RETAIL OPERATIONS
Introduction:
Retail Operations knowledge has become imperative in today’s job market scenario, as undergraduates who have the right attitude and aspiration to work in the retail industry need to work up their basic knowledge in this upcoming sector.
In this context, anyone with basic knowledge in this segment can secure a job with much ease and the same would be helpful in their initial stages in the industry after which they gain more knowledge through experience. There have been many people who have started their career as a CSA (Customer Service Associate) and have grown to be top managers with experience and continuing education.
In this era of ICT, retail stores have grown into a large sector in the global economy. The new generation is more engaged in the shopping experience. Consumer buying behaviour has changed a lot because of globalization. Extensive shopping malls, huge complexes and various systems of retail stores have increased in tier 1, 2 and 3 cities.
RETAIL - Etymology (Word Origin):
‘Retail’ comes from the Old French word ‘tailler’, which means "to cut off, clip, pare, divide" in terms of tailoring (1365). It was first recorded as a noun with the meaning of a "sale in small quantities" in 1433 (from the Middle French retail, "piece cut off, shred, scrap, paring"). As in the French, the word, retail, in both Dutch and German, also refers to the sale of small quantities of items.1
Definition and explanation:
Retail refers to the activity of reselling. A retailer is any person or organisation is a reseller who sells goods or services directly to consumers or end-users. Some retailers may sell to business customers, and such sales are termed non-retail activity. In some jurisdictions or regions, legal definitions of retail specify that at least 80 percent of sales activity must be to end-users.2
Retail refers to the activity of reselling. A retailer is any person or organisation is a reseller who sells goods or services directly to consumers or end-users. Some retailers may sell to business customers, and such sales are termed non-retail activity. In some jurisdictions or regions, legal definitions of retail specify that at least 80 percent of sales activity must be to end-users.2
Overview:Retailing often occurs in retail stores or service establishments, but may also occur through direct selling such as through vending machines, door-to-door sales or electronic channels.3
Retailing is a fundamental part of the business industry that involves in selling products and services to consumers for their individual, personal or family use. It can also be defined as the delivery of goods demanded by customers at an affordable and competitive price at the needed time.
Retail business in India boomed in the 1980’s and is rated as the fifth most attractive, emerging retail market in the world. It accounts for over 10% of the country’s GDP (Gross Domestic Product) and is contributing to around 8% of employment. It is expected to grow at a rate of 30% over the next five years.
The retailing process involves the Sales Associate to have direct interface with the customer in promoting a product or products in which the company is interested, sales, its delivery and after sales service.
Classification of Retail business depends on size, product portfolio and service offered. They are specialty stores, convenience stores, supermarkets, hypermarkets, shopping malls, factory outlets, franchises, chain stores, discount stores, lifestyle & personal products, furnishing household appliances & groceries stores are a few to name among many formats.
Required Skills:
The most indispensable skills needed are positive attitude along with leadership qualities and logical thinking. A wide variety of talented and dedicated skills are needed to excel in the retail sector. Personal skills are more important than professional certificates.
Good communication skills in convincing people, interpersonal skills, problem-solving skills, self-confidence, Enthusiasm, creativity and the ability to think broadly and to intermingle with people are needed. Continuous updation of knowledge about the changes and challenges in the retail industry, visual merchandising and advertising techniques, patience, interest, perception of salesmanship and perfect grooming are essential qualities.
Conclusion:
Jobs in the retail segment have emerged as one of the fastest growing careers in India because of the remarkable growth of economy. This factor has led to expansion in the retail sector during the past few years, which has caused a big demand for skilled professionals.
It is an industry looking for entry level people from the school passed outs with basic skills at all times of the year for activities ranging from marketing to branding and has thus become the most demanding careers in recent times.
Retailing is a fundamental part of the business industry that involves in selling products and services to consumers for their individual, personal or family use. It can also be defined as the delivery of goods demanded by customers at an affordable and competitive price at the needed time.
Retail business in India boomed in the 1980’s and is rated as the fifth most attractive, emerging retail market in the world. It accounts for over 10% of the country’s GDP (Gross Domestic Product) and is contributing to around 8% of employment. It is expected to grow at a rate of 30% over the next five years.
The retailing process involves the Sales Associate to have direct interface with the customer in promoting a product or products in which the company is interested, sales, its delivery and after sales service.
Classification of Retail business depends on size, product portfolio and service offered. They are specialty stores, convenience stores, supermarkets, hypermarkets, shopping malls, factory outlets, franchises, chain stores, discount stores, lifestyle & personal products, furnishing household appliances & groceries stores are a few to name among many formats.
Required Skills:
The most indispensable skills needed are positive attitude along with leadership qualities and logical thinking. A wide variety of talented and dedicated skills are needed to excel in the retail sector. Personal skills are more important than professional certificates.
Good communication skills in convincing people, interpersonal skills, problem-solving skills, self-confidence, Enthusiasm, creativity and the ability to think broadly and to intermingle with people are needed. Continuous updation of knowledge about the changes and challenges in the retail industry, visual merchandising and advertising techniques, patience, interest, perception of salesmanship and perfect grooming are essential qualities.
Conclusion:
Jobs in the retail segment have emerged as one of the fastest growing careers in India because of the remarkable growth of economy. This factor has led to expansion in the retail sector during the past few years, which has caused a big demand for skilled professionals.
It is an industry looking for entry level people from the school passed outs with basic skills at all times of the year for activities ranging from marketing to branding and has thus become the most demanding careers in recent times.
Ref. 1, 2 & 3: https://en.wikipedia.org/wiki/Retail#Etymology
RESOURCES:
Power Point presentations on the above topic for explaining to trainees can be downloaded from the below links. Copy the below links and paste it into the address bar of the browser and hit 'Enter'. Then start download.
Topic: Introduction to retail Store formats:
https://drive.google.com/file/d/1c6F7m_3vfAKiqwT9dyW7bqNcTqbKFcpS/view?usp=sharing
Topic: Operating a retail Store:
https://drive.google.com/file/d/1nygRprjrrQJiJOjmF2-8y4FVzZu3AhOI/view?usp=sharing
Topic: Retail Operations Parameters
https://drive.google.com/file/d/1PB67SnFLGqxSSVkOmv4BZpSA6Bf_rUk0/view?usp=sharing
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