The retail marketing is defined as that form of the marketing functions in which a product is brought directly to the customers in the retail stores.
Three main functions are involved in this retail marketing which includes planning, promotion, and presentation of the product.
Understanding the concept of retail marketing
Now in retail marketing, the distribution of the goods among the customers is done via a direct approach. Here retail is the sale of goods and services which occurs between two parties. One is the businessmen (seller), and the other one is the end-user (buyer).
The retail marketing is that form of marketing in which the retailers try to promote their products by creating awareness among the customers, and this helps in developing the interest of the customers in the goods or services that are being sold.
Ne retailers use several different strategies and approaches to market the goods and services that are being sold by them, thus increasing their sales value.
Retail marketing is something that needs a lot of planning before it is finally executed. The first step towards retail marketing is to plan; then the next step is to promote the product that they are selling and then comes the third and the final step which focuses on the presentation aspect of the products.
The more beautifully the product is presented, the more will customers want to buy it. Now the most basic step that should be taken for efficient marketing to take place is that the commodity that is being sold should be uniquely presented to the customers.
Other than one must also try to have its packaging that should look ergonomic, the pricing of the products should be set up keeping the completion of the market in mind and also one must take care of the sales campaign. Also, at times, they try to come up with discounts and credits to attract even more customers.
Here retail marketing is carried out by the retailers. These retailers can be individual or whole organizations. They contribute form their part in such a way that the goods can be reached to the end-users effectively. One simply can’t eliminate the retailers form this whole idea of retail marketing.
What are the different types of major retail outlets
The retail marketing is a form of marking which takes place directly between the retailer and the customer. Now there are several ways in which these retail marketing can take place. Majorly different types of outlets are opened up so that retail marketing can be carried out efficiently.
Also, the success of these retail outlets/ stores major depends on the location where it is being opened. Now here are the different types of retail outlets that can be seen almost everywhere!
1) Departmental stores
A departmental store is the one where the customer can find several lines of products which can come in their daily uses. It includes a variety of products like clothing, household good, furnishings, etc. in this, every line will operate as a separate department.
2) Sociality stores
These types of stores, as the name suggest mostly concentrate on one single products line. They will either focus on a specific line of product will try to make their products line narrow. For example- a footwear store or jewelry store.
This type of retail stores has recently been growing in numbers. Earlier they used to only in big its, but now they are spreading their wings to even the smaller towns.
This is because the supermarkets are the one-stop destination for all kinds of customers. These types of shops occupy a large area, and there they try to sell almost all the product a normal person would need.
It includes things from grocery to apparels, to jewellery to stationery items; in fact, they sell fruits and vegetables as well. And the main reason why they have gained so much of popularity is that the products sold here when bought in bulk, come with massive discounts.
These types of stores are generally high volume, low margin, and promote self-service. For example- Big Bazaar
4) Convenience stores
As the name suggests, these stores are located at a location which is easy for people to go to. These are usually located in suburban areas, and they charge prices which are slightly higher than the normal price rates.
They provide both groceries as well s the non-food products.
5) Discount stores
These types of stores are known for offering standard merchandise. The products that are sold here are fixed at low prices and thus have low margin and high in volume.
6) Factory outlets
Manufacturers manage these types of outlets. They normally sell out their surplus at discounted prices.
7) Shopping malls
This is yet another kind of retail marketing which is quite in trend. They provide a massive variety of products and all of that under one roof.
Along with the product that also has ample option for entertainment purposes like theatre and the food courts.
What are the main principles of retail marketing
There are mainly four main principles on which the entire foundation of retail marketing is built.
These are the product, price, place, and promotions. One who can maintain all four of these will be able to take the retail marketing forwards efficiently.
This is the most important aspect of marketing. One needs to have some kind f products that they can market. It can be either tangible or even intangible.
Also, along with this packaging is necessary too. And there is never enough one can emphasize how important it is to have the right kind of packaging.
You need to make sure that your packaging is good; otherwise, it may be a big turn off for your consumers. For that, try to make your packaging look more chic and personalized. Also, to make it more appealing, tries to adopt an eco-friendly option.
This is yet another important aspect that the details must be very careful with. If the pricing of the products is not done in the right manner, it may adversely affect the business. But if you are in sync with your pricing strategies, it may be the game-changer for your business.
It can take your business to new heights and bring you lots of profit. Now one must make sure that while fixing the prices they take into consideration the various factors which are the demand of the customers, competitors, profit, market conditions, and the product positioning.
Thus once these parameters are analyzed properly, the product’s pricing can be done.
This is yet another important factor that one simply can’t ignore.
While diving into retail marketing, setting up a retail outlet is a must. And on top of it, deciding a good location for it should be the top priority because there are no points in opening an outlet at a place where the customers would find it difficult to visit.
This may be another turn off for the customers because nobody would want to go to a place which is beyond their convenience just to buy their daily use products. Thus while setting up the store, one must take care of that fact that the location is in a place where maximum customers come.
This the fourth important principle that the retailers should abide by if they want their business to become successful. By promoting a product, the customers get aware of that product. Though advertisements they come to know about the several features of the products which may be useful for them.
If a product not promoted, nobody will ever know about that. This promotion is a must.
What is the importance of retail marketing
The retail marketing plays a major role in the world of economy. It involves the direct selling of goods and services to the people. In retail marketing, the outlets are organized relatively one very large scale, and then the goods are supplied by these stores to the end-user who is ultimately the consumers.
In general, retail marketing is one of the many applications of the marketing functions that do the distribution of the products to their customers. One of the major benefits of retail marketing is that it provides customers with convenience and comfort.
It compromises of such activities that are related to the sales of the product. The selling of the products takes place through the various channels like malls, small and large stores, and direct attempts to marketing to the consumers by calling them or emailing them, etc.
Thus retail marketing is still a popular form of marketing all over the world. It is a type of marketing that is performed directly between the sellers and the end-user (the buyers).