19-01-2013, 04:28 PM
GROWTH OF RETAIL SECTOR” IN ‘INDIA
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Introduction
If the size of the market determines the future opportunities, then retail is definitely an emerging job market in India. Be it the next-door departmental store, super malls or supermarkets, retail has thrown open one of the largest bouquet of career options in the non-conventional service sector.
Retailing in India is becoming increasingly important and organized retailing is poised to grow at an exponential rate. These growth opportunities have even attracted global majors who are setting up shop in India.
India’s retailing boom has acquired further momentum with international giants beginning to test the waters and the country’s big business groups taking bold news steps. At the same time, in a bid to fortify their existing presence amid growing steps and competition, the early entrants are re-tailoring their strategies to suit the new market landscape. Clearly, the next wave of the retail boom is upon us.
All these mega moves are, however, not without their own sets of problems, some of which already seem daunting. Skilled labour shortage, supply chain issues and adequate land for setting shop are proving to be major hurdles for these chains.
RETAILING
What is retailing all about?
The word ‘retail’ is derived from the French word ‘retailer’, meaning ‘to cut a piece off’ or ‘to break bulk’. In simple terms, it implies a first-hand transaction with the customer.
Retailing can be defined as the buying and selling of goods and services. It can also be defined as the timely delivery of goods and services demanded by consumers at prices that are competitive and affordable.
Retailing involves a direct interface with the customer and the coordination of business activities from end to end- right from the concept or design stage of a product or offering, to its delivery and post-delivery service to the customer. The industry has contributed to the economic growth of many countries and is undoubtedly one of the fastest changing and dynamic industries in the world today.
Retailing includes all the activities involved in selling goods and services directly to final consumers for personal, non-business use. Retailing consists of the sale of goods or merchandise, from a fixed location such as a department store or kiosk, in small or individual lots for direct consumption by the purchasers.
Retailing may include subordinated services such as delivery. Purchasers may be individual or businesses. In commerce, a retailer buys goods or products in large quantities from manufactures or importers, either directly or through whole sellers, and then sells smaller quantities to the end users. Retail establishments are often called shops or stores. Retailers are at the end of the supply chain. Manufacturing marketers see the process of retailing as a necessary part of their over all distribution strategy.
India's largest industry, the retail sector is valued at $200 billion accounting for over 10 per cent of the country's GDP and around eight per cent of the country's employment. It has emerged as one of the most dynamic industries with several players entering the market. In short, retail industry in India is at the crossroads.
Long ago the ‘FATHER OF NATION’---“MAHATMA GANDHI” realized importance of customer for retailer, he is in fact the first to emphasize the importance of ‘customer relationship management’ practices in INDIA……what he said about the importance of the customer is famous all over the world. It goes like this---
“The customer is the most important person in our premises
He is not dependent on us; we are dependent on him
He is not an interruption of our work; he is the purpose of it
He is not an outsider to our business; he is a part of it
We are doing him a favour by serving him,
He is doing us a favour by giving the opportunity to do so”
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SYNOPSIS
The aim of this thesis is to understand the growth of retail marketing and analyze the changing retail scenario in the country in respect to the Global environment.
Focus on different format that is being followed locally and worldwide by retailers and the latest trends in malls and the requirement of big retailers for setting up shops in India.
The demographic profile of the population and the economic scenario i.e. the emerging middle class that is having its presence felt in all retail formats.
The role of information technology in retail to make it more adaptable to the never-ending consumer demand and its easy accessibility by the retailers to manage the operation effectively and efficiently.
The challenges before organized retail and ways to overcome it.
The roles of government in giving retail an industry status and the impact of government policies on present day retail.
To study how unorganized sectors are now trying to be organized and its impact on market.