the growing market, retail marketing has become one of the major emerging
trends in the entire economical cycle. It is the retail market only which
provides the consumer a basic platform to encounter with goods and a shop
keeper for the first time. Retail market consists of a fixed location like
boutique, store, departmental store etc, here in these location consumers meets
the shop keeper and purchase goods in return of certain value. Maintaining a
certain profit margin, these shop keepers sell goods to their consumers. The
basic motive of these shopkeepers is to satisfy the consumers and fulfill their
needs and demands.
marketing strategy has become one of the basic elements of marketing strategy
which includes a lot of planning and proper execution of this planning. Now let
us first focus on the basic nature of retail. Firstly in retail, a marketer
needs to focus primarily on the needs and desires of the customers.
marketing even focuses on satisfying the customers, maintaining a proper profit
margin for the owner of the goods. Customer needs are the basic key factors of
retail. Retail marketing consists of 5 basic pillars, first is saving the
precious time of the customers. Second is setting the right prices of the
goods, third is creating a proper connection with the emotions of the
customers, fourth pillar is paying the right respect to the customers and
lastly solving the problems of the customer is another pillar of retail.
customer loyalty is the basic function of retail, as once you create customer
loyalty towards your brand it will be easier for you to stay in the market for
a longer period of time. Creating customer loyalty is not a very easy task, as
it takes years for a brand to create customer loyalty.
can only create customer loyalty if you have a retail marketing plan, some of
such marketing plans are the sales promotional activities like loyalty cards,
loyalty one, gifts, coupons, special discounts and reward program.
program includes special gifts on purchase of bulk goods and loyalty cards are
special privileged cards which are offered to customers in order to provide
them huge discounts and free gifts. These sorts of special sales promotional
activities not only increase the sales target but at the same time increase
customer loyalty also.
so many new sales promotional programs promoted by the retail marketing
strategies, now it is possible to create a healthy relationship with the
customers. Previously creating emotional bonding with the customers was not
taken into consideration, and thus customers were only treated as customers who
were just supposed to pay the price of the goods. Thus, this resulted in lower
customer loyalty and it gave rise to huge number of product switching.
customers used to shift to other brands very easily as there did not exist any
brand loyalty. But now with the extensive features of retail marketing, it has
become easier for the company not only to capture a huge market but at the same
time create a strong bonding with the customers. Thus, this sort of marketing
strategy did not only ignite the sales target and profits but at the same time
increased the brand loyalty.