A Synopsis On

Retail Marketing In India

INTRODUCTION Retailing can be defined as 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 consumer. Retailing is a well recognized business function which compromises making available desired product in the desired quantity at the desired time. This creates a time, place and form utility for the consumer. The success of retailing is depending up on the efficient supply chain and assortment of merchandise mix. A well-developed supply chain reduces wastages and transaction cost thereby reducing the cost of inventories to be maintained by the producers and the traders. A reduction in the cost of inventory management leads to a reduction in the final price to the consumer. Retailing has been identified as a key source for promotion of textiles, processed foods, agricultural and horticultural products. Recently due to certain demographic and economic changes India retail sector has taken a new breathe. It has created a lot of opportunities for big corporate houses like Tata, Reliance and Bharti etc as well as for many foreign players. As in present scenario Indian retail is in nascent stage therefore it is not much affecting the small kirana stores but in long run its affect can be ignore. Undoubtedly, revolution in retail is good for Indian consumers as well as government as it will increase the taxes i.e. income for government and consumer will have more choice.

Broadly Indian retail sector can be classified into two segments: UNORGANIZED RETAILING Unorganized retailing is characterized by a distorted real-estate market, poor infrastructure and inefficient upstream processes, lack of modern technology, inadequate funding and absence of skilled manpower. Therefore, there is a need to promote organized retailing.

ORGANIZED RETAILING Organized Retailing can be defined as a form of retailing whereby customers can buy goods in a similar purchase environment across more than one physical location for verticals from food, grocery, apparel, consumer durables, jewellery, footwear, beauty care, home dcor, and books to music. In organized retailing a proper record is maintain by the government and retailers need to pay the tax to the government.

SCOPE & IMPORTANCE OF RETAIL MARKETING Retailing has a tremendous impact on the economy. It involves high annual sales and employment. As a major source of employment retailing offers a wide range of career opportunities including; store management, merchandising and owning a retail business. Consumers benefit from retailing is that, retailers perform marketing functions that makes it possible for customers to have access to a broad variety of products and services. Retailing also helps to create place, time and possession utilities. A retailers service also helps to enhance a products image. Retailers participate in the sorting process by collecting an assortment of goods and services from a wide variety of suppliers and offering them for sale. The width and depth of assortment depend upon the individual retailers strategy.

They provide information to consumers through advertising, displays and signs and sales personnel. Marketing research support is given to other channels, members. They store merchandise, mark prices on it, place items on the selling floor and otherwise handle products; usually they pay suppliers for items before selling ,them to final customers. They complete transactions by using appropriate locations, and timings, credit policies, and other services e.g. delivery. Retailing in a way, is the final stage in marketing channels for consumer products. Retailers provide the vital link between producers and ultimate consumers. Largest and fastest growing sector in India. Modern retailing forms one point stop for all shopping. Consumer gets a large product variety of brands to choose from one roof. First it was a sellers market and now its changing to buyers market. By 2012 Indian retail sector would generates 11 million employment opportunities.

OBJECTIVE OF STUDY

Retailing in India Past, present and future To study how Indian retailers sell their product? To study the Future growth potential of Retail Marketing in India. Which International retailers eyeing Indian market.. To study and analyze the impact of organized retail on sales of unorganized retail (local kirana stores). To study the alternative strategy adopted by unorganized stores to minimize the impact. To study the challenges faced by organize as well as unorganized retail and also to draft a suitable roadmap to create a balance between them. To study the consumers behavior towards unorganized and organized retail. To study the futuristic strategy of organized players to build competitive advantages over unorganized local retail players.

RESEARCH METHODOLOGY

Secondary data collection and their analysis. Indian retail industry analysis. Primary data collection through survey method by drafting a structured questionnaire/ opinions from well knowledgeable experts.

SIGNIFICANCE OF STUDY The present study will be of immense help to the corporate executives, professionals and academicians, especially for the formulation marketing strategies, marketing plan, control measures, to create competitive environment for the retailers. The present research work is supposed to be useful especially to present and potential players in Indian retail market. It will also highlight the potential growth, opportunities, contribution to the national economy, employability etc.