Retail Industry Detail
The word ‘Retail Industry’ has been quite a talked about issue and is something which almost anyone or everyone has a general idea about. It is something which plays an important role in the industrial sector right from the very early times when industries were slowly paving its way towards growth and noteworthy progress. The term ‘Retail’ is basically a method with the help of which various products and services (consumer-based ones) are sold to the respective customers via innumerable effective channels which can ultimately lead one’s way to earn maximum amount of profit. This process is sometimes made use out of in order to get hold of those final products which includes all kinds of necessity goods as well like food, clothing, day-to-day basic requirements and various others. At other points of time, retailing acts as a form of activity solely devoted to recreations!
The process of selling retail products can be done with the help of kiosks, different kinds of stores, or also by making use of the Internet and mailing facilities for the selling of such goods. This kind of business mainly takes the responsibility of selling basic daily needs by including stores of various kinds specializing in such commodities and goods like grocery, drug store and different other kinds of departmental and convenient and versatile stores. Retailing is also something which can be included for beauty salons, parlours and various rental places.
Retailing Industries have gained immense popularity and growth over the last few years because it has made profit-earning techniques a much easier aspect which has ultimately led to overall growth of the industrial sectors by progressing in various ways. The major reason for the retail business getting more and more popularity and significance in the modern world is mainly because for the extremely customer friendly behavior on the part of the selling and trying to fulfil almost all of the various demands of the buyers. They take the responsibility of delivering such final and go-to-ready products right at the very doorstep of the buyers interested in or have bought the desired products of their choice. Apart from this, retailing has further taken into consideration of providing more and more convenience to the customers in almost every possible way by giving them access to an extensive range of goods and services which are made sure by the retailers to be available all the time so that the buyers can get their hands upon them whenever or wherever they need them, from which they can easily choose and buy anything as per their own choice and preferences. Retailing business can only be successful if customers are given 24*7 access to the desired product of their choice and can get them delivered properly at the very doorstep of the customers. The retailers also make sure to send their final products as purchased by the customers in the most appropriate way and size possible and never send them in bulk which can automatically lead to a backdrop in their business. Consumers upon buying the product that they have been wishing for become extremely happy and satisfied which this leads to an overall profit of the business makers and at the same time making sure to improve the standards of living in any country by giving the customers full access to the premium quality products of their choice and thus enabling a better mode of living and leading one’s life. Purchasing more and more products from any kind retailer can lead to the unavailability of those particular products if they are obviously not stocked up on an early basis. So in order to avoid such circumstances of disappointing the consumers, the factories, purchasing the required amount of raw materials engage themselves in producing more and more of the final products which thus leads to satisfying the consumers to get hold of their own desired product and thus in a way playing a major role in deciding the profit-making scheme of any business retailer and the overall economic and industrial conditions of the country.
Retail Industries have been reaching heights over the past few years and have had an important role in determining the overall economic, industrial and social growth of a country. On a worldwide basis, the total approximate amount of the profit earned by Retail Industries was a whopping amount of nearly $22 trillion gained in the past few years. This is information which was reported by the eMarketer.com and was something which had amazed the entire population as to how much of an impact this particular form of industry must have had in shaping and molding the progress of any country on any part of the world. The high profit earned of nearly $22 trillion soon jumped and reached a higher amount of $24 trillion in the last 2-3 years. There are on an average nearly thirteen types of business types involved in the retailing system and each of them have had an immense contribution in leading to that bewildered worldwide amount earned from Retail Industries which ultimately led to a profit for both the business owners as well as the consumers thus leading to a massive growth and progress of almost all the countries involved in this particular form of business strategy. Some of the approximate contributions made by various forms of business types helping in the growth of Retail Industries as a whole are the grocery stores making 20.0% profit, the automobile stores making a 13.0% contribution, the drug stores with a 6.0% contribution, the mixed store retailers with a 2.3% profit making contribution, and various other such business forms.
Therefore, as the world is advancing more and more on a daily basis, it is automatically and simultaneously leading to a growth in almost every kind of field with the similar purpose of making the maximum amount of use and profit out of it in any possible manner. With the upcoming of various technological schemes and with the kind of advanced generation belonging to the 21st century, Retail Industries in particular have and are sure to attain new and greater heights than ever before.
Role of IT in Retail Industry
In today’s modern world where almost anything and everything is dealt with the help of convenience provided by both the technological as well as the industrial sectors, the terms ‘Retail Industry’ and ‘IT’ are something which go almost hand-in-hand and is quite a familiar concept among people living in any country in any part of the world. IT basically stands for Information Technology which actually refers to the complete dependence and usage of various technological devices like computers, laptops, networking, programming, storage, mobile phones and various other devices for the sole purpose of creating, storing, processing and exchanging every possible kind of digitalized data and information mainly used in the fields of business industry or any other form of enterprises. The term ‘Retail’ on the other hand actually refers to the method of earning maximum profit by selling those premium quality final products and different kinds of services to a large number of customers with the help of highly advanced and innumerable channels and effective processes. Retail Industries are something which has been quite a prevalent concept right from the very primitive times when they actually existed in the form of those ‘rude booths’ and have gone through a gradual growth and progress due to which nowadays we are introduced to such Retail Industries existing in the form of huge and modern shopping malls as seen almost anywhere and everywhere in the present times.
The 21st century is marked as a highly globalized and technologically advanced period, have and is still undergoing massive progress in the retailing sector both as a result of increased profit warning methodologies and providing customers with some of the most high-end products to the customers but also due to a major role and contributions being made by the various strategies used with the help of the Information Technological aspects. Over the recent years, on the basis of proper evidence, one can effectively say that Information Technology have had a significant role to play due to which some of the largest and highly profit-earning retailing sectors have undergone massive changes which have obviously been for the good of both the retail business owners as well the customers leading to an economic and overall industrial progress and growth of any country on any part of the world.
The involvement of Information Technology in various Retail Industries has had an immense significance in this industrial field. Some of major roles that IT have played in the growth and progress of the Retail Industries are as follows-
- Information Technology has made an immense contribution in increasing the company’s proficiency and ability in matters of giving instant and impactful response to the various market places undergoing gradual evolution by making use of high and flexible speed in their process of attaining maximum profit by making use or the Internet or any other forms of physical devices so as to make sure that they can maintain an effective business scheme and relation with the customers purchasing their products and thus enabling a smooth interactive buyer-seller relation as well as procedure to earn maximum profits.
- The use of Information Technology in various Retail Industries have made the task of collecting, organizing and finally analyzing all sorts of consumer data and information and ensure a correct and appropriate approach to differentiate between them and mark a successful business policy so as to satisfy the customers to the fullest extent and also earn maximum amount of profit out of it
- Information Technology has made the world a much closer and convenient place to live in. And with its high-tech facilities provided to mankind, retailing is one such field which has gained all new heights by not just being limited to one particular country in which their business has been set up but also reach out and undergo a major extension in working both within and across other countries in any part of the world. This has brought them closer to customers living in any nation of the world and by satisfying them with their respective demands being fulfilled with high-quality final products that they purchase and thus enabling a wider profit-earning scheme. This has led to an overall improvement of the various methodologies used in any particular kind of business fields so as to enable the maximum use of their stock products.
- Information Technology has not just led to any retailing sector earn maximum amount of profit by enabling more and more purchase of their premium quality products but also by helping the company to reduce their spending amount on any particular product by making use of such technological strategies and concepts which can allow the company to have a control over their own expenditure over a particular product and at the same time make sure of making no such changes in the quality of their goods and services so as to never disappoint them consumers and also earn the maximum amount of profit at the same time which is the main purpose of these Retail Industries.
- An effective role played by the Information Technological field in the retailing sectors is its power to help such business owners to make the most out of everything so as to earn maximum profit but at the same also help in achieving the most effective form of management policies in various matters. Managing a proper flow of cash with maximum stabilization with the correct use of Information Technological devices can help one’s business to retain that top-notch position in the market for the maximum period of time.
Information Technology has blessed mankind for a number of reasons. And one such important aspect is its role in various retailing sectors. It has helped the Retailing Industries to evolve, evolve and progress in innumerable ways which have ultimately led to overall growth and advancement of the country in various ways. Thus this particular form of industries will forever remain indebted to the benefits provided by the field of Information Technology which has in a way led to the maximum economic industrial and social growth of any developing or developed countries in any part of the world.