Future and Changes expected in Retail Industry
The following are some of the possible changes which retailers need to decide on soon.
1. Increased access and variety through vending machines and kiosks as well as the development of m-commerce, internet sites, and virtual stores.
2. More precision marketing through telesales and specialist catalogues. The use of portable stores based in mobile truck or van units could be taken into specific neighborhood.
3. Greater customization of stores to suit niche markets.
4. Increased market coverage through cable and TV shopping networks or extending opening hours.
5. Improved turnover through the development of new areas of retailing such as financial services specialist. Merchandise within department stores or franchising.
6. Reduction in staff and therefore cost through the application of technology, with computerized sales information, inventory and display control, increased security and anti shoplifting devices, improved scanning systems.
7. Reappraising the size and location of stores with a more balanced approach to small scale development in key locations due to future legislation and working trends.
8. Creating longer term retention of customers through relationship marketing and loyalty programme.
9. Improving information database through introduction of smart card technology, Electronic Point of Sale (Epos) developments etc.
10. International expansion strategies in order to realize opportunities in countries such as India and China with heavy population and a growing middle class.