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What is Retail Marketing?

Retail marketing is the process of selling products to the consumers directly through marketing channels like stores, malls, kiosks, vending machines or any other fixed locations. Retail marketing has gained much attention in the global business. It is quite different from other modes of marketing because of its retail trading components, for example, selling finished goods in small quantities from a fixed location. Though it entails the common principle of marketing mix i.e. product, place, price, promotion.

The foundation of retail marketing is the product. There are several categories, on the basis of which the merchandise is classified, including appliances, furniture, electronic items, foods or soft goods (clothing, cosmetics, and handmade crafts). The place where retail marketing is coordinated defines the process. From store-based retail to nonstore, there are different types of retail operations. They can be small or large, single store, multi-store, owner-managed operations.

 

Retail Marketing Assignment Help

The price is an important aspect of retail marketing strategy, which defines the retail marketing methods which are implemented, in accordance with the target market, store location and retail format. There are basically four retail price strategies, everyday low price, high/low price, competitive price, and psychological price.

In retail, the price may even depend on the purely cost of sales. The promotional aspect of the marketing mix is the next fundamental of retail marketing. Promotion can be both with help of traditional media ( TV, radio, billboards, print) or with help of modern media (internet), which depends on the competitive retail environment, sales profit margin.

 

Traditionally, there are many types of retailers which are listed below:

-Department store: One of the most complex stores with a range of products at various price levels.

-Supermarkets: These supply home items, fashion, and electrical appliances.

-Warehouse retailers: Usually established in the retail or business park. It displays and retails a large variety of competitively priced goods.

-Specialty retailers: With a high level of service, specialty stores prove customer expert knowledge. They specialize in specific industries or products.

-E-tailer: Online retail via the internet.

-Convenience Retailer: With a limited range of products at a premium, convenience prices, located in residential areas.

 

The success of merchandise selling directly impacts the success of retail marketing. Retailing has impacted the economy tremendously with high annual sales and employment. Retail marketing benefits the customer by providing him access to a broad variety of products and services.

Retailing has turned out to be a new aspect of business with a positive effect on the economy. Retailing has shaped global chain supply in a very effective manner which has resulted out to be highly economic and profitable.

Retail has changed the living ways in many aspects. Days have gone, when a customer used to go to different shops for buying products. The retail stores provide the products of daily life use under one roof only. Over the past few years with the advancements in technology, the customer and business relationship has been changed, retailing has also been advanced.

The physical store retail marketing has now taken a new shape which is known ‘e retailing’ (Amazon.com). Due to such advancements and competition in the market, the nature of the retail business has many fundamental changes.

 

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