The retail industry is really exciting and dynamic. Whenever we talk about consumer or customer, it is dynamic and demographically changing, it is not a monotonous industry at all, yet a challenging industry throughout. Retail, if you see as a shopper’s point of view or shopkeepers point of view – both are challenging, consumer pattern is very sophisticated. Retail is a field where wide range of distribution and execution to be done.
Retail – A industry where you BUY THE PRODUCT > MOVE THE PRODUCT > SELL THE PRODUCT (3 BUCKETS OF RETAIL).
In BUYING, scale matters (scale of operation) – these go through under Assistant Buyer, Senior Buyer, Merchandise Buyer. It is the main role – Buy in as low price as possible. Profitability or profit management as a retail dynamic, one should know about private labels. Product feedback is very important in brands. Whenever we get a task, it can be buying, selling or setting the product always need to focus on 2nd class, because 55-60% comes under that. It is to focus on masses not rich or poor.
In MOVING, we buy from Vendor, get it to Distribution Centre and in supply chain – towards the door. This is basically a emerging part of sales.
In SELLING, it is basically how to really display the stock, there lies a trend and focus, where focus and pricing exists. We need to communicate to customer properly that is utmost focus of all retailers.
RETAIL INDUSTRY is also called as operation industry somehow. Merchandising part is often termed as Heart of retail industry. When to buy a product, when to reward, when to sold, and events to target; are the target task of retailers and retail industry.