Discussion on Briefly present the importance of retailers? ( 100 words)

Retailers are the supply chain intermediaries who facilitate the buyers and sellers. Manufacturing companies take the services of retailers to deliver their products to targeted customers. While customers visit retailers for the purchase of their required products. Thus, the main role of retailers is very important in the local market trades. Without retailers, companies would not be capable to sell out their products at a place near to the residence of their targeted customers. In the current situation of COVID 19 spread many retailers are unable to open their shops properly that has created challenges for the companies and customers.

1-    “many retailers worldwide are forced to close their doors, temporarily or for good”. Name four different retailers around you that have been affected by the corona pandemic and explain how did they respond to this situation. (100 words)

The worldwide spread of corona pandemic is forcing the retailers to shut-down their business and stay at home for safety. Although, such a situation has also influenced their business outcomes. In my locality, Lululemon, Levi’s, and Patagonia, and Walmart have got influenced as they are not capable to perform properly. Although, customer responses are also not encouraging for them. These retailers are responding to the situation as socially responsible business entities. They are implementing all cleansing and safety measures at retail stores to provide a virus-free environment to their customers. Moreover, they are introducing various payment options and online shopping options.

2-    Grocery stores can be classified as a verity store, briefly explain the different characteristics of verity stores? (100 words)

The grocery stores contain various products related to kitchen and food. Considering the similarities with variety stores sometimes grocery stores are also named as variety stores. The following points represent the different characteristics of variety stores.

i)                   The variety of stores offer to vary kinds of products (e.g. apparels, home accessories, and kitchen items) at a single place.

ii)                 Variety stores sell a huge variety of in-expensive products to the customers.

iii)               The products of variety store can be durable products or inferior products.

iv)               Variety stores are mainly for a specific geographical segment only. As the majority of customers come to these stores from nearby residential places.

3-    Discus the action that should be taken by retailers to avoid the sudden decrease in the sales level. (100 words)

According to the case study and analysis of current media reports, the retailer is experiencing a decrease in their sales levels. Although, a rapid increase in the sales of some products is also expected to have a sudden decrease in sales level after the control of spreading corona. Retailers can avoid such sudden decrease by managing their sales of these products. Retailers can analyse changing trends by reviewing purchase orders and sales records. Thus, they would be able to keep an optimal level of inventory for each product and a decrease in sales would not influence the profitability of the retailing business.

4-    "for other industries such as fashion, sales are significantly impacted and most often reduced. Retailers who have invested in improving their in-store experiences to combat the online shopping trend are seeing large drops in daily footfall which is unsustainable.” Briefly explain the methods that retailers should implement to replace the conventional in -stores experience. (100 words)

The retailers are experiencing a decrease in their sales. Customers switching to e-commerce websites because of home delivery facilities are causing to influence the business of retailers. In the presence of such issues, the retailers have to take the following initiatives to combat the online shopping trend:

1)      Retailers should start offering their home delivery services by apps (e.g. Uber).

2)      Retailers should accept various payment methods such as online payment.

3)      Retailers should follow up with the safety measures suggested by the government and medical staff that will influence the customer's mind. A clean and safe environment will provide relief to customers.

4)      Retailers should make sure to follow up social distancing.

5-    The case has mentioned a few major developments and trends in retiling. List any three(100 words)

The three major developments and trends regarding retailing industry are enlisted below:

1)      Retailers are introducing the app-based home delivery system in their business because of coronavirus issues. Retailers use uber and other food delivery services to send products purchased by the customers on online platforms.

2)      Retailers have also developed a new trend of sharing a shopping list. Under this sharing method, customers create a mutual list of their required products. Then they share their list with retailers for home delivery of products.

3)      Retailers are now investing more amounts on the improvement of in-store experiences for the customers.

6-    the main Objective of retail promotion is to inform, persuade, and remained the target market. It also aims at influencing the consumer perceptions, attitudes and behaviour in order to increase store loyalty, frequency of store visits and product purchase. From your point of view, what do you think is the best method of promotion to reach customers effectively during such a crisis. (100 words)

The retailing business directly depends upon the very frequent visits of consumers and purchases of offered products. For promotion, retailers can take assistance from social media marketing and advertisement. Promotion and marketing campaigns can benefit them by grabbing the attraction of customers. Moreover, displaying discount offers in social media advertisement can be also an effective step to encourage customers for regular store visits. Additionally, retailers should also focus on the specific geographical segment based social media marketing campaign. For instance, they can create a common community group for their regular customers to share information about new arrivals and promotional deals.

7-    “The manufacturer uses a push strategy, pull strategy or both in the different situation”. What is the suitable promotional strategy retailers should apply during this tough time? And why? ( 100 words)

During a tough time, the retailer needs to follow a suitable promotional strategy that increases their business. The most suitable promotional strategy in tough times is “pull promotional strategy”. Using this strategy retailers can create demand for their offered products. Moreover, pull promotional strategy also use promotional tactics such as advertisement and marketing which are important to stand sustainable in the tough times. The tough times usually reduces the overall demand for a product or service. For instance, corona pandemic reducing the business of retailers. Therefore, in such situation retailers should focus on marketing and advertisement of available products and linked benefits.

8-    Which type of retailers do you think will survive during this current situation? (along with justifications and example)( 100 words)

During this type of situation, retailers of fashion products and clothing are having an influence on their sales and profitability of the business. Somehow, the retailers of grocery products and food items are still strong. Food items are the basic need of human being. In this situation, people are storing food in their houses to avoid regular visits at supermarkets. Therefore, the business of food retailers and grocery providers is expected to have a better survival option. Moreover, e-retailers are also expected to survive in this situation as customers are switching to online shopping rather than visiting stores for shopping.

9-    What do you suggest retailers should do after this pandemic in terms of dealing with such situations like COVID-19.100 words

The retailers should focus on the profitability and frequency of sales after the coronavirus to overcome financial issues faced during this time. Moreover, to deal with such situations they should follow up the following suggestions:

1)      Stock review: the retailers should have a stock review to understand the changed buying behaviour of customers. The stock review will facilitate them in restocking or keeping inventory in warehouses.

2)      Digital presence: Retailers with no focus on e-commerce should create mobile apps and e-commerce website for their retailing shops.

3)      Image building: Retailers should use marketing and advertisement for image building and customer loyalty.