Retail Domain
Retail Industry – Domain Knowledge
Looking for knowledge and key business information on the Retail industry?
TechnoFunc brings to you retail industry overview, business model, value chain, competitive landscape, and latest trends. Retail is the sale of goods and services from individuals or businesses to the end-user. The retail industry provides consumers with goods and services for their everyday needs. This industry is comprised of a variety of stakeholders. Modern retail players offer the flexibility to buy products from around the world to the consumers. Retailing can be done in either fixed locations or online. Retailing includes subordinated services, such as delivery. This sector has its own dynamics and challenges and retail industry players adopt unique strategies to overcome these global challenges in order to offer customers the right products at the right time for the right price. This section is designed to help learners understand key concepts, terminology, issues, and challenges associated with the retail industry, and technologies deployed to meet some of those challenges. It will identify the main sectors of the retail industry and its business drivers, business model, competitive environment, technological advances and the current trends.
Learn the various dynamics and challenges in the domain of Retail Industry. Quickly enhance your business acumen and talk like an expert and impress your stakeholders in your next meeting!
Retail Industry: Key Performance Metrics
You cannot manage what you do not measure and cannot measure what you do not define. Learn the key performance metrics for the retail industry like Sales per square foot, Gross margins return on investment, Average transaction value, Customer retention, Conversion rate, Foot traffic, and digital traffic and Inventory turnover, etc. These metrics are used across the globe by key industry players to track and improve their performance.
Retail Industry: Strategies for overcoming challenges
To stay competitive in this ever-evolving landscape, it is imperative for retailers to deliver a seamless customer experience and provide the right services and products at the right time. Learn the strategies for overcoming challenges for the retail industry. Retailers must use technology and solutions to revive their businesses in the COVID-19 world. An omnichannel marketing strategy can help retailers reach a wider audience for their brands.
Trends in Retail Sector
Markets are continuously changing and to understand the dynamics of any industry it is important to understand what is happening and how the industry market players see the future for the industry. In this article, we will discuss the recent trends witnessed by the retail sector. This document provides insights into major trends identified for the retail sector.
History of Consumer Industry
All of us are consumers, from cradle to grave, to be more precise, from the womb to grave or cremation. In a sense, the history of the consumer is the history of mankind. Consumers are the largest economic group in any country. They are the central point of all of our economic activities. But the very same consumers ate the most voiceless group also. The nature of consumer in terms of needs, consumption patterns, and problems has been changing and evolving along with the social and economic development in the course of history.
Types of Consumer Goods
From an economic standpoint, there are three main types of consumer goods: durable goods, nondurable goods, and services. For marketing purposes, consumer goods can be grouped into different categories based on consumer behavior, how consumers shop for them, and how frequently consumers shop for them. One of the largest consumer goods groups is called fast-moving consumer goods. This segment includes nondurable goods like food and drinks that move rapidly through the chain from producers to distributors and retailers than on to consumers.
