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Online shopping has grown in popularity nowadays, mainly because people find it convenient and easy to bargain shop from the comfort of their home or office through desktop computers, laptops, tablet computers and smartphones. However, Retailing, is the selling of merchandise and certain services to consumers. Moreover, Retail stores may be small or large, but they mostly operate in the same line as manufacturing or purchasing to sale and it is very basic form of business. There are various types of retail stores such as- Supermarket, Warehouse Stores, Departmental Stores and so on.
The goal of this paper to identify, how retail businesses are being affected for online trading and the various recovery techniques they are coming up with to counter those online trading in this racing circumstance.
In the recent time, retailing generally operated in the traditional lines of business except a few superstores on retailers that brought in certain modification in their business patterns. Here, customers must go physically to purchase anything, and they have to pass huge time over there. In this era people usually are too much busy with their work, study and so on. Even they can not give sufficient time to their family or friends. For this reasons people all over the world are seeking an alternative to effective use or minimize of their time.
Internet gives them this scope and it is great way to do many things within short time including trading. In addition, when online trading launched, people catch it remarkably to avoid these retailing hassle and within short time people all over the glove habituated with this process of business. This is because online trading is very cheaper. Investor can monitor their investment any time. They can use their phone or computer to evaluate profit or loss. No middleman is requiring to buy or sell the goods in this process. It is faster transection than retailing.
On the other hand retailing is losing their appeal gradually. Online shops have brought in a price war in the market and the main sufferers of this price war are the retailers. In order to survive, most of these retailers too has made an initiative to lower their prices but considering
their high cost of operation these retailers has to sacrifice on their margin. Some time they have to give discount to sustain as well. Retailers have very minimum opportunities to stock wide variety of good due to lack of show room size, but online traders have not face this issue. Hence, retailer have to invest more to beat online process. Furthermore, the retailers now-a-days are more involved in advertisement campaign than ever before in order to increase their sales.
If retailer want to build a sustainable business, they need to take various measures. Firstly, they should find the drawback of online trading. For example, Customer services is one of the major factor for e-commerce or online trading. They do not have enough option to give proper maintenance support or after service, but retailer have this opportunity to provide. Hence, retailer should emphasize on it. Secondly retailer can turn their retailing place into entertainment place. Nowadays most of the shopping malls and super shops have cinema hall, food court, kids zone, day care along with showroom or selling place. For these reasons, people go shopping center to enjoy the entertainment and buy good as well. It is most effective strategy to attract customer. Thirdly, retailers can also make an option to sell and buy their commodities in online. When they have both option, customer treat it as a value add service. To illustrate, H&M is an international chain of fashion retail clothing stores. Although They have 4,500 stores in the world, but they made online trading system to get smooth business process. Lastly, quality and visual merchandising are the most fundamental factors to achieve the loyal customer. Retailer can improve the product quality through numerous ways. Moreover, they have nice scope to demonstrate their product physically. Hence, they can work on it to improve as per trends and customer demand.
The scenario of retailing system is changed. Nowadays, retailing means going into shopping centers and online both. Maximum giant and medium type retailer tend to absorb the new systems and procedure for online trading. However, still many retail shops are declining due to lack of knowledge and adaptation capacity of new system. The retail stores need to simply uplift its pattern of business and face the competitive world with a more positive outlook. Finally Online trading and retailing both have to survive by considering customer requirements and many more practice
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