Retail is a pretty simple business, but what adds complexity is the size and scale. We couldn’t do it without technology.
− Bob Nardelli (American businessman)
In today’s era, the places in the cities have become congested, infrastructure has changed, transport facilities have increased, and the speed of exchanging information has become extremely fast. Retailers are adopting new technology. Society is changing, consumers are changing and so are the retailers. Retailing has managed to keep itself paced with the changing times.
Changing Nature of Retailing
Retailers are changing their business formats, store designs, modes of communication with customers and ways of handling commercial dealings.
● Modern retailers are adapting new technology for marketing, retail operations, and business transactions.
● Forward-thinking retailers are using social media to communicate with the consumers.
● With the space crunch, modern retailers have learnt how to use every inch of the floor constructively.
● Apart from opening online retail store, the retailers take the help of Augmented Reality such as 3D mock-ups to let the customer try the products on themselves.
● Retailers are working progressively on delivery of orders that customers placed through online shopping.
● Retailers are bringing something new now and then to charm the customers. Those places where internet is still not accessible, retailers are exploiting the power of mobile phones to advertise their products.
Modern Retail Formats
Today, the Internet has changed the way products are advertised and the manner of selling-buying transactions.
Here are some modern innovations in retail −
● Modern retail businesses such as malls, specialty stores, and hypermarkets are using micro development and contemporary technology to increase customers’ shopping experience and in turn generate business revenue.
● Around the year 2000, online retail startups started changing the face of retail businesses around the world.
● Social media websites such as Facebook changed consumer behavior as well as made retailers sweat out to take the benefits and develop their brands.
● Modern e-commerce facilities enable faster transactions and allow purchase on a simple 30-day credit facility.
It is nothing but E-Retailing. It is the process of selling or purchasing the products using Internet for B2B or B2C transactions. E-tailing process includes the customer’s visit to the website, purchasing products by choosing a mode of payment, product delivery by the retailer and finally, the customer’s review or feedback.
● It does not require floor space to display products.
● It allows the customer having internet access to shop any time, any place
● It saves time of the customer otherwise spent travelling to a shopping place in the real world.
● It creates a platform for products from around the world, which are imported by the e-tailer when the customer places an order.