Retail | Wikipedia audio article
Retail. Is the process, of selling consumer, goods or services. To customers through. Multiple, channels of distribution to. Earn a profit. Retailers. Satisfied. Demand, identified. Through, a supply, chain the. Term. Retailer. Is, typically. Applied where a service, provider, fills, the small orders, of a large number of individuals. Who, are end-users. Rather than large orders, of a small number of wholesale, corporate. Or government clientele. Shopping. Generally, refers, to the act of buying products. Sometimes. This, is done to obtain final. Goods including. Necessities. Such as food and, clothing sometimes, it takes place as a recreational. Activity. Recreational. Shopping, often involves, window, shopping and browsing, it does not always result in, a purchase. Retail. Markets. And shops have. A very ancient, history, dating. Back to antiquity. Some. Of the earliest retailers. Were at inner and paddle, is over. The centuries, retail. Shops, were transformed. From little more than rude. Booths. To. The sophisticated. Shopping. Malls of the modern era. Most. Modern, retailers. Typically, make a variety, of strategic, level. Decisions, including. The type of store, the market, to be served the optimal, product assortment. Customer. Service, supporting. Services. And the stores overall, market, positioning. Once. The strategic. Retail, plan is in place. Retailers. Devise, the retail, mix which includes, product, price, place, promotion. Personnel. And presentation. In, the. Digital, age an increasing. Number of retailers. Are seeking to reach broader, markets. By selling, through multiple, channels, including. Both bricks, and mortar, and online retailing. Digital. Technologies. Are also changing. The way that consume, pay for goods and services. Retailing. Support. Services. May also include, the provision of credit delivery. Services. Advisory. Services. Stylists. Services. And a range of other supporting. Services. Retail. Shops. Occur, in a diverse, range of, types and in many different contexts. From strip shopping, centers, in residential. Streets. Through, to large indoor. Shopping malls shopping. Streets. May, restrict, traffic, to pedestrians only. Sometimes. A shopping, street has, a partial. Or full roof, to create a more comfortable shopping. Environment. Protecting. Customers, from various, types of weather conditions, such as extreme temperatures. Winds, or precipitation. Forms. Of non shop retailing, include. Online retailing, a type of electronic. Commerce used. For business-to-consumer. B2c. Transactions. And mail order. Topic. Etymology. Retail. Comes, from the old french, word ta, which. Means to. Cut off clip, pair, divide. In. Terms, of tailoring. 1365. It, was, first recorded as, a noun with the meaning, of a sale. In small, quantities. In. 1433. From. The middle french retail, piece. Cut, off shred. Scrap. Paring, as, in. The French the, word retail. In both Dutch and German also. Refers, to the sale of small, quantities of items. Topic. Definition. And explanation. Retail. Refers, to the activity. Of selling, goods or services. Directly. To consumers. Or end-users. Some. Retailers. May sell to business, customers and, such, sales, are termed non retail, activity, in. Some. Jurisdictions. Or regions, legal. Definitions. Of retail, specify. That at least 80% of, sales activity. Must be to end-users, retailing. Often, occurs in retail. Stores or, service. Establishments. But may also occur, through direct.
Selling Such as through vending, machines, door-to-door. Sales or, electronic. Channels. Although. The idea of retail, is often associated with, the purchase of goods the, term may be applied, to service, providers that sell, to consumers. Retail. Service. Providers. Include, retail, banking, tourism. Insurance. Private. Healthcare private. Education. Private. Security. Firms legal. Firms, publishers. Public, transport. And others. For. Example, a tourism, provider, might, have a retail, division, that books travel, and accommodation. For consumers. Plus a wholesale. Division that, purchases. Blocks of accommodation. Hospitality. Transport. And sightseeing, which are subsequently. Packaged, into a holiday, tour for sale to retail, travel, agents. Some. Retailers, badge their stores as. Wholesale. Outlets. Offering. Wholesale. Prices. While. This practice, may encourage, consumers. To imagine. That they have access to lower prices while. Being prepared, to trade off reduced, prices, for cramped, in-store environments. In a strict legal sense, a store, that sells, the majority, of its merchandise, direct. To consumers, is defined, as a retailer. Rather than a wholesaler. Different. Jurisdictions. Set parameters. For the ratio of consumer. To business, sale, that define, a retail, business. Topic. History. See, also history, of merchants. History, of the marketplace. History. Of marketing. Topic. Retailing. In, antiquity. Retail. Markets. Have existed, since ancient times. Archaeological. Evidence for trade, probably. Involving, barter, systems, dates, back more than 10,000. Years as. Civilizations. Grew, barter. Was replaced, with retailed, trade involving, coinage. Selling. And buying is, thought to have emerged in Asia Minor, modern Turkey. In around, the seventh millennium BCE. Gari. Pour points, to evidence, of primitive, shops and trade centres, in clck hills in cash in, 6000. BCE. Kotaku, yoke in modern-day Turkey. 7,500, to 5,000. 700. BCE, Jericho. 2600. BCE, and s USA. 4000. BCE. Open-air. Public. Markets, were known in ancient, Babylonia. Assyria. Finisher. And Egypt. These. Markets. Typically, occupied, a place in the town centre. Surrounding. The market, skilled. Artisans. Such, as metal workers, and leather workers, occupied. Permanent. Premises, in alleys that led to the open marketplace. These. Artisans, may, have sold wares directly. From their premises, but, also prepared. Goods for sale on market, days, in. Ancient Greece, markets. Operated. Within the Agora an open, space where on market, days goods, were displayed, on maps or temporary, stalls. In. Ancient Rome, trade. Took place in the forum, rome. Had, two forums, the Forum, Romanum and, Trajan's, forum the. Latter was, a vast expanse. Comprising. Multiple, buildings with shops on 4 levels. The. Roman, Forum was arguably, the earliest, example. Of a permanent, retail, shop front in. Antiquity. Exchange. Involved, direct, selling via, merchants. Or peddlers and bartering. Systems, were common, place the phoenicians, noted, for their seafaring, skills plied. Their ships across the Mediterranean. Becoming, a major trading, power by the 9th century, BCE. The. Phoenicians. Imported. And exported word. Textiles. Glass and produced, such as wine oil dried. Fruit, and nuts, their. Trading, skills, necessitated. A network, of colonies, along the Mediterranean. Coast, stretching. From modern day creeps, through to Tangiers, and on to Sardinia, the Phoenicians. Not only, traded, intangible. Goods but, were also instrumental, in, transporting. Culture. The. Phoenicians. Extensive. Trade networks. Necessitated. Considerable. Bookkeeping, and correspondence. In around. 1500. BCE. The Phoenicians, developed, a consonantal. Alphabet, which was much easier to learn that the complex, scripts. Used in ancient Egypt. And Mesopotamia. Phoenician. Traders, and merchants. Were largely responsible for. Spreading their alphabet, around, the region. Phoenician. Inscriptions. Have been found in, archaeological. Sites at a number of former, Phoenician, cities, and colonies, around the Mediterranean. Such, as byblos in present, day Lebanon, and Carthage, in North Africa, in. The, greco-roman, world, the, market, primarily served. The local, peasantry. Local. Producers. Who, were generally poor, would sell small, surpluses. From their individual. Farming, activities. Purchase. Minor farm, equipment and, also buy a few, luxuries for, their homes. Major. Producers. Such as the great estates, were sufficiently. Attractive, for merchants, to call directly, at the farm gates, obviating. The producers, need to attend local markets. The. Very wealthy, landowners. Managed, their own distribution, which. May have involved exporting. And importing. The. Nature, of export. Markets, in antiquity. Is well documented in, ancient, sources, and archaeological. Case studies. The. Romans, preferred, to purchase, goods from specific. Places, hoisters. From Londinium, cinnamon.
From A specific mountain. In arabia and these place-based. Preferences. Stimulated. Trade throughout, Europe, and the Middle East. Markets. Were also, important. Centers, of social, life the, rise of retailing, and marketing, in England, and Europe has been extensively. Studied but. Less is known about developments. Elsewhere. Nevertheless. Recent. Research suggests, that, China exhibited. A rich history, of early retail. Systems. From. As early as 200. BC, Chinese. Packaging. And branding, was used to signal, family, place-names. And product, quality and, the use of government-imposed, product. Branding, was used between, 600. And 900 CE. Eckhart. And Bengtson, have argued, that during, the Song Dynasty 9. 601, 1 to 7, Chinese. Society, developed. A consumerist. Culture where. A high level of consumption. Was attainable, for a wide variety of ordinary, consumers. Rather than just the elite the, rise, of a consumer. Culture led, to the commercial, investment. In carefully, managed, company, image retail. Signage. Symbolic. Brands, trademark. Protection, and sophisticated. Brand, concepts. Topic. Retailing. In, medieval. Europe. In medieval. England and, Europe, relatively. Few permanent shops. Were to be found, instead, customers. Walked into, the tradesmen's, workshops, where they discussed, purchasing. Options directly. With tradesmen. In. 13th. Century London. Merces, and Hubbard ashes, were known to exist and, grocers, sold. Miscellaneous. Small, wares, as well as spices. And medicines. But. Fish and other perishables. Were sold through markets. Costermongers. Hucksters. Peddlers. Or other type of a dinner and vendor, in the more populous cities. A small, number of shops were beginning, to emerge by the 13th, century. In. Chester. A medieval. Covered, shopping, arcade, represented. A major innovation, that, attracted, shoppers, from many miles around. Known. As the. Rose, this. Medieval, shopping. Arcade, is believed to be the first of its kind in Europe. Fragments. Of Chester's, medieval, row which, is believed to date to the mid 13th, century. Can, still be found in Cheshire in, the. 13th, or 14th, century. Another, arcade, with several, shops was recorded, at drapery, row in Winchester. The. Emergence, of street, names such, as drapery. Row versus. Lane and ironmonger Lane in the medieval, period suggests. That permanent, shops were becoming more commonplace. Medieval. Shops, had little in common with their modern equivalent, as late. As the, 16th, century. London's, shops, were described, as little more than rude. Booths, and, their. Owners, bald, as loudly as, the attendants. Shop. Fronts, typically, had a front, door with two wider, openings. On either side, each, covered, with shutters, the. Shutters. Were designed, to open so, that the top portion formed, a canopy, while the bottom was fitted with legs, so that it could serve as a shop board. Cox. And Donal suggests. That the medieval, shoppers, experience. Was very different. Glazed. Windows. Which, were rare during, the medieval, period and, did not become commonplace, until. The 18th, century. Meant that shop interiors. Were dark places. Outside. The, markets.
Goods, Were rarely out on display and the service, counter was unknown. Shoppers. Had relatively. Few opportunities. To inspect, the merchandise prior. To consumption. Many. Stores, had openings, onto the street from which they served customers. Outside, the major cities, most, consumable. Purchases. Were made through, markets, or fairs markets. Were. Held daily in the more populous, towns, and cities or, weekly, in the more sparsely, populated rural. Districts. Market. Sold, fresh, produce fruit. Vegetables. Baked, goods meat, poultry, fish, and, some ready-to-eat, food, staffs, while fairs operated. On a periodic. Cycle, and were almost always associated. With a religious, festival. Fairs. Sold. Non-perishables. Such as farm tools home, wares, furniture. Rugs, and ceramics. Market. Towns dotted, the medieval, European. Landscape, while, a tenner and vendors, supplied, less populated. Areas, or hard-to-reach. Districts. Peddlers. And other a tenner intenders. Operated, alongside other, types of retail, for centuries. The. Political. Philosopher. John, Stuart Mill compared. The convenience. Of markets, fares to that of the attiny and peddlers. The. Contrivance. Of, fairs and markets was. Early, had recourse, to where. Consumers. And producers might. Periodically, meet, without, any intermediate. Agency. And this plan answers. Tolerably. Well for many articles, especially. Agricultural. Produce but. Were inconvenient. To buyers who, have other, occupations. And do not live in the immediate, vicinity and. The wants of their consumers. Must either be provided for, so long beforehand. Or must remain, so, long unsupplied. That, even, before the resources. Of society. Admitted, of the establishment. Of shops the, supply, of these wants, fell universally. Into the hands, of a tin ER and dealers, the, peddler, who might appear, once a month being, preferred, to the fair which, only returned, once, or twice a year. Plinth. F has investigated. The early medieval networks. Of market, towns across, Europe, and suggests. That by the 12th, century there. Was an upsurge, in the number of market, towns and, the emergence, of merchant, circuits, as traders bulked, up surpluses. From smaller, regional, different, day markets, and resold, them at the larger, centralized, market, towns. Marketplaces. Appear, to have emerged, independently. Outside Europe. The. Grand Bazaar in, Istanbul, is often cited as the world's, oldest, continuously. Operating. Markets, its construction. Began in, 1455. The. Spanish, conquest, adores, rote glowingly, of markets, in the Americas, in, the 15th, century the. Mexica, aztec, market, of Tlatelolco was. The largest in all the americas english market towns were regulated. From a relative, the early period. The. English monix, awarded, a charter, to local, Lords, to create markets. And fairs for, a town or village. This. Charter, would grant the Lords the right to take tolls, and also afford, some protection. From rival, markets. For. Example once. A charted, market, was granted, for specific, market, days a nearby rival. Market, could not open on the same days. Across. The boroughs of England, a network, of charted, markets, sprang up between the 12th and 16th centuries. Giving, consumers, reasonable. Choice in the markets, they preferred, to patronize, a. Study. On the purchasing. Habits of, the monks, and other individuals. In medieval, England, suggests. That consumers. Of the period, were relatively, discerning. Purchase. Decisions. Were based on purchase, criteria. Such as consumers. Perceptions. Of the range quality. And price, of goods. This. Informed, decisions, about where to make their purchases. And which markets, were superior. Today. Traders. And showman, jealously, guard the reputation. Of these historic. Market, charters. Broadened. Reynold have made a systematic. Study of these European, market. Towns between, the 13th, and 15th century. Their. Investigation. Shows that in regional, districts. Markets, were held once or twice a week while. Daily, markets, were common in larger, cities. Gradually. Over time permanent. Shops with regular, trading days began, to supplant the periodic.
Markets, While, peddlers, filled in the gaps in distribution. The. Physical, market was characterized. By, transactional. Exchange, and the economy, was characterized. By local. Trading. Broad. All reports. That in, 1600. Goods travelled, relatively. Short distances. Grain, five to ten miles cattle. 40 to seventy miles wool, and woolen cloth 20 to 40 miles. Following. The European Age, of Discovery goods. Were imported, from afar, calico. Cloth from India porcelain. Silk, and tea from China, spices. From India, and Southeast, Asia and tobacco sugar. Rum, and coffee from the new world. English. Essayist. Joseph, Addison, writing. In 1711. Described. The exotic, origin, of produce available, to, English society in, the following terms. Our. Ships. Are laden with the harvest, of every climate, our tables. Are stored with spices, and, oils, and wines, our rooms, are filled with pyramids. Of China and adorned. With the workmanship. Of Japan, our morning's. Draught comes, to us from the remotest corners. Of the earth we, repair, our bodies, by the drugs of America, and repose, ourselves. Under Indian canopies. My. Friend, Sir Andrew, calls, the vineyards, of France our. Gardens the, Spice Islands. Are hotbeds the. Persians, are silk weavers and the Chinese, are Potter's. Nature. Indeed, furnishes. Us with the bare necessaries of, life but. Traffic gives, us greater variety of, what is useful and at the same time, supplies. Us with everything that, is convenient. And ornamental. Lucca, Clara CAI has made a detailed, study, of the senses, food market, during, the 16th, century. He. Found that there were many different, types of reseller, operating. Out of the markets. For. Example, in the dairy trade, cheese, and butter was sold by the members, of two craft guilds ie, cheese, mongers, who were shopkeepers. And that of the so called resellers. Hucksters. Selling a wide range, of foodstuffs. And by other sellers who, were not enrolled in any guild. Cheesemongers. Shops were situated. At the town hall and were very lucrative. Resellers. And direct, sellers, increased, the number of sellers thus, increasing. Competition to. The benefit, of consumers. Direct. Sellers, who, brought produce, from the surrounding, countryside, sold. Their wares through, the central, marketplace, and, priced their goods at considerably. Lower rates than cheese mongers. Topic. Retailing. In the 17th. 18th, and 19th, centuries. By, the 17th. Century, permanent. Shops with more regular, trading hours, were beginning, to supplant, markets. And fairs as the main retail, outlets. Provincial. Shopkeepers. Were active, in almost every, English market, town, these, shopkeepers. Sold general, merchandise much. Like a contemporary. Convenience. Store, or a general, store, for. Example, William, Allen a Mercer, in Tamworth who, died in, 1604. Sold, spices. Alongside furs. And fabrics. William. Stout of Lancaster.
Retailed, Sugar, tobacco, nails. And, prunes at both his shop and at the central, markets. His. Autobiography. Reveals, that he spent most of his time preparing, products. For sale at the central market which. Brought an influx of customers, into town as the number of shops grew, they underwent a transformation. The. Trappings, of a modern shop which, had been entirely, absent. From the sixteenth, and early seventeenth century. Store. Gradually. Made way for store, interiors. And shop fronts, that are more familiar to modern shoppers. Prior. To the 18th century the, typical, retail, store, had no counter, display cases, chairs. Mirrors. Changing. Rooms etc. However. The. Opportunity. For the customer, to browse merchandise. Touch, and feel products. Began to be available with, retail, innovations. From the late 17th. And early 18th, centuries. Glazing. Was widely, used from the early 18th, century. English. Commentators. Pointed. To the speed at which glazing. Was installed, Daniel, Defoe, writing. In, 1726. Noted. That never. Was there such painting. And gilding, 'he's such, sashings. And looking-glasses as, the shopkeepers. As there is now. Outside. The major metropolitan. Cities. Few, stores could afford to serve one type of clientele. Exclusively. However. Gradually, retail. Shops, introduced. Innovations. That would allow them to separate, wealthier, customers from, their riffraff. One. Technique, was to have a window, opening, out onto, the street from which customers. Could be served. This. Allowed the sale of goods to the common people without, encouraging. Them to come inside. Another. Solution, that, came into vogue from the late 16th, century was, to invite favored, customers, into a back room of the store where, goods were permanently. On display. Yet. Another technique, that emerged, around the same time was to hold a showcase, of goods, in the shopkeepers. Private, home for the benefit, of wealthier. Clients. Samuel. Peeps for example, writing, in, 1660. Describes. Being, invited to the home of a retailer, to view a wooden, Jack, the. 18th, century. English, entrepreneurs. Josiah. Wedgwood and, Matthew, Boulton both, staged, expansive. Showcases. Of their wares in their private, residences. Or in rented, halls savat, has argued, that by the 18th, century, American. Merchants, who, had been operating. As importers, and exporters, began. To specialize in either wholesale. Or retail roles. They. Tended, not to specialize. In particular, types, of merchandise, often. Trading, as general, merchants, selling. A diverse, range of, product, types. These. Merchants. Were concentrated. In the larger, cities they. Often provided, high levels, of credit, financing. For retail, transactions. By. The late 18th, century grand, shopping, arcades, began, to emerge across Europe, and in the Antipodes, a. Shopping. Arcade refers. To a multiple, vendor, space operating. Under a covered roof. Typically. The, roof was constructed. Of glass to allow for, natural light, and to reduce the need for candles. Or electric, lighting. Some. Of the earliest examples of. Shopping, arcade, appeared, in Paris, to its lack of pavement. For pedestrians. Retailers. Eager, to attract, window, shoppers, by providing, a shopping, environment away. From the filthy, streets began, to construct, rudimentary. Arcades. Opening. In, 1771. The cola CA, situated. On the Sean's Alizee consisted. Of three arcades, each with ten shops all running, off a central. Ballroom. For. Parisians the, location. Was seen as too remote, and the arcade, closed, within two years of opening. Inspired. By the Suk's of arabia the Galerie des bois a, series, of wooden shops, linked, the ends of the Palais Royal opened. In, 1786. And became a central, part of Parisian, social, life, the architect, Bertrand. Lam Wan described. The period. 1786. To, 1935. As, larae des passages. Covitz, the arcade, era in. The, european, capitals, shopping. Arcades. Spread across the continent. Reaching. Their heyday in the early, 19th, century, the Palais Royal in Paris, opened in. 1784. Passage. Des fado in Paris, opened in, 1791. And, passage, du Clare in, 1799. London's. Piccadilly. Arcade, opened. In 1810. Paris's. Passage, Kolbert. 1826. And Milan's, galleria. Vittorio emanuelle. 1878. Designed. To attract the genteel, middle-class, arcade. Retailers. Sold luxury, goods at relatively, high prices.
However. Prices. Were never a deterrent. As these new arcades, came, to be the place to shop and to be seen. Arcades, offered, shoppers, the promise, of an enclosed, space away, from the chaos that characterized. The noisy, dirty streets, a warm, dry, space, away from the elements. And a safe haven where, people, could socialize, and spend their leisure time as. Thousands. Of glass covered, arcades, spread, across Europe they, became grander. And more ornately, decorated. By. The mid 19th. Century they. Had become, prominent centres, of fashion, and social, life. Promenade. In these arcades, became, a popular nineteenth-century. Pastime. For the emerging, middle classes. The, Illustrated guide. To Paris, of 1852. Summarized. The appeal of arcades, in the following description. In. Speaking. Of the inner boulevards. We have made mention again, and again of the arcades, which open, on to them, these. Arcades. A recent. Invention, of industrial. Luxury, a glass, roof, marble. Paneled, corridors. Extending. Through whole blocks, of buildings whose. Owners, have joined together for, such enterprises. Lining. Both sides, of these corridors, which. Get their light from above are, the most elegant, shops, so, that the arcade, is a city a world, in miniature in, which customers will, find everything, they need. The. Palais Royal, which, opened, to Parisians. In, 1784. And became one of the most important. Marketplaces, in Paris is generally. Regarded, as the earliest example. In the grand shopping, arcades. The. Palais Royal, was, a complex, of gardens, shops, and entertainment, venues, situated. On the external. Perimeter of the grounds, under the original colonnades. The. Area, boasted, some. 145. Boutiques. Cafés. Salons. Hair, salons. Book shops museums. And numerous. Refresh, and kiosks, as well as to theaters. The. Retail, outlet, specialized. In luxury, goods such as fine jewelry. Furs, paintings, and, furniture designed. To appeal to the wealthy, elite. Retailers. Operating. Out of the Palais complex. Were among the first in Europe, to abandon the system, of bartering, and adopt, fixed, prices, thereby spurring, the clientele, the hassle, of bartering. Stores. Were fitted, with long, glass exterior, windows. Which allowed the emerging, middle classes. To window-shop and, indulge in fantasies. Even, when they may not have been able to afford the high retail, prices. Thus. The, Palais Royal became, one of the first examples of, a new style of shopping arcade, frequented. By both the aristocracy. And the middle classes. It.
Developed. A reputation. As being a, site of sophisticated. Conversation. Revolving. Around the, salons, cafes. And book shops but, also became a place frequented. By off-duty soldiers. And was a favorite, haunt of prostitutes. Many, of whom rented, apartments. In the building. London's. Burlington. Arcade which. Opened, in 1819. Positioned. Itself, as an elegant and exclusive. Venue from the outset. Other. Notable. Nineteenth-century. Grand. Arcades, include. The galleries Royales st. Hubert, in Brussels, which was inaugurated, in. 1847. Istanbul's. Sit check passage, II opened, in, 1870. And Milan's galleria, vittorio, emanuele. Ii. First opened, in, 1877. Shopping. Arcades, with, a precursor, to the modern shopping, mall. While. The arcades, were the province, of the bourgeoisie, a new type of retail, venture, emerged to serve the needs of the working poor. John. Stuart, Mill wrote, about the rise of the co-operative retail. Store, which, he witnessed, firsthand, in, the mid 19th, century. Stuart. Mill locates. These cooperative. Stores, within a broader cooperative. Movement, which was prominent, in the industrial. City of Manchester. And in the counties, of Yorkshire, and Lancashire. He. Documents, one of the early, co-operative, retail, stores, in Rochdale in, Manchester. England in. 1853. The store, purchased. For. 745, pounds. A warehouse. Freehold. On the opposite, side of the street where. They keep and retail, their stores of flour butchers. Meat, potatoes. And kindred. Articles. Stewart. Mill also, quoted, a contemporary. Commentator. Who, wrote of the benefits, of the co-operative store. Buyer. And seller meat as friends, there is no overreaching, on, one side and no suspicion, on the other. These. Crowds, of humble, working, men who, never knew before when they put good food in their mouths whose, every, dinner was adulterated, whose, shoes let in the water a month too soon whose, waistcoats. Shone with Devils dust and whose wives wore, calico. That would not wash now, buy in the markets, like millionaires. And as far as pureness, of food goes live, like Lords. You. Topic. Retailing. In the modern era. The, modern era of retailing, is defined, as the period from the Industrial. Revolution to. The 21st. Century, in. Major. Cities, the department. Store emerged, in the mid to late 19th. Century and, permanently. Reshaped. Shopping, habits, and redefined. Concepts. Of service, and luxury. The. Term. Department. Store. Originated. In America. In 19th. Century, England, these stores, were known as Emporia. Or warehouse, shops. In. London, the, first department. Stores, appeared, in Oxford, Street and Regent, Street where, they formed, part of a distinctly, modern shopping, precinct. When. London Draper. William, Whitely attempted, to transform, his Bayswater, drapery, store, into, a department, store by, adding a meat and vegetable, department and an oriental. Department, in around, 1875. He, met with extreme, resistance from, other shopkeepers. Who resented, that he was encroaching, on their territory and, poaching, their customers. Before. Long however, major. Department. Stores, began, to open across, the u.s. Britain, and Europe from, the mid 19th, century including. Harrods. Of London, in 1834. Kendal's, in Manchester. In, 1836. Selfridges. Of London, in 1909. Macy's. Of New York in 1858. Bloomingdale's. In, 1861. Saks. In, 1867. JC, Penney, in 1902. Lebon, marche, of France in, 1852. And galleries, Lafayette, of France in, 1905. Other. Twentieth-century. Innovations. In retailing, included. Chain stores, mail-order. Multi-level. Marketing. Pyramid, selling or network, marketing see.
1920s. Party, plans see. 1930s. And b2c, e-commerce, many. Of the early department. Stores were more than just a retail Emporium, rather they were venues, where shoppers, could spend their leisure time and, be entertained. Some. Department. Stores offered. Reading rooms art galleries, and concerts. Most, department. Stores had. Tea rooms or dining, rooms and offered treatment areas. Where ladies, could indulge in a manicure. The. Fashion, show which, originated. In the u.s. in around. 1907. Became, a staple, feature, event, for many department. Stores and, celebrity. Appearances. Were also, used to great effect. Themed. Events, featured, wares from foreign, shores, exposing. Shoppers, to the exotic cultures. Of the Orient, and Middle East. During. This period. Retailers. Worked to develop modern, retail, marketing. Practices. Pioneering. Merchants. Who contributed. To modern retail, marketing. And management methods. Include, 80 Stewart. Potter, Palmer John, Wanamaker. Montgomery. Ward Marshall. Field's Richard. Warren Sears Rowland. Macy JC. Penney. Fred, Lazarus, Brothers, Edward and William, Filene, and Sam Walton, retail. Using. Mail order, came of age during the, mid 19th, century. Although. Catalog. Sales had, been used since the 15th, century this, method, of retailing, was confined, to a few industries, such as the sale of books and seeds. However. Improvements. In transport. And postal, services. Led, several, entrepreneurs on. Either side, of the Atlantic to, experiment. With catalog, sales. In. 1861. Welsh, Draper, Pryce Price Jones, sent catalogues, to clients, who could place orders, for flannel clothing, which was then dispatched, by post. This. Enabled, price Jones, to extend, his client, base across, Europe, a decade. Later the, u.s. retailer. Montgomery. Ward also, devised, a cat log sales and mail order system. His. First catalog. Which was issued in August. 1872. Consisted. Of an 8 in x 12, in 20, centimeters. X 30, centimeters. Single. Sheet price list listing. 163. Items, for sale with, ordering instructions. For which Ward had written the copy. He. Also devised. The catch phrase. Satisfaction. Guaranteed. Or your money back. Which. Was implemented, in. 1875. By. The 1890s. Sears. & Roebuck were, also, using mail order, with great success. Edward, Filene. A proponent, of the scientific. Approach to retail. Management, developed. The concept, of the automatic. Bargain-basement. Although. Files basement. Was not the first bargain-basement, in. The US the principles. Of automatic. Markdowns, generated.
Excitement, And, proved very profitable. Under. File plan, merchandise. Had to be sold within 30 days or, it was marked down after. A further 12, days the merchandise, was further reduced by, 25%. And if still unsold, after, another 18, days a further markdown. Of 25%, was, applied, if. The merchandise. Remained, unsold, after, 2 months, it was given to charity. Filene. Was a pioneer. In employee, relations. He. Instituted. A profit, sharing program a, minimum, wage for women. A 40-hour. Workweek health. Clinics, and paid vacations. He. Also played, an important. Role in encouraging the. Filene, Cooperative. Association. Perhaps. The, earliest, American. Company, Union. Through. This channel he, engaged, constructively. With his employees, in collective. Bargaining and arbitration, processes. In the post-war, period an, American, architect, Victor. Gruen developed, a concept, for a shopping mall a planned self-contained. Shopping, complex, complete, with an indoor plaza, statues. Planting. Schemes, piped, music, and car parking. Ruins, vision, was to create a shopping, atmosphere. Where people felt. So comfortable, they would spend more time in the environment. Thereby, enhancing. Opportunities, for purchasing. The. First of these malls opened. At northland mall near detroit in, 1954. He. Went on to design some 50 such malls, due. To the success, of the mall concept. Gruen, was described, as the most, influential. Architect. Of the 20th, century, by a journalist. In The New Yorker. Throughout. The 20th, century a, trend, towards, larger, store footprints. Became, discernible. The. Average, size of a US supermarket. Grew from. 31,000, square feet. 2,900. Square meters, square. Feet in, 1991. To. 44,000. Square feet. 4,100. Square metres, square. Feet in 2000. In. 1963. Kara, 4 opened, the first hypermarket, in st. Genevieve de bois near, Paris, France. By. The end of the 20th, century, stores, were using, labels such, as mega. Stores, and. Warehouse. Stores. To reflect, their growing size in. Australia. For, example the. Popular, hardware, chain, Bunnings, has shifted from smaller, home. Centers. Retail. Floor space, under, 5,000. Square meters. 54,000. Square feet, to warehouse. Stores. Retail, floor, space, between. 5,000. Square meters. 54,000. Square feet and. 21,000. Square meters. 230,000. Square feet, in order to accommodate a wider, range of goods and in response, to population. Growth and, changing, consumer, preferences. The. Upward trend of, increasing, retail. Space, was not consistent, across, nations and, led in the early 21st. Century to. A two-fold, difference in square, footage per capita, between the United, States and Europe, as the 21st. Century takes. Shape, some, indications. Suggests, that large retail, stores, have come under increasing, pressure from, online sales, models, and that reductions, in store size are evident. Under. Such competition. And other issues such, as business, debt there, has been a noted, business, disruption, called. The retail, apocalypse. In recent, years which several, retail, businesses. Especially in, North America. Are sharply, reducing. Their number of stores or going, out of business entirely. Topic. Retail. Strategy. The, distinction, between. Strategic. And. Managerial. Decision-making. Is. Commonly, used to, distinguish. Two. Phases, having. Different, goals and based on different, conceptual. Tools. Strategic. Planning concerns. The choice of policies. Aiming, at improving the, competitive. Position, of the firm taking. Account of challenges. And opportunities. Proposed. By the competitive. Environment on. The. Other hand. Managerial. Decision-making, is. Focused, on the implementation of. Specific. Targets. In. Retailing. The strategic. Plan is designed to set out the vision and provide guidance for, retail, decision, makers, and provide an outline, of how the product and service, mix will optimize customer. Satisfaction. As, part. Of the strategic planning, process it. Is customary, for strategic.
Planners, To carry out a detailed. Environmental. Scan which seeks to identify trends. And opportunities, in the competitive. Environment, market. Environment. Economic. Environment. And statutory. Political, environment. The. Retail, strategy, is, normally, devised, or reviewed, every three to, five years by, the chief, executive. Officer. The. Strategic. Retail, analysis. Typically, includes, following elements. Asterisk. Market, analysis. Market. Size stage. Of market, market. Competitiveness. Market. Attractiveness. Market. Trends, asterisk, customer, analysis. Market. Segmentation. Demographic. Geographic and. Psychographic, profile. Values, and attitudes, shopping. Habits, brand, preferences. Analysis. Of needs and wants media, habits, asterisk. Internal. Analysis. Other. Capabilities. Eg. Human, resource, capability. Technological. Capability. Financial. Capability. Ability. To generate, scale, economies. Or economies, of scope, trade, relations. Reputation. Positioning. Past performance. Asterisk. Competition. Analysis. Availability. Of substitutes. Competitors. Strengths. And weaknesses. Perceptual. Mapping, competitive. Trends, asterisk, review of product, mix. Sales. Per square foot stock, turnover rates, profitability. Per, product line asterisk. Review, of distribution. Channels. Led. Times, between, placing. Order and delivery, cost, of distribution, cost efficiency. Of intermediaries. Asterisk. Evaluation. Of the economics. Of the strategy. Cost-benefit. Analysis of. Planned activities. At the conclusion. Of the retail, analysis. The, retail, marketers. Should have a clear idea of, which groups, of customers are to be the target of marketing, activities. Retail. Research, studies, suggests. That there is a strong, relationship. Between a, store's, positioning. And the socioeconomic, status, of, customers. In. Addition the, retail, strategy. Including. Service, quality, has, a significant. And positive, association. With customer. Loyalty a. Marketing. Strategy. Effectively outlines. All key aspects, of firms targeted. Audience. Demographics. Preferences. In. A, highly, competitive, market. The, retail strategy, sets, up long term sustainability. It. Focuses. On customer, relationships. Stressing. The importance, of added value customer.
Satisfaction. And highlights, how the store's, market, positioning, appeals, to targeted, groups of customers. Topic. The, retail, marketing. Mix. See, also product. Management. Promotion. Mix marketing. Mix price, service. Escapes, and retail, design in. The. 1980s. The customary, sales, concept. In the retail, industry, gradually. Showed many, disadvantages. Many, transactions. Cost too much the, enterprise, cannot, retain customers, only, pay attention, to the process of a single, transaction, do not pay attention, to the marketing, of customer, development and. Maintenance which. Leads to each transaction, need, to spend marketing costs. To develop, new customers. But cannot retain, customers, the, traditional. Marketing, theory, holds that the marketing, process, is a one-time, value, exchange process. With the transaction, as the means and exchange, of goods needed by both parties, as the ultimate purpose this, view holds, that when the transaction. Is completed, the, relationship. Between the two parties, will also, end so, it is called. Transactive. Oriented. Marketing. Concept. Which. Realizes, the transaction. Of products. Or services, between the two parties, through, the identification. Of target, clients. This transaction. Oriented. Marketing. Concept, generally, follows, the development process, of finding target. Consumers. Negotiating. Trading. And ending relationships to. Complete, the transaction. This traditional. Transaction. Process, is a one-time, transaction, in, which both parties, aim to maximize their own interests. This kind, of transactional. Marketing concept. Will bring about follow-up, problems. Such as poor after sales service, quality, and lack of feedback channels. For both parties, in addition, because it needs to redevelop. Client, relationship. For each transaction, it, causes, a high total, transaction. Cost which, promotes, the gradual, development of. The concept of establishing. Long term cooperative. Relationship. With customers that. Is to say enterprises. Begin to pay attention to establishing. Long-term, good relations, with clients. And focus, on the core from transaction. To relationship. Although. For, retail, enterprises. Expand. The sales market. And attract, new customers is, very important. But also should, pay attention to. Retail, enterprises. To establish, and maintain long, term good relationship. With old customer. Is also, very important. Relationship.
Marketing. In order to improve the relationship with. The customers, as the core which, is beneficial, to, enterprises, in the current, competitive. Retail market. For the competitiveness. Of the study also is, retail, Enterprise, Development, direction. In the future. Once. The strategic. Plan is in place retail. Managers. Turn to the more managerial. Aspects, of planning a. Retail. Mix is devised, for the purpose, of coordinating. Day-to-day. Tactical. Decisions. The. Retail, marketing. Mix typically. Consists. Of six broad decision. Layers including. Product, decisions, place. Decisions. Promotion. Price, personnel. And presentation. Also, known as physical evidence. The. Retail, mix is loosely, based on the marketing. Mix but, has been expanded. And modified, in line with the unique needs of the retail, context. A number. Of scholars, have argued for, an expanded. Marketing. Mix, with the inclusion, of two new P's namely. Personnel. And presentations. Since these contribute. To the customers, unique, retail, experience. And are the principal, basis, for retail. Differentiation. Yet. Other scholars, argue, that the retail, format, ie, retail. Formula. Should be included. The. Modified, retail. Marketing. Mix that is most commonly, cited, in textbooks, is, often called the six Peter seconds. Of retailing, see, diagram, upright. You. Topic. Product. See. Product, management. The. Primary, product, related decisions. Facing the retailer, of the product, assortment what. Product, lines, how, many lines and, which brands, to carry the, type of customer. Service, hi contact, through, to self-service. And the availability, of support, services eg. Credit. Terms delivery. Services. After sales, care. These. Decisions. Depend, on careful, analysis of, the market demand. Competition. As well as the retailer's, skills and expertise. You. Topic. Product. Assortment. The, term product, assortment, refers. To the combination of, both product, breadth and depth. The. Main, characteristics. Of a company's, product, assortment are. 1, the length or number, of products. Lines. The number of different, products, carried, by a store. To. The brett's. Refers. To the variety, of product, lines that a store offers, it. Is also known, as product, assortment width, merchandise. Breath and product, line widths. Three. Depth, or number, of product, varieties. Within, a product line. The. Number of each item or particular Styles, carried, by a store. For. Consistency. How. Products, relate, to each other in a retail, environment for. A retailer. Finding, the right balance between breadth. And depth can be a key to success. An. Average, supermarket, might. Carry, 30,000. To 60,000. Different product, lines product. Length or assortment, but might carry up to 100. Different types of toothpaste, product, depth. Speciality. Retailers. Typically. Carry fewer, product, lines. Perhaps, as few as 20, lines but will normally, stock greater depth. Costco. For example, carries. 5,000, different lines, while, Aldi, carries, just. 1,400. Lines per store. Large. Assortment offer, consumers, many, benefits. Notably. Increased, choice and the possibility. That the consumer. Will be able to locate, the ideal, product. However. For. The retailer, larger. Assortment, incur, costs, in terms of record-keeping. Managing. Inventory, pricing. And risks associated with, wastage. Due to spoiled, shop horn or unsold, stock. Carrying. More stock also exposes. The retailer, to higher risks, in terms of, slow moving stock, and lower sales per, square foot of store, space on, the. Other hand, reducing. The number of product, lines can, generate, cost, savings, through increased, stock, turnover, by eliminating, slow-moving. Lines. Fewer stock-outs. Increased, bargaining. Power with suppliers, reduced. Costs, associated. With wastage. And carrying, inventory and, higher sales, per, square foot which, means more efficient, space utilization. When. Determining, the number of product, lines to carry the, retailer, must consider, the store type stores.
Physical, Storage, capacity. The perishability of items, expected. Turnover. Rates for each line and the customers, needs and expectations. Topic. Customer. Service, and supporting. Services. Customer. Service is, their sum, of acts and elements. That allow consumers to, receive. What they need or desire, from, the retail. Establishment. Retailers. Must decide, whether to provide a full service, outlet, or minimal, service, outlet, such as no service, in the case of vending, machines. Self-service. With only basic, sales assistance. Or a full-service, operation, as, in many boutiques, and speciality. Stores. In. Addition. The retailer, needs to make decisions, about sales, support, such as customer, delivery, and after sales customer. Care. Retailing. Services. May also include, the provision of credit delivery. Services. Advisory. Services. Exchange. Returns services. Product. Demonstration. Special. Orders, customer. Loyalty programs. Limited. Scale trial, advisory. Services. And a range of other supporting. Services. Retail. Stores, often, seek to differentiate. Along customer. Service, lines, for. Example some. Department. Stores offer, the services, of a stylist, a fashion, advisor to, assist customers, selecting. A fashionable, wardrobe. For the forthcoming season. While, smaller, boutiques, may allow regular, customers. To take Goods home on approval, enabling. The customer, to try out goods before making, the final purchase. The. Variety. Of supporting. Services. Offered, is known as the service, type at. One. End of the spectrum self. Service, operators. Offer few, basic, support, services. At. The other end of the spectrum, full-service. Operators. Offer a broad range of highly personalized. Customer. Services, to augment the retail, experience, when. Making decisions about, customer. Service the, retailer, must balance the customers. Desire, for full service against. The customers, willingness to pay for the cost of delivering support. Services. Self-service. Is a very, cost-efficient. Way of delivering, services, since the retailer, harnesses, the customers, labor power to carry out many of the retail, tasks. However. Many. Customers. Appreciate. Full service, and are willing to pay a premium, for the benefits, of full service, a sales, assistant role, typically, includes, greeting, customers, providing. Product, and service, related information. Providing. Advice about products. Available from, current, stock answering. Customer, questions. Finalizing. Customer, transactions. And if necessary, providing. Follow-up, service, necessary. To ensure, customer, satisfaction. For. Retail, store, owners, it is extremely.
Important. To train personnel with. The requisite, skills necessary. To, deliver excellent. Customer service. Such. Skills, may, include product, knowledge, inventory. Management, handling. Cash and credit transactions. Handling. Product, exchange, and returns, dealing. With difficult, customers, and of course a detailed, knowledge of store policies. The. Provision, of excellent, customer service, creates. More opportunities. To build enduring. Customer, relationships. With the potential. To turn customers into. Sources, of referral, or retail, advocates. In, the, long term excellent. Customer service, provides. Businesses. With an ongoing, reputation. And may lead to a competitive. Advantage. Customer. Service, is essential, for several. Reasons. Firstly. Customer. Service, contributes. To the customers, overall, retail. Experience. Secondly. Evidence. Suggests. That a retail. Organization. Which trains, its employees. In appropriate. Customer service. Benefits. More than those who do not. Customer. Service, training entails. Instructing. Personnel. In the methods, of servicing, the customer, that will benefit, core operations, and businesses. It. Is important. To establish a, bond, amongst, customers, employees known. As customer, relationship. Management. Topic. Types, of, customer. Service. There, are several ways the retailer, can deliver services. To consumers. Counter. Service where, goods are out of reach of buyers, and must be obtained, from the seller, this. Type of retail, is common, for small expensive. Items, eg, jewelry. And controlled, items like medicine, and liquor. Click. And commute, where products, are ordered online and, a picked up via drive-thru. Ship. To store where, products, are ordered online and can be picked up at the retailers, main store. Delivery. Where, goods are shipped directly, to consumers, homes or workplaces. Mail. Order, from a printed, catalog, was invented, in. 1744. And was common, in the late 19th. And early 20th, centuries. Ordering. By telephone. Was common, in the 20th, century either. From a catalog, newspaper. Television. Advertisement. Or a local, restaurant menu. For immediate, service especially. For, pizza, delivery, remaining. In common, use for food, orders. Internet. Shopping, a form, of delivery has, eclipsed phone, ordering, and in several, sectors such. As books and music all other forms, of buying. There. Is increasing, competitor. Pressure to deliver consumer. Goods especially those. Offered, online in a more timely fashion. Large. Online, retailers. Such as amazon.com, are. Continually. Innovating, and, as of 2015, offer, one-hour, delivery, in certain, areas. They. Are also working, with drone, technology to. Provide consumers, with more efficient, delivery options. Direct. Marketing. Including. Telemarketing. And television. Shopping channels are. Also used, to generate telephone. Orders, started. Gaining significant. Market, share in developed, countries, in the 2000s. Door-to-door. Sales. Where the sales person, sometimes, travels, with the goods for sale. Self-service. Where, goods may be handled. And examined, prior to purchase. Digital. Delivery, or, download, where, intangible. Goods such, as music, film, and electronic. Books and subscriptions. To magazines are. Delivered, directly, to the consumer. In the form of information, transmitted. Either over, wires or, airwaves, and is, reconstituted. By a device, which, the consumer, controls. Such, as an mp3 player, see, digital rights, management. The. Digital, sale of models, for 3d, printing, also, fits here as do the media leasing, types of services. Such, as streaming. You. Topic. Place. Place, decisions. Are primarily, concerned with consumer. Access and, may involve, location. Space, utilization, and. Operating. Hours. Topic. Location. Also. See site selection. Perspective. Of large retail. Enterprises. Of supply, chain relationship. Marketing, is based on the theory of supply chain, management in, large retail, enterprises. Of supply, chain, in the application. Of relationship. Marketing it emphasizes. That the suppliers. Large-scale. Retail, enterprises. Customers. Form a chain of large, retail. Enterprises. And suppliers, to form, cooperative. Marketing, establish. Mutually. Beneficial, long term good relationship. With customers. Relationship. Marketing, of huge retail, enterprises. From the perspective, of supply, chain, mainly, includes, two relationship. Markets, supplier. Relationship. And customer, relationship. Market, because, the two stakeholders. That have the greatest influence on, the profits, of retail, enterprises. Are suppliers and customers first. As the supplier, of commodities. To retail, enterprises. It directly. Determines, the procurement, cost of commodities, to retail, enterprises.
Which Is mainly reflected. In the purchase, price of commodities. Themselves. The cost incurred, in the procurement, process and, the lost cost caused, by unstable, supply. Of commodities. In addition. The good relationship. With supplier, interaction, large. Retail. Enterprises. Can also promote, the suppliers, timely. Grasp the market, information, improved. Or innovative, products. According, to customer, demand which. Contributed. To the retail, enterprises. Improve, the market, competitiveness. Of the goods are sold so, the retail, enterprises. Relationship. With supplier, directly. Affects the retail, enterprises. In the commodity. Market, competitive. Second. Due to the transfer, of advantages. Between, buyers and sellers, the, retail, industry has. Turned to the buyers market and, consumers. Have become the key resources, for major retailers. To compete with each other, therefore. It is very important. To establish a, good relationship. With clients. And improve customer loyalty. The. Relationship. Marketing, of customer, relationship. Market, regards, the transaction. With clients, as a long-term, activity. Retail. Enterprises. Should pursue, long term mutual, benefit. Maximization. Rather than a single, transaction, sales, profit, maximization. This, requires, large, retail, enterprises. To establish, a customer. Oriented, trading, relationship. With the customer, relationship, market. Retail. Stores, are typically, located, where, market, opportunities. Are optimal, high traffic areas. Central. Business, districts. Selecting. The right site, can be a major success, factor, when. Evaluating. Potential, sites. Retailers. Often carry out a trade, area, analysis. A detailed, analysis. Designed, to approximate. The potential, patronage, area. Techniques. Used, in trade area, analysis. Include, radial. Ring, studies. Gravity. Models, and drive time analyses. In addition, retailers. May consider, a range of both qualitative. And quantitative, factors, to evaluate, to potential, sites under, consideration. Topic. Macro. Factors. Macro. Factors include. Market, characteristics. Demographic. Economic and. Socio-cultural. Demand. Competition. And infrastructure. Eg, the. Availability, of power roads, public. Transport. Systems. Topic. Micro. Factors. Micro. Factors, include, the size of the site eg. Availability. Of parking access for. Delivery, vehicles. Topic, channels. A major. Retail. Trend, has been the shift to multi-channel. Retailing. To. Counter, the disruption. Caused by online, retail, many, bricks and mortar, retailers, have entered, the online, retail, space, by setting, up online catalog. Sales and, e-commerce websites. However. Many. Retailers. Have noticed, that consumers. Behave, differently. When shopping, online for. Instance. In terms of choice of online, platform. Shoppers, tend to choose the online site, of their preferred, retailer. Initially, but as they gain more experience. In online shopping. They become less loyal and more likely to switch to other retail, sites. Online. Stores, are usually available. 24. Hours a day and, many consumers. In Western, countries have internet, access both, at work and at home. Topic. Pricing. Strategy. And tactics. See. Also pricing. Strategies. The. Broad pricing. Strategy. Is normally, established, in the company's, overall, strategic plan, in. The, case of chain stores, the pricing, strategy would, be set by head office. Broadly. There, are six approaches. To pricing, strategy. Mentioned, in the marketing, literature. Operations. Oriented. Pricing, where the objective, is to optimize productive. Capacity. To achieve operational. Efficiencies. Or to match supply and demand through, varying, prices.
In. Some, cases, prices. Might be set to de market, revenue. Oriented. Pricing, also, known as profit, oriented pricing. Or cost based pricing where, the marketer, seeks to maximize, the profits, ie the, surplus, income over costs. Or simply, to cover costs, and breakeven, customer. Oriented. Pricing, where the objective is, to maximize. The number of customers. Encouraged. Cross selling opportunities. Or to recognize, different, levels in the customers, ability, to pay value-based. Pricing, also, known as image based pricing occurs. Where the company, uses, prices, to signal, market, value, or associates. Price, with the desired value, position, in the mind of the buyer, the. Aim of value-based. Pricing, is, to reinforce the, overall, positioning. Strategy. Eg premium, pricing, posture, to pursue or maintain, a luxury, image, relationship. Oriented, pricing, where the marketer, sets prices, in order to build or maintain, relationships. With existing or potential, customers. Socially. Oriented pricing. Where the objective, is to encourage. Or discourage, specific. Social attitudes. And behaviors. Eg. High, tariffs, on tobacco to discourage. Smoking. Topic. Pricing. Tactics. When, decision, makers, have determined, the broad approach, to pricing, ie the, pricing, strategy, they turn their attention to pricing. Tactics. Tactical. Pricing, decisions, a shorter, term prices. Designed, to accomplish specific. Short-term. Goals. The. Tactical, approach to pricing, may vary from time to time depending. On a range of internal. Considerations. Eg, the need to clear surplus, inventory or, external. Factors, eg a response, to competitive. Pricing, tactics. Accordingly. A number, of different, pricing, tactics may, be employed, in the course of a single planning. Period, or across a single, year. Typically. Store managers, have the necessary, latitude. To vary prices. On individual. Lines provided. That they operate within, the parameters of, the overall, strategic approach. Retailers. Must also plan for customer. Preferred, payment modes, eg. Cash credit. Lay-by. Electronic. Funds transfer. At point-of-sale. EFT paths, all. Payment. Options, require some, type of handling. And attract costs. If credit. Is to be offered then credit terms will need to be determined. If. Lay-by. Is offered, then the retailer, will need to take into account the, storage, and handling requirements. If. Cash. Is the dominant, mode of payment. The retailer, will need to consider, small, change, requirements, the, number of cash floats, required, wages, costs, associated. With handling large, volumes, of cash and the provision, of secure, storage for change, floats.
Large. Retailers. Handling. Significant. Volumes, of cash may, need to hire security. Service, firms to carry the day's takings and, deliver supplies, of small change, a. Small. But, increasing, number, of retailers, are beginning to accept newer, modes of payment, including. Pal and Bitcoin. For. Example. Subway. U.s. recently, announced. That it would accept, Bitcoin, payments. Pricing. Tactics that, are commonly used in, retail include. Discount. Pricing, discount, pricing. Is where the marketer, or retailer, offers a reduced, price. Discounts. In a variety of forms. Eg, quantity, discounts. Loyalty. Rebates. Seasonal. Discounts. Periodic. Or random, discounts. Etc. Every, day low prices. Edie LP, every, day low prices, refers, to the practice of maintaining, a regular, low price low price, in which consumers are, not forced, to wait for discounting. Or specials. This. Method, is extensively. Used by, supermarkets. High. Low pricing. High low pricing. Refers, to the practice of offering goods, at a high price for a period, of time followed. By offering, the same goods at a low price for a predetermined. Time, this. Practice, is widely used by, chain, stores, selling, home wares the. Main disadvantage. Of the high-low tactic, is that consumers, tend to become aware of the price cycles. And time their purchases. To coincide with a low price cycle. Loss. Leah Dara lost leader is a product, that has a price set below the operating. Margin. Loss. Leading, is widely used in, supermarkets. And budget-priced retail. Outlets, where, it is intended, to generate store, traffic. The. Low price, is widely promoted and. The store is prepared, to take a small, loss on an individual. Item with, an expectation, that. It will recoup, that loss, when customers. Purchase, other higher priced, higher, margin, items. In. Service. Industries. Lost, Li during may refer, to the practice of charging a reduced, price on the first order, as an inducement and, with anticipation of. Charging, higher prices. On subsequent, orders. Priced. Bundling. Priced bundling. Also, known as product, bundling, occurs, where two or more products. Or services. Are priced as a package, with a single, price.
There. Are several types, of bundles, pure, bundles, where the Goods can only be purchased as packaged, or mixed bundles, where the goods can be purchased, individually or. As a package. The. Prices, of the bundle, is typically, less than when the two items are, purchased separately. Price. Bundling. Is extensively. Used in the personal, care sector, to prices, cosmetics. And skin care. Price. Lining, price lining, is the use of a limited number of prices, for all product, offered, by a business. Price. Lining. Is a tradition. Started in the old five-and-dime stores, in which everything, cost either five or ten cents. In. Price, lining. The price remains, constant. But quality, or extent, of product, or service adjusted. To reflect changes in, cost. The. Underlying, rationale. Of this tactic, is that these amounts are seen as suitable, price points, for a whole range of products, by prospective, customers. It. Has, the advantage, of ease of administering. But, the disadvantage. Of inflexibility. Particularly. In times of inflation, or unstable, prices. Price. Lining. Continues. To be widely used in, department. Stores, where customers. Often no tracks of garments, or accessories. Priced, at predetermined, price. Points. Eg, separate, racks of men's ties where, each rack is priced at $10, $20, and $40. Promotional. Pricing, promotional. Pricing, is a temporary, measure that involves, setting prices at levels lower than normally, charged, for a good or service. Promotional. Pricing, is sometimes, a reaction. To unforeseen. Circumstances, as, when a downturn, in demand, leaves, a company, with excess, star or when competitive. Activity. Is making, inroads into, market, share or profits. Psychological. Pricing. Psychological. Pricing is, a range of tactics designed, to have a positive, psychological, impact. Price. Tags, using, the terminal, digit, nine. $9.99. $19.99. Or one hundred and ninety. $9.99. Can be used to signal price, points, and bring an item in at just under the consumers. Reservation. Price. Psychological. Pricing is, widely used in, a variety of, retail. Settings. Topic. Personnel. And staffing. Because. Patronage. At a retail, outlet varies. Flexibility. In scheduling is, desirable. Employee. Scheduling. Software is. Sold which, using, known patterns of customer, patronage, more or less reliably. Predicts, the need for staffing for various, functions, at times of the year day of the month or week and time, of day, usually. Needs, vary, widely. Conforming. Staff. Utilization. To staffing, needs requires. A flexible. Workforce, which is available when, needed but, does not have to be paid when they are not part-time. Workers, as of 2012. 70%. Of retail, workers, in the United, States were part-time. This. May result in, financial, problems. For the workers, who, while they are required, to be available at all times if, their work hours are to be maximized. May not have sufficient, income to meet their family, and other obligations. Topic. Selling. And sales techniques. Also. See personal. Selling. Retailers. Can employ different, techniques, to enhance sales, volume, and to improve, the customer experience. Idan. Upsell. Or cross-sell. Upselling. And cross-selling are.
Sometimes, Known as suggestive. Selling when. The consumer. Has selected, the main purchase. Sales, assistants. Can try to sell, their customer, on a premium, brand or, higher-quality, item. Upselling. Or can suggest, complimentary. Purchases. Cross selling. For. Instance, if a customer, purchases a nonstick. Fry pan the sales assistant, might, suggest plastic. Slices, that do not damage the nonstick, surface. Selling. On value. Skilled. Sales, assistants. Find ways to focus on value, rather than price. Selling. On value, often, involves, identifying a. Product's, unique, features. Adding. Value, to goods or services. Such as a free gift or, buy-one-get-one-free. Adds, value, to customers. Whereas, the store is gaining, sales. Know, when to close the sale. Sales. Staff, must learn to recognize, when the customer, is ready to make a purchase. If. The, salesperson, feels. That the customer, is ready then, they may seek to gain commitment. And close the sale. Experienced. Sales staff soon, learn to recognize. Specific. Verbal, and nonverbal cues. That signal. The clients readiness, to buy, for. Instance, if