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The concept of retailing is slowly changing over the years coupled with various other factors like high incomes, changing shopping preferences of the urban consumers. The traditional Bania shop in
This massive retail chain has not only brought a sea change in marketing of agricultural products but it has also brought entirely a new phase in marketing of various other goods like readymade garments, footwear, gems, jewellery, cosmetics and many others. Retailing in
The word, “Retail” is derived from the French word, “Retailer” which means “to cut a piece” or “to break a bulk”. In other words retailing implies first-hand transaction with the customer. Retailing involves a direct interface with the customer and the coordination of business activities from end to end, right from the concept or design stage of a product to its delivery and post-delivery services to the customer. The retailing industry is one of the fastest growing industries in the world today. According to the McKinsey report, the size of the global retail business is a staggering $66 tn and in developed countries, most of it is accounted for by the organized retail sector.
Organized retailing refers to trading activities undertaken by licensed retailers, that is, those who are registered for sales tax, income tax, etc. These include corporate backed hypermarket and also privately owned retail businesses. While unorganized retailing refers to the traditional low-cost retailing including local kirana shops, owner manned general stores, convenience stores, hand cart, and pavement stores. Organized retail market is growing at 35 percent annually and unorganized sector is pegged at 6 percent. Organized retail has more than 80 percent market share in the
In the last decade, More MNCs (Multi National Companies) are entering this sector through joint ventures and franchise route. In countries where retailing has matured, outsourcing has favorably influenced the value capturing capacity and has contributed to the modernization of farming industry as well. It has driven down end–customer prices, created significant employment opportunities, has been a source of considerable revenue to the government and in general, has been a catalyst for creating a sizable quantum of wealth.
There are various areas of retail process outsourcing. The technology entailing computerization of retail operations, including inventory management, billing and payments as well as database management, widespread use of bar coding provide an upper edge in the retail store. There is the area of store design and store layout. A good retail store with attractive window display and an enticing entrance induces the customer into entering it. The store layout thus has to optimize the selling area by presenting merchandise in a very effective manner. Vendor management, warehouse management, logistic management, packaging, order processing, labeling, freight and bill payment are some other activities which can be outsourced. Even advertising is another area which is mostly outsourced. Outsourcing can also be done in terms of any research for concept testing, business feasibility analyses, studying the target market profile, analyzing consumer behavior etc. Sometimes even the core function of marketing is outsourced with the intention of business expansion through the franchise route. Visual merchandising is another area which is outsourced. It includes planning the theme, arrangement of props for display, fixtures, fittings, setting up of the store etc.
This process of outsourcing can be vividly understood through a retail company like Pantaloon. Pantaloon Retail India Ltd (PRIL) which was set up in 1992 has outsourced most of its activities including branding, apparel production, distribution and retailing. For example PRIL tied up with Arvind Mills (leading manufacturer of apparel and fabric) for manufacturing PRIL’s leading brands namely Bare, John Miller, Agile and
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The local kirana shops have innovated with time and survived the cannibalization very cleverly. They provide home delivery and credit which the big retailers lack.
Though, it will be interesting to see how they manage maintain their dominance with the further advent of retail companies, change in the shopping habit of the consumers, rise in per capita income and urbanization.
There is a lobby which is pushing hard for increased FDI in retail which can pave way for more investment by MNC.
As for the employment situation, till now the retail industry have created more employments but if the cannibalization of the local kirana shop occurs there will be more job loss than creation.