opportunities in retail industry
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RETAIL
Retail is the final stage of any economicactivity . By virtue of this fact , retailoccupies an important place in the worldeconomy .
According to philip kotler, Retailingincludes all the activities involved inselling goods or services to the finalconsumer for personal , non-business
use .A retailer or retail store is any business
enterprise whose sale volume comesprimarily from retailing
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RetailingThe word retail is derived from the French word
retaillier , which means to cut of a piece or to breakbulk .
Therefore , a retailer may be defined , as a dealer
or trader who sells goods in small quantities or one
who repeats or relates
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Functions of a retailer From the customers point of view the retailer serves him by providing the goods that he
needs in the required assortment , at the required place and time .
From an economic standpoint , the role of a retailer is to provide real value or utility to thecustomer .This comes from four different perspectives .
The first is regarding the fo rmof a product that is acceptable to the customer .
The retailer perform the function of storing the goods and providing us with an assortment of
products in various categories .
He creates t imeutility by keeping the store open when the consumers prefer to shop .
By being available at a convenient location, he creates placeutility .
Finally , when the product is sold , ownersh iputility is created
The retailer also serves the manufacturer by performing the function of distributing the goodsto the end consumer and thus forming a channel of information .
For several product categories where brand loyalty is not very strong or for unbrandedproducts , the retailers recommendation is vital.
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Retail Market in India The Indian retail market has experienced growth of 10.6 % between
2010 and 2012. and expected to increase up to USD 750-850 billion by2015.
Food and grocery is the largest category within the retail sector with60% share followed by apparel and mobile segment.
Indian Retail Sector is One of Indias fastest growing sector.Retail sector is Indias basic to growth after agriculture sector.
Indian Retail employees more than 7% of Nations workforce andstands 2nd after agriculture.
Indian Retail Sector has the highest outlet density in the world withnearly 12 million outlets.
Indian Retail sector has evolved slowly and steadily from its basics and
still exists in various forms, right from very traditional to modern trends. You can still have glimpse of the traditional retails even in cities and in
rural India, while the new retail format is becoming popular in cities aswell as in emerging rural India.
Many changes have come in Indian retail industry which transformedthis industry.
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The rise of the retailer
Today , retail has emerged as a separatefunction by itself. The environment in a
large organized retail store is significantly
form that in a traditional or a mom andpop store .
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Reason for the change
Proximity to the customer (close tocustomer) The rise of consumerism ( consumer often
have forced retail organizations to changetheir formats and product offering ) .
The introduction of the private label(in-store brands / product )
Technology
A. Point of sale scanning systemsB. Customer card to track the customer.C. Internet (online operation)
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Prominent Sectors in Indian retail
Food and grocery
Clothing and textile
Consumer Durables
apparels
Jewelry retail
Books , music and gift retail
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Prominent players in Indian
retail
Future group
Big Bazaar , Pantaloon , ezone
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Reliance Retail outlets
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TATA Retail Outlets
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Adtiya Birla Retail Ltd
(ABRL)
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GLOBAL RETAILER IN INDIA
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6 global retailer in india queue The government has received six proposals from global
single-brand retailers keen on setting up operationsthrough 51% joint ventures with domestic partners,.
Apparel maker Tommy Hillfiger
clothing retailer Brooks Brother Group
Italian jewellery brand Damiani International,French fashion brand Promod SAS, Fapa Company Ltdand NA Pali Europe SARL,
An arm of sportswear retailer Quiksilver Inc, are the sixglobal retailers queuing up to establish operations inAsias third-largest economy.
The government has also received two other proposals by British footwear major Pavers England and Sweden-based furniture company IKEA Group to set shop inIndia through wholly-owned subsidiaries (100% FDI),
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Top Retail Brands in India
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Retail is a people centric industry and is one industry whichcan simultaneously expose you to many skills and disciplines .
Buying and merchandising
Selection of vendorsCost of merchandise procured
Allocation of merchandise to stores
Developing distribution plans
Calculating gross margin .
Extensive travelling to locate vendors and exclusive merchandisefor the retail stores .
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Marketing
In retail functions may be centralizedand may include different
departments like advertising , sales
promotion and public / press relations. Marketing would look at ways of
understanding the customer and his
behavior by way of focus groups andanalyzing of customer buying patterns
to develop strategies .
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Store Operations Retail professionals in the store operations career area
oversee overall store operations and profits.
Positions include
Head of store operations
Regional Manager
District Manager
Responsibilities:
Managing staff Functions like loss prevention / humanresource
Responsibilities of store manager:
Ability to lead and motivate employees as well as have aneye for detail
Store management involves all the disciplines necessary torun a successful business.
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Sales Very often , sales is considered as a part of store operation
Positions :
Sales Associates
Cashier
Store Stock Associates
Stock receiver
Responsibilities :Serve the customer on selling floor
Receiving Merchandise into the floor , counting it and displaying it
Receiving merchandise returned by customer .
Skills needed :
Ability to deal with peopleFlexibility
Ability to work in team
Sales position is the entry position in retail
Cashier would work behind the cash register desk and would be responsible forbilling
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Finance
The finance retail career includes all accountingand treasury functions like
Accounting for income
Paying Expenses
Compiling
Maintaining financial records
Money Management
Cash Flow control
Banking , investment and credit lines
Auditing of stores for merchandise
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Human Resources
Human Resource in retail may range fromrecruiting and hiring employees to largeareas like
a) Indentifying training needs a variouslevels within the organization and thendesigning and implementation the programs
b) Overseeing compensation and benefits .
c) Planning for and ensuring legal compliancein hiring and employment practices
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Technology And E-Commerce Retail is one of the most mature users of
information technology .
Career in this department may ranges fromoverall responsibility for data processing efforts
within the chain including system design ,programming computer operations andinformation systems (IS) .
System development may be another area ,which would be responsible for programmingone segment of the business such asmerchandising , finance or logistics .
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Visual Merchandising
Visual merchandising is largely associated with creatingthe look of the store.
Visual merchandisers are responsible for the totalmerchandise or service presentation , the overallbusiness image and even the building and placement of
design elements .
The increase in competition has necessitated retailers todifferentiate themselves from the competition .
While products and services are the primary methods ofdifferentiation , visual merchandising is fast becoming anarea of differential advantage , as it is believed thatattractive displays attract and stimulate , which in turn isbelieved to create increased sales
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Supply Chain Management and
Logistics
Supply chain management and logistics are fast emerging askey focus areas in retail .
Supply chain management is the integrated management of theflow of materials and products, services and information from
raw material supplier , through operations ,to the final customer,and back again .
Effective management of the supply chain enhances profitability.
Depending on the size of the organization , a job in supply chainmanagement may involve analyzing and negotiating contractswith suppliers, manufactures and / or distributors , capacity andproduction planning , resources allocation and facility locationand scheduling the transportation and logistics of product /services to their final destination