many indigenous franchise stores came up with the help of Khadi & Village Industries Commission. The economy began to open up in the 1980s resulting in the change of retailing. The first few companies to come up with retail chains were in textile sector, for example, Bombay Dyeing, S Kumar’s, Raymonds, etc. Later Titan launched retail showrooms in the organized retail sector. With the passage of time new entrants moved on from manufacturing to pure retailing.

Retail outlets such as Foodworld in FMCG, Planet M and Musicworld in Music, Crossword in books entered the market before 1995. Shopping malls emerged in the urban areas giving a world-class experience to the customers. Eventually hypermarkets and supermarkets emerged. The evolution of the sector includes the continuous improvement in the supply chain management, distribution channels, technology, back-end operations, etc. this would finally lead to more of consolidation, mergers and acquisitions and huge investments.

Weekly Markets, Village and Rural Melas

 
  Text Box: Convenience stores, Mom-and-pop / Kirana shops • Neighborhood stores/convenience • Traditional and pervasive reach PDS outlets, Khadi stores, Cooperatives • Government supported • Availability/low costs/distribution </div><span id='fullanswer'> ________ ____ _______ __________ ____.<br> __________ ________ _________ _______ _______ _________ ___ _______ _________.<br> ____ _________ ______ ___ ____ __________ ________ _______ ______ _______ __________ ________.<br> ______ _____ __________ ___ ________ _____ _______ __________ ___ _____ ________.<br> _____ __________ __________ _______ __________ ___ _________ ______ __________.<br> __________ ___ ________ _______ ______ __________ _________ ____ ______ _____ _____.<br> ________ ______ __________ __________ ___ ________ __________ ________.<br> ______ _________ ___ _________ _______ __________ ______ _________ ______ ____.<br> __________ ______ _____ ____ _______ _____ ______ ______.<br> ________ ________ __________ _________ ___ _____ __________.<br> _____ ________ ___ _________ ___.<br> ___ ____ _______ _____ __________ _____ ________ _________ ____ __________.<br> ____ ___ ________ ____ ____ ___ _______ ______ _________ _________ _______.<br> ___ ____ ________ ____ _______ ____ _________ __________ __________ ______.<br> _________ ______ ________ __________ _________ ________ __________ ________ ___.<br> ___ ____ __________ ______ _____ _______.<br> _____ _________ _______ _________ _______ _____.<br> _______ ______ ________ _______ __________.<br> _____ _________ _________ __________ __________.<br> ________ _______ ____ _____ ____ _____ ___ ____ _______.<br> ________ ________ ________ ______ __________ ______ ____ ___ ______ ______ _____ ______.<br> _____ __________ ____ __________ _____ __________ ______ _________ ___.<br> _______ __________ _____ ___ _________ _____ _____ __________ ____ _____ _____.<br> ______ _________ ____ ______ ________ ____ ____ ____ ____ _____ ______.<br> ______ _____ ________ _____ _______ _______ _____ ________ ________ ____.<br> ________ ___ ______ _________ _____.<br> _____ _____ ________ ____ _________ _________.<br> _______ _____ ___ ____ _________ ___ __________.<br> _________ _____ ______ _______ ______ __________ ________ ___ _________ _________ ____ ________.<br> ________ ________ _________ ____ ______ _____ ___ ________ _______ ____ _________ ______.<br> _______ ____ ________ ______ ______ _____ ___ ____.<br> ____ __________ ___ ________ _________ __________ ___ __________ ____ ________.<br> _____ ___ ________ __________ ___ ______ ________ ________ _____.<br> ____ _________ ___ ______ ________ _________ _________ ________.<br> ______ _____ ________ ________ _________ ________ ___.<br> ___ ____ ________ ___ _____ _________ ___ _____ _______ _________ ___.<br> ____ _______ __________ ______ ________ ______ __________.<br> __________ ______ _________ _______ ______ ________.<br> _________ __________ ______ __________ ______ ____ ____ __________.<br> _____ ________ ____ ________ ______ _____ ______.<br> ________ _____ ____ _________ ________.<br> ________ _______ _____ ________ __________ ___ _____ ________ ________ _________.<br> ___ _________ ____ ______ ____ __________ ___ __________.<br> _______ ________ ______ ________ _______ _________ _____ ______ _______ ___ ______.<br> ____ _________ ______ ____ _______ _________ ___ __________ ______ __________ _____ _____.<br> _______ _______ _____ ____ ____.<br> _____ _________ __________ _____ ____ ______ __________ _____.<br> ___ _________ ____ _________ ______.<br> _____ _____ ____ ________ __________ _______.<br> ____ _______ _______ __________ ________ ______ ________ ________ _________.<br> ______ ________ __________ ________ ______.<br> ____ _______ _______ ___ ________ ___ ________ ______ __________ __________ ______.<br> _______ _______ ___ ____ _____ _____ _______ ______ ________.<br> ___ _____ _____ ______ ___ ____ _______.<br> _________ _____ ________ _______ ______ ________ ______ ___.<br> _____ __________ ___ ____ ________ _____.<br> _______ _______ __________ _________ _____ _____ __________ __________.<br> ____ ___ _______ __________ _____.<br> ______ ______ _______ _______ ________ _______ __________ ____ __________ ____ ________ _______.<br> ______ _________ __________ _____ _____ _____ ________ ______ _____.<br> ______ ____ _____ ____ _______.<br> ___ _________ ____ _____ _______ ____ ______ _______ _____ ___ _____ ____.<br> ___ ___ _________ _________ _________ ____ __________ ___.<br> ________ _____ _____ _________ _________.<br> ___ ___ _____ __________ ________.<br> _______ _____ _______ ___ ____ ___ ________ ____ _____ ________ ______ ____.<br> __________ _______ ____ ______ _________.<br> ____ ______ ________ ______ __________ __________ ___ _______.<br> ___ _______ ___ ________ ____.<br> __________ ___ ______ __________ __________.<br> __________ _____ ___ __________ _____ __________ ______ _________ _________.<br> __________ ________ __________ _____ _____ ___ __________.<br> ___ _______ _________ ______ ______ ___ _____ _________ _____ ___ ___ _____.<br> ____ ____ ________ _______ ___ ____ __________ ___ ________ ________ ____ ________.<br> ____ __________ _____ ___ ______.<br> _____ _______ _______ ___ _________ ________.<br> ________ _____ _________ _____ ___.<br> _______ ___ _________ ______ _________ ________ _______ ________ ____ ________ ________ ___.<br> _________ ___ ______ ________ ____ __________ ______ ______ _______ ________ __________ ____.<br> ____ ___ _____ __________ _________ _____ ___ ____ ______.<br> ______ _______ _____ ________ ______ ______ _________ ________ _________.<br> ______ ________ __________ ___ ________.<br> _________ ____ ____ ___ ___ ______ ____.<br> ____ __________ _________ ____ _______ _________ __________ _________ __________ _____ __________.<br> ___ _______ ____ _________ ________ ______ ________ _________ __________ ________ ____ ________.<br> ______ _______ _____ _____ _____ ________ _________ ____.<br> ________ ____ _______ _____ _____.<br> ___ ___ _____ ___ _______ __________ _______ ___ ________ _________ _________.<br> __________ ______ ______ __________ ________ ________ ____ ________ ___ ________ ___ _____.<br> _______ ________ ___ ________ __________.<br> ______ ______ _______ ____ ________ ____ __________ _______ ____.<br> ___ ___ __________ _________ __________ __________ _________ _____ ______ ________.<br> ______ _________ __________ __________ _________ ________ ___ _____.<br> _______ _____ __________ _______ _____ _______ ________.<br> _____ ________ _________ __________ ________ ____ ___ __________ ________ ___ _________.<br> ______ ______ ___ ___ __________ ________ __________ _______ ______.<br> _____ __________ _______ ________ ________ ____ ____.<br> _____ ____ ___ __________ ____.<br> ________ ___ ___ _________ ______ ______ ______.<br> ____ ___ ________ ____ ________ ______ ______ __________ ___ _____ ________ _____.<br> ___ _______ ___ _________ ____ _______ ____ _________ _____ _____.<br> __________ ____ _____ __________ ___ ____ ______ ______ ______ ______ _________ _______.<br> _________ ________ _____ ____ _______ ______ ______ ______.<br> ________ ____ ___ __________ ______ ________ ______ _______ ___ ____ ________.<br> __________ ________ _________ _____ ________.<br> ___ _______ ____ ______ _______ __________ ___ _______ _______.<br> _________ _____ __________ _____ _______ ________ ___ ____ ________ __________.<br> ___ _____ ___ _________ _________ ___ _________.<br> _____ __________ ______ __________ _________ _________.<br> __________ __________ _________ _________ _____.<br> _____ ________ _____ ____ __________ ____ ___ ______ _____ ________ ________ __________.<br> _________ _______ ________ _________ ____ ________ _________.<br> ___ ___ __________ ___ ____ _________ _____.<br> ______ ___ _________ _________ __________ _____ _____.<br> ______ __________ _______ ________ ___ _______.<br> _________ __________ _______ ________ ________.<br> _______ ________ _______ _______ ______ ____ ________ ________ _____ ___.<br> ______ ________ ________ _______ ________ __________ _____.<br> ________ _______ ____ __________ ___ _________ ________ ______ ________ _____ ____.<br> _________ _______ _____ ____ ____ _____ _________ __________ _______.<br> _________ ________ ________ __________ ________ ________ ________ ____ ______.<br> __________ _______ __________ ________ ______ _________.<br> _______ ______ ___ _______ ________ _________ __________ ____ __________ ___ ___ ________.<br> ___ _______ ____ _____ ________ ____ ______ ________.<br> ______ ______ ___ ________ _________ ______ _________ ____ ________ ___ ________ ____.<br> ___ ______ _________ _____ __________ _____ _______ ___ ___ _______ ____.<br> __________ _________ __________ ________ __________.<br> ____ _________ ________ _________ _________ __________ _______ _____ _____ _________.<br> ____ _______ _______ _________ _____ ___ _______ ___ ____ ________ ________.<br> _________ _________ ___ __________ ____ _________.<br> _____ ____ ___ _____ _____ __________ __________ ________.<br> ______ ________ _______ ___ ____ __________ _________ ___ ___ ________.<br> _________ ___ ____ ___ ___ ______ ______ __________ _________.<br> __________ _________ _______ _____ ______ _____ _______ ____ ______.<br> ____ ___ ______ _______ _________ ______.<br> ____ ________ _____ ________ _____ _______ ____ _______ __________ ________ ___ ________.<br> ____ _____ ______ ________ _________.<br> ___ ________ ________ __________ _________ ________ _________ _________ ___ _________ ______.<br> _____ _________ _________ _____ _____ _____ ____ _____ ___ _________ __________.<br> __________ ______ __________ ______ __________ _______ __________ ______ ________ ___ ________ _________.<br> ___ ____ _________ ______ ____ ____ _____ __________ ____ _______ _________.<br> __________ __________ _____ _______ ________ _________ ________ ________ ____ _______.<br> _______ _____ _______ _________ _______ ______ ___ ______ _______ ______ ________.<br> ____ __________ _______ ___ ____ _________ ___ ______ _______ ___ ______.<br> _____ __________ ________ ______ _____ _____ ____ __________ ______ ________ _______ _______.<br> _____ _________ _________ ________ _______ __________ _____ __________ ________ ________.<br> __________ _____ ______ ______ _______ _____ ___.<br> _________ ____ _________ ____ ___ _________ ________ _____ ____ ___ _______.<br> ________ _________ _____ ________ ____ ______ _____ _______ ____ _______.<br> _________ _________ _____ _________ ___ __________ ____.<br> _____ _________ __________ ______ ____ ______.<br> ______ ___ __________ ______ ___ _________ ____ _______ ___ __________ __________ ______.<br> ____ __________ _______ ____ ________ _____ __________ _________ _____ ___ _______.<br> _________ ___ _____ ___ ____ __________ ________ __________ ________.<br> ______ __________ ____ __________ _______ ______ _______ ________ __________.<br> ___ _________ ________ _________ _______ _______ ___ _______ ____.<br> ___ _____ ____ _______ _________ ______ _________ ______ ____ _______.<br> _________ ___ ________ ______ __________ _______ __________ __________ _____ _______ ________ ___.<br> ______ ___ ________ ___ _________ _____.<br> ________ ______ ________ _______ ________ _____.<br> _______ _______ __________ ______ ___ _________ __________ __________ _______ ________ _____ ______.<br> ______ ___ _____ ____ _____ _______.<br> _________ ______ _________ ___ ____ ________ __________.<br> _____ ____ ________ ____ _____ ___ ___ _____ _____ _________.<br> __________ __________ ____ ________ ________ ____ ____ ____ _______.<br> __________ _________ ____ __________ _____.<br> ______ __________ ___ _______ ___.<br> ____ _______ ____ __________ __________ __________ _________ ________.<br> __________ _______ ________ ________ __________.<br> _________ ______ ________ ____ ___.<br> _______ _______ ___ ______ __________ _____ ________ _____.<br> ____ _________ ______ ______ ____ ________ __________ ________ ____ ___ __________.<br> ________ ______ _____ ____ ___ ____ ___ _______ ____ _________ ____ _________.<br> __________ _________ _________ ___ ____ _________ ___ _______ _____ __________ __________ _______.<br> _____ ________ _____ _________ ____ ___ ______ ___ _________ ________ ________.<br> _________ ______ _________ _____ __________ _________ __________ ___ ____.<br> _________ _________ ___ ____ ________ _________.<br> ______ __________ _____ _____ ______ ________ ________ __________ ______.<br> _________ _____ ___ __________ _______ _________ _____ _______ _____.<br> _______ __________ ____ _______ ___ _____ _______ ____ _______ ____ ________.<br> ______ ________ _______.<br></span><style>/* ============================================================ IGNOU ACADEMY — BESPOKE MODERN BRAND OVERLAY Custom Typography | Crisp Vector Icons | Smooth Entrance============================================================ */#iaBrandIntro { --bg-overlay: rgba(255, 255, 255, 0.92); --card-bg: #ffffff; --card-border: #e2e8f0; --ink-primary: #0f172a; --ink-secondary: #64748b; --accent: #2563eb; --accent-light: #eff6ff; --whatsapp: #10b981; --whatsapp-hover: #059669; --shadow-card: 0 20px 40px -15px rgba(15, 23, 42, 0.08); position: fixed; inset: 0; z-index: 999999; display: flex; align-items: center; justify-content: center; overflow: hidden; visibility: hidden; opacity: 0; pointer-events: none; background: var(--bg-overlay); backdrop-filter: blur(12px); -webkit-backdrop-filter: blur(12px); transition: opacity .35s cubic-bezier(0.16, 1, 0.3, 1), visibility .35s ease; }#iaBrandIntro.ia-active { visibility: visible; opacity: 1; pointer-events: auto;}/* Ambient Subtle Background Lights */.ia-brand-glow { position: absolute; border-radius: 50%; filter: blur(80px); opacity: 0.12; pointer-events: none;}.ia-glow-1 { width: 380px; height: 380px; background: #2563eb; left: -5%; top: -5%;}.ia-glow-2 { width: 320px; height: 320px; background: #4f46e5; right: -5%; bottom: -5%;}/* Central Card Structure */.ia-brand-content { position: relative; z-index: 5; width: min(500px, 90vw); padding: 36px 28px; display: flex; flex-direction: column; align-items: center; text-align: center; background: var(--card-bg); border: 1px solid var(--card-border); border-radius: 24px; box-shadow: var(--shadow-card); opacity: 0; transform: scale(0.92) translateY(16px);}#iaBrandIntro.ia-active .ia-brand-content { animation: iaCardZoomIn 0.5s cubic-bezier(0.16, 1, 0.3, 1) forwards;}@keyframes iaCardZoomIn { 0% { opacity: 0; transform: scale(0.92) translateY(16px); } 100% { opacity: 1; transform: scale(1) translateY(0); }}/* Branding & Headers */.ia-brand-ignou { display: block; color: var(--ink-primary); font-size: clamp(38px, 7vw, 56px); line-height: 1; font-weight: 900; letter-spacing: -0.03em; opacity: 0;}#iaBrandIntro.ia-active .ia-brand-ignou { animation: iaZoomIn 0.5s cubic-bezier(0.16, 1, 0.3, 1) 0.1s forwards;}.ia-brand-academy { display: block; margin-top: 4px; color: var(--accent); font-size: 12px; font-weight: 800; letter-spacing: 0.35em; text-transform: uppercase; opacity: 0;}#iaBrandIntro.ia-active .ia-brand-academy { animation: iaFadeUp 0.5s cubic-bezier(0.16, 1, 0.3, 1) 0.2s forwards;}.ia-brand-tagline { margin-top: 10px; color: var(--ink-secondary); font-size: 14.5px; font-weight: 400; opacity: 0;}#iaBrandIntro.ia-active .ia-brand-tagline { animation: iaFadeUp 0.5s cubic-bezier(0.16, 1, 0.3, 1) 0.3s forwards;}/* Services Grid with Custom Tick Mark Badges */.ia-brand-services { list-style: none; margin: 22px 0; padding: 0; width: 100%; display: grid; grid-template-columns: repeat(2, 1fr); gap: 10px;}.ia-brand-services li { display: flex; align-items: center; gap: 10px; padding: 10px 12px; background: #f8fafc; border: 1px solid #f1f5f9; border-radius: 12px; font-size: 13px; font-weight: 600; color: var(--ink-primary); text-align: left; opacity: 0;}#iaBrandIntro.ia-active .ia-brand-services li:nth-child(1) { animation: iaPopUp 0.45s cubic-bezier(0.16, 1, 0.3, 1) 0.40s forwards; }#iaBrandIntro.ia-active .ia-brand-services li:nth-child(2) { animation: iaPopUp 0.45s cubic-bezier(0.16, 1, 0.3, 1) 0.48s forwards; }#iaBrandIntro.ia-active .ia-brand-services li:nth-child(3) { animation: iaPopUp 0.45s cubic-bezier(0.16, 1, 0.3, 1) 0.56s forwards; }#iaBrandIntro.ia-active .ia-brand-services li:nth-child(4) { animation: iaPopUp 0.45s cubic-bezier(0.16, 1, 0.3, 1) 0.64s forwards; }.ia-tick-icon { display: flex; align-items: center; justify-content: center; width: 20px; height: 20px; background: #dbeafe; color: var(--accent); border-radius: 50%; font-size: 10px; flex-shrink: 0;}/* Call to Action Buttons */.ia-brand-contact { width: 100%; display: grid; grid-template-columns: repeat(2, 1fr); gap: 10px; opacity: 0;}#iaBrandIntro.ia-active .ia-brand-contact { animation: iaFadeUp 0.5s cubic-bezier(0.16, 1, 0.3, 1) 0.72s forwards;}.ia-contact-btn { display: inline-flex; align-items: center; justify-content: center; gap: 8px; height: 44px; border-radius: 12px; text-decoration: none; font-size: 13px; font-weight: 700; transition: transform 0.2s ease, background-color 0.2s ease;}.ia-contact-call { color: var(--accent); background: var(--accent-light); border: 1px solid rgba(37, 99, 235, 0.2);}.ia-contact-call:hover { background: var(--accent); color: #ffffff; transform: translateY(-2px);}.ia-contact-whatsapp { color: #ffffff; background: var(--whatsapp);}.ia-contact-whatsapp:hover { background: var(--whatsapp-hover); transform: translateY(-2px);}/* Footer Accent */.ia-brand-footer { margin-top: 20px; font-size: 9px; font-weight: 800; letter-spacing: 0.16em; text-transform: uppercase; color: #94a3b8; opacity: 0;}#iaBrandIntro.ia-active .ia-brand-footer { animation: iaFadeUp 0.5s cubic-bezier(0.16, 1, 0.3, 1) 0.8s forwards;}/* Close Icon Button */.ia-brand-close { position: absolute; top: 16px; right: 16px; width: 32px; height: 32px; border: 1px solid var(--card-border); border-radius: 50%; background: #ffffff; color: var(--ink-secondary); font-size: 18px; display: flex; align-items: center; justify-content: center; cursor: pointer; transition: all 0.2s ease; opacity: 0;}#iaBrandIntro.ia-active .ia-brand-close { animation: iaPopUp 0.4s cubic-bezier(0.16, 1, 0.3, 1) 0.3s forwards;}.ia-brand-close:hover { color: var(--ink-primary); background: #f8fafc; transform: rotate(90deg);}/* Bottom Floating Skip Trigger */.youtube-skip-btn { position: fixed; left: 20px; bottom: 20px; display: flex; align-items: center; gap: 8px; padding: 0 16px; height: 38px; background: var(--ink-primary); color: #ffffff; border-radius: 20px; font-size: 12px; font-weight: 600; text-decoration: none; box-shadow: 0 10px 20px -5px rgba(0,0,0,0.15); z-index: 99999; opacity: 0; transform: translateY(12px); transition: transform 0.2s ease, background-color 0.2s ease;}#iaBrandIntro.ia-active .youtube-skip-btn { animation: iaFadeUp 0.5s cubic-bezier(0.16, 1, 0.3, 1) 0.85s forwards;}.youtube-skip-btn:hover { background: #1e293b; transform: translateY(-2px);}.youtube-skip-btn svg { width: 13px; height: 13px;}/* Shared Reusable Keyframes */@keyframes iaZoomIn { 0% { opacity: 0; transform: scale(0.7); } 100% { opacity: 1; transform: scale(1); }}@keyframes iaPopUp { 0% { opacity: 0; transform: scale(0.88) translateY(12px); } 100% { opacity: 1; transform: scale(1) translateY(0); }}@keyframes iaFadeUp { 0% { opacity: 0; transform: translateY(12px); } 100% { opacity: 1; transform: translateY(0); }}/* Mobile Adjustments */@media (max-width: 580px) { .ia-brand-content { padding: 28px 18px; border-radius: 20px; } .ia-brand-services, .ia-brand-contact { grid-template-columns: 1fr; gap: 8px; } .youtube-skip-btn { left: 50%; transform: translateX(-50%) translateY(12px); bottom: 14px; } #iaBrandIntro.ia-active .youtube-skip-btn { animation: iaMobileSkip 0.5s cubic-bezier(0.16, 1, 0.3, 1) 0.85s forwards; }}@keyframes iaMobileSkip { 0% { opacity: 0; transform: translateX(-50%) translateY(12px); } 100% { opacity: 1; transform: translateX(-50%) translateY(0); }}</style><!-- ============================================================ IGNOU ACADEMY — OVERLAY CONTENT============================================================ --><div id=
IGNOU ACADEMY
Your IGNOU journey, made easier.
  • Solved Assignments
  • Study Notes
  • Guess Papers
  • Question Papers
Call Us WhatsApp
STUDY • PREPARE • SUCCEED
Skip in 10
Related Questions

Legal issues in Retailing

Human Resource Management in Retailing

Retail Strategy Development

Discuss the various issues related to security in Retailing with the help of suitable examples.

What is the role of Technology in retailing? Discuss the application areas of technology adoption in retailing and its security issues that ought to be taken care off.

: Small retailers have a lot going on for them. For one, they’re perceived as being trustworthy. Several people visit these stores not just for the products in question, but for the experience of shopping at a place where your name is remembered, your kids are acknowledged, and your requests are met.

 

Perhaps the best way for these small retailers to stabilize themselves is to use these positive reference points. With technology, expansion and wider reach is a possibility, but how do you ensure that the same warmth in customer interaction reflects across multiple channels and stores? In other words, how can you be a mom-and-pop store with a global outreach?

 

Technology enables a situation wherein a machine performs tasks that can be executed repeatedly with a standard set of instructions without getting tired, thus letting the human mind function and focus on what is more important.

 

Especially in retail, technology gives you the platform to better satisfy your customers by helping you concentrate on their needs. And happier customers mean more business.

 

These tools don’t simply reduce your overhead and improve your planning. They’ve become essential tools that can provide you

with a competitive edge to thrive and grow in the market.

Here are seven ways technology can improve your retail business (Application areas)

 

  1. Reduce inventory costs

An inventory control system is now a basic tool for retail management. It allows you to know what merchandise you have on hand and on order, and how many of each item you have received and sold. Once setup, these systems automatically update your database when products sell or move from one location to another—from a warehouse to a store, for example. They also provide a variety of instantaneous data analysis tools to keep track of your business. Once online, every aspect of your stores’ performance is at your fingertips. Select and view products by cost, price, margin, first or last date sold, date received or UPC codes. In minutes you can create new categories with hundreds of subcategories of style, size or color.

 

  1. Improve customer satisfaction

Customers expect you to be able to tell them if you have a product in stock or on order. They don't want to wait while you wander through the storeroom or phone the warehouse. Having an electronic inventory system allows you to answer customer questions with

 

 

3. Automate your inventory control

Electronic inventory control can eliminate over-ordering and under-buying by referring to each store's sales history to calculate the optimum stock levels for each item. You tell the system how many days of supply you prefer—which you can modify, for example, according to the season—and the system will look at past sales patterns to determine when you need to re-order. Your system can also perform "open to buy" calculations that tell you how much to spend on particular store categories for maximum

return.

 

4. Facilitate inventory control

Internal theft and pricing errors can eat up about 4% of retail inventory. A portable terminal offers much greater speed and accuracy than manual counts. The system immediately flags discrepancies with recorded inventory levels and verifies pricing, making it easier to detect pricing errors and missing merchandise on the spot.

 

5. Keep track of your margins

Your inventory control system can suggest pricing and markdowns within your pre-set parameters, and/or track your margins based on the prices you enter. It will also ensure you are always aware of gross margins. Even with special pricing offers, you never lose track of your margins. You can establish different pricing for different stores across geographic regions, for instance, and for preferred customers such as employees or major buyers. You can also pre-set markdowns for end-of-season or other sales. The system continues to track gross margin, including the effects of markdowns and preferred pricing.

 

  1. Improve your forecasting

Automated statistical forecasting systems create far more calculated and accurate demand forecasting. • Past sales data, forecasts, and future orders are all on one system. As a result, more accurate forecasts can be made based on the totality of this information.

 

    • Forecasting systems can reach the desktop of every line manager, bringing chain-wide input (if appropriate) into the process through interactive Web-based applications.
    • Forecasts can then be further adjusted, taking every aspect into account.
    • Automation facilitates fast projections and scenario planning.

 

  1. Adopt a just-in-time relationship with suppliers

Forecasting tools work in tandem with a central database, inventory control and sales systems to tie purchasing more closely to actual customer demand. The result is an opportunity to reduce inventory and adopt a just-in-time relationship with suppliers.

 

The Top Security Challenges Facing Retailers

 

Retailers are increasingly using technology such as in-store Wi-Fi and Internet of Things (IoT) initiatives to improve the customer experience. This can be a huge differentiator for the retailer, but can also lead to unanticipated security challenges – something retailers should be especially wary of in light of seemingly daily news of data breaches. Through advanced threat monitoring, Zensar has identified the top vulnerabilities that retailers should be aware of to safeguard their business and protect custo mers from threats.

 

  1. Wi-Fi – Many retailers are leveraging public Wi-Fi to both offer a convenient service to their customers, and in an effort to increase sales and gain valuable customer data. At many organizations, Wi-Fi is in “set it and forget it” mode. Wireless networks are also often deployed and managed by the marketing team, and lack of oversight from the IT department can have major consequences, as these networks may be unencrypted and dangerous. Wi-Fi should be properly secured and consistently monitored.

 

  1. Internet of Things – Research firm Markets and Markets found that the retail IoT market will be worth more than $35 billion by 2020, as retailers invest in IoT to manage inventory, track theft and loss, enable mobile payments, provide shopper

intelligence, and create insights for advertising and marketing inventory. IoT creates new challenges for retailers, which need to ensure that every endpoint within the organization is secure. It is important to take a close look at what security solution is running on endpoints, and to re-evaluate this periodically by looking at what competitors are using and any new solutions available on the market.

Trace the evolution of Retailing business from various secondary sources in the Indian context. Compare the structure of traditional retailing vis-a vis the contemporary retail business evolving in India and discuss the driving factors for its growth as a key contributor to the economy.

Chain Stores in India

IGNOU Solved Assignments Assignments Ignou Projects Project Previous Year Solved Exam Papers Notes Notes Sample Question Papers Sample Question Papers
Login
Top