10-10-2012, 11:04 AM
Visual Merchandizing
ABSTRACT
Visual Merchandizing is one of the oldest philosophies relevant to the marketing arena. It refers to the unique practice of displaying the products in a store in order to maximize the appeal generated by the brand. Display of a product bears an effect on the final purchase of product by the consumers. The retail industry has a lot to look into this area. Allowance of FDI in retail poses many responsibilities for the existing retail stores. Big retail chains like Marks n Spencer, Pantaloons, Westside, Mores, Levis, etc. face a tough competition from pricing to distribution. Out of the four weapons present with a marketer, these retail chains can’t cherish on pricing, distribution or product aspects. So, the only zone of comfort present for exploitation among the 4 P’s is Promotion.
Visual Merchandizing is an inherent part of the promotional strategies of any firm and complements the positioning of a product. The store display in the retail market influences the buying behavior of end users and buyers in a significant way. From the exteriors to the interior setting of a shop, everything is important to convey uniqueness in the product being promoted. It has a strong message though not overt to communicate the image of the store and the brands stocked in the store.
Human psychology can be molded in favor of a brand if placed strategically in a store, which makes the product pleasant to the eyes of the visitors to the store. It is believed that an exquisite display not only affects the purchase decisions of existing customers but also adds in new fans to the club. It is a major effecter to catalyze impulsive buying behavior wherein the visitors to the stores get tempted to buy things they would not have thought of or which were never on their priority list ever. Things with an approach in their display pattern or a strategic position in the store can witness a sudden increase in demand. We study the eye movements of customers, in research, while purchasing goods, this pattern observed can actually be utilized to decipher the most prominent and lucrative place for the product.