Retail
Retail is all about selling goods and services, focusing on consumer needs in contrast to wholeselling. According to the National Retail Federation, the industry has sixteen major segments.
The retail industry is designed in such a way that it creates contact efficiency by allowing shoppers to fulfill their needs by buying products as per their needs with a smaller number of transactions. The retail industry is divided into two sectors-
Organized trading activities that are undertaken by retailers who are registered for sales tax, Income tax, etc.
Unorganized retailing-local Kirana shops, owner-managed general stores, street vendors, convenience stores, etc. Some of the key players in the organized retail sector- Pantaloons Retail Ltd, a future group venture, Shoppers Stop Ltd, Lifestyle, Landmark Group Venture, etc.
Other major players in the retailing sector are Reliance Retail, Bharti Retail, Globus, Aditya Birla “More” etc.
The retail industry also uses product variety and price as a filter. Consumers buy from departmental stores to take advantage of reasonable prices on products. Department stores focus on competing with discount retailers who sell popular products and bulk products at low per-unit prices. The niche business remains on the outskirts of the retail industry due to lower prices. Niche businesses include jewelers, organic food markets, independent bookstores, etc that target the narrower groups of consumers.
Sector Expertise
We can see the increase in online retailing at quite astonishing rates, with online sales now accounting for around one-quarter of the total retail market. The future of the retail industry features a huge shift from traditional stores to online retailers selling to national and international consumers. However, now traditional markets are paving the way for the development of department stores, supermarkets, and specialty stores through online platforms. In the early 21st Century it was observed that there was continued growth in virtual discount stores and niche retailers offering products at below-established store prices due to reduced operational costs for online stores as well as increased sales volumes that allow for deeper price cuts. Consumers are given a platform and advantage to search for reviews on products sold by online retailers to avoid inferior goods and find the best deals which create a great push over online stores.
We help in building an online presence of your business by helping you in easy access to the markets, furthermore resulting in creating awareness about your business and fighting against the competition with reduced overheads. With us through an online platform, one can remove the need for expensive retail premises and customer-facing staff, allowing you to invest in better marketing and customer experience on your e-commerce site.
E-commerce. Potential for rapid growth – selling on the internet means overcoming traditional constraints to retail growth – eg finding and paying for large numbers – are not major factors. With a good digital marketing strategy and a plan to scale up order fulfillment systems, you can respond and boost growing sales.
Exporting. Widen your market/export – one major advantage over premises-based retailers is the ability to expand your market beyond local customers very quickly. You may discover a strong demand for your products in other countries which you can respond to by targeted marketing, offering your website in a different language, or perhaps partnering with an overseas company.
Customer intelligence – ability to use online marketing tools to target new customers and website analysis tools to gain insight into your customers’ needs.
VYQDA focuses on these points
Over the last few years, e-commerce has become an indispensable part of the global retail framework. Like many other industries, the retail landscape has undergone a substantial transformation following the advent of the internet, and thanks to the ongoing digitalization of modern life, consumers from virtually every country now profit from the perks of online transactions.