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Key Concerns Of The Retailers

Key Concerns of the Retailers Assignment / Homework Help
The following issues are faced by all retailers as they try to be successful in their trade:

  • Customer Satisfaction
  • Customer satisfaction is of utmost importance to the retailer. If customer loyalty is won then the customer returns to the same reseller every time to make more purchases. Retailers often indulge in making strategies which help in building strong customer relationship.

  • Ability to Acquire the Right Product
  • The retailer must understand the consumer's demand and make sure it is met. Not all retailers manufacture the products themselves they must negotiate with the supplier and make sure the products in demand are always available at his store. This helps in building customer loyalty.

  • Product Presentation
  • Once the product reaches the store it must be presented to the buyers in an interesting manner. Often retailers hire creative people for this purpose.

  • Traffic Building
  • The word 'traffic' is referred to the number of people visiting the retailer's store or website. In order to build this traffic the retailer must use various promotional techniques to attract customers. Advertisements in newspapers or websites is a commonly technique apart from this specialized promotional activities like coupons are also put to use.

  • Layout
  • The physical layout of a retail store is of great importance when it comes to drawing customers to it. Physical layout is not just limited to deciding what part of the store to locate products. It also includes the correct shopping atmosphere, light, sound etc. They all add to the appeal of the retail store. Layout is also important for online retailing. A good retail site must have good site navigation and usability.

  • Location
  • The traffic generated at a retail store also depends upon the physical location of a retail store. The store should be located at a place which gives it maximum visibility and easy accessibility. Often such site locations demand higher land usage fees. A good retailer should be able to gauge correctly the trade-off between costs and benefits of the location.

  • Keeping Pace with Technology
  • Technology has helped retailers to cater to their customers much more efficiently. Web technologies like online shopping carts, purchase recommendations to software helping in enhancing customer knowledge like customer relationship management software are put to use. Use of RFID tags for tracking helps in better product movement.

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