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Store management is extremely critical to ensure the smooth running of the store. It should be versatile and secure to convey to the right customers. With this framework, retailers ought to pass on the customized/modified offers and services that are up to the moment and attempt to target each individual.
Store management system executes the operation of the store, utilizes the corresponding mechanical assembly line. It is important to see and understand how the store is going to cater the customer requirement and meet their expectations. The consistency in the execution of relevant ranges of products, price points, and service offerings is crucial to run an effective and efficient business model.
Some significant features of retail operations which help a retail store in its functioning and performance are as follows
Founded in 2001 by Kishore Biyani, Big Bazaar as a retail chain operating under the parent organization – Future Group – that holds a significant prominence in the Indian retail and fashion sectors.
Big Bazaar is one of the oldest hypermarket chains that houses around 250+ stores in the country. It covers three essential categories in Indian retail: home, food, and fashion. Popular retail chains – like the Food Bazaar and FBB form an integral part of Big Bazaar’s identity. The latter (i.e. FBB) has exponentially grown into a major brand that epitomizes fashion in India.
Big Bazaar scores over other stores because of its value for money proposition for the Indian consumers. Big Bazaar guarantees the best products at the best affordable prices. With the ever-increasing array of in-house brands, they entered into the world of fashion and general merchandise, including home furnishings, utensils, crockery, cutlery, sports goods etc.
Variety of product range at Big Bazaar:
The large store comprises of everything required by people from the middle-income group. It varies from groceries, clothing, accessories, and apparels for all age groups. It also contains utility items, furniture, plastics and much more wide range of products. The added advantage of customer shopping at the big bazaar is discounted that are always offered on most of their products. It caters to every family need. With over 250 store outlets in India, Big Bazaar is one of the largest growing retail chains in the country.
The main function of a retail store is to sell products to its customers. Merchandising is a practice that is used to sell a product to retail consumers. One of the important features of the retail business is to decide the merchandise mix and quantity that to be purchased by the store. By the merchandising process, a retailer offers the right quantity and quality of the product at right place and time in order to meet the firm’s financial goals. Merchandise management is a combination of a series of works.
Planning consists of obtaining merchandise well in advance for the selling season. Control involves designing work to determine if the goal achieved or not. If it is diverting from the regular work we have to check and keep it aligned with the path.
Merchandising mix is used to represent the range of products retail offers to its target customer base. Developing the mix is helpful to the retailer to appeal more to its targeted customer. The number of different product items is represented by the product assortment within a particular product line.
CRITERIA OF MERCHANDISING CLASSIFICATION:
SWOT Analysis Strengths:
1) Reliance Fresh:
These stores sell fresh fruits and vegetables, staples, groceries, fresh juice, bars and dairy products. They already have 1600 stores spread across in India and Reliance is planning to spend more than $250 million in the expansion of these stores. Since the products offered are less than big bazaar, it is not exactly a competitor to the big bazaar but Reliance has attracted many customers for the purchase of their daily groceries because of the perception of their products being fresher and the stores being at a convenient location, and hence might pose a serious threat in future.
It is a chain of hypermarkets and supermarkets in India. It is spread across 141 locations in India. It offers the products like grocery and staples, home and personal care, dairy and frozen, daily groceries, stationery, apparels and the luggage and stationary section. The offering is somewhat similar to Big Bazaar but with frequent discounts and affordable pricing, it has become a major competitor of the big bazaar in order to tap the price-sensitive customers.
3) Wal-Mart India:
Wal-Mart India operates 21 Best Price Modern Wholesale stores. It offers around 5,000 items in a Cash & Carries wholesale format. The Best Price stores offer the best prices with unmatched convenience, choice, quality, and hygiene. They are already successful in establishing the back-end supply chain in India as per the government of India guidelines. Everyday shoppers can’t buy a membership to Best Price stores or the e-commerce platform, however, it is meant for the small grocers to prosper.
4) Small Kirana’s:
There are approximately 12 Million Kirana’s in India, each of them serving 500 to 10000 families in their serving areas. The reason why the organized hypermarket and supermarkets haven’t been able to vanish their market is that of their loyal customer base. They offer products like groceries, stationery, dairy items. The main advantage these stores have is their proximity to the customers and the fact that they can extend credit offerings to their customers.
Specific Insights of Big Bazaar, Amritsar
Role operations must ensure that every process in the store is both customers friendly and cost-effective. With proper planning, staffing, merchandise tracking, and some of these inhibitors or at least the impact of these inhibitors could potentially be avoided or minimized.
So the role of store needs to be:
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