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Retail channel omnification definition

18/12/2020 Client: saad24vbs Deadline: 3 days

Retailing


Unrestricted


1


“All activities directly related to the sale of goods and services to the ultimate consumer for personal, nonbusiness use.”


What is retailing?


2


Retailer:


Channel intermediary that sells mainly to consumers


What is retailing?


3


Type of ownership


Level of service


Product assortment


Price


Classification of retail operations


4


Type of ownership


5


Independent retailer


Establishment is owned by an individual or a group


Chain store


Part of a group of the same stores owned and operated by a single organization


Franchise


Relationship in which business rights to operate and sell a product are granted by the franchisor to the franchisee


Full-service


Self-service


Level of service


6


Based on width and depth of product lines


Width: assortment of products offered


Depth: number of different brands offered within each assortment


Product assortment


7


Gross margin:


The amount of money a retailer makes as a percentage of sales, after subtracting cost of goods sold (COGS)


A warehouse club like Sam’s might have a low gross margin


A department store like Dillards might have a moderately high gross margin


Price


8


Types of in-store retailers


9


Department stores


Specialty stores


Supermarkets


Drugstores


Convenience stores


Discount stores


Restaurants


Full-line discount stores


Supercenters


Specialty discount stores


Category killers


Warehouse club


Off-price retailers


Factory outlets


Used goods retailers


Types of in-store retailers


10


Discount stores


Shopping without visiting a physical location


Types:


Automatic vending (vending machines)


Direct retailing (Avon; Mary Kay)


Direct marketing (direct mail and mail order catalogs; shop at home networks like QVC)


Online retailing (e-tailing; Amazon)


Non-store retailing


11


Floor stock: inventory displayed for customers


Back stock: inventory held in reserve to refill floor stock if necessary


Specialty shops must often keep high amounts of both to accommodate customer needs


But, is expensive to purchase large amounts of product


Operating models


12


Define and select a target market


Develop the “retailing mix” (same as services 7 Ps)


Marketing strategy for retailers


13


Includes advertising, PR and publicity, and sales promotion


Risk of brand cannibalization


Reduction of sales for one brand as the result of the introduction of a new product


Online shopping can also reduce in-store sales


Promotion strategy


14


Many chains (like McDonalds) will very carefully analyze areas for new stores


Economic growth potential


Amount of competition


Geography


Stores in isolated locations may become destination stores


Lifestyle centers are increasing in popularity


Place strategy


15


Place strategy – lifestyle centers


16


Manipulate factors to influence store atmosphere


Employee type and density


Merchandise type and density


Fixture type and density


Sound, odors, and visual factors


Layout of store


Presentation – Physical environment


17


Presentation – Physical environment


18


Presentation – Physical environment


19


Train your salespeople


Trading up (up-selling)


Suggestion selling (cross-selling)


Personnel - People


20


Service improvement may involve:


Minimizing wait times


Managing service capacity


Improving service delivery


Establishing channel-wide network coherence


Retailing services


21


Failure: when service provided does not meet customer expectations


Recovery: efforts by the firm to do something about unmet expectations


Actions for recovery in retail:


Notifying customers of stockouts


Liberal return policies


Product recalls issued in conjunction with promotional offers


Service failure and recovery


22


Big data analytics


Beacons


Connecting signals in store that bring info to consumers’ phones


RFID


For tracking in-store merchandise


And for knowing if a consumer picks up a product (i.e. considering buying it)


Trends in retailing


23


Shopper marketing


Understanding how consumers behave differently in different channels (like online vs in-store)


Shopper analytics


Collecting data to understand the consumer’s shopping experience


Attitudes, perceptions, emotions, and behaviors


Retailing services


24


Retail channel omnification:


Consumers use multiple sources for shopping information simultaneously


Click-and-collect:


Buy online, pick up in store


Robots


Lowe’s video: https://www.cnbc.com/2016/08/30/lowes-introduces-lowebot-a-new-autonomous-in-store-robot.html


Retailing services


25


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