Pied Piper of Hamelin is a known legend, wherein he lures people and animals with his magical flute. The retailer is like a pied piper; in a positive note, involved in charming customers for enhancing sales, satisfying his employees to retain them, and managing his stake holders.
Global retail industry continues to grow despite economic doldrums. People have developed a strong attraction for luxury items. A Deloitte report states that more than 80% of the top 250 retailers have posted increase in their revenues. The sector has grabbed immense attention in the recent past. Consumers appetite for luxury goods is robust, and marketing efforts of retailers focus on appealing to the aspirations of consumers, emphasizing on product value and consumer loyalty. To remain competitive in the dynamic retail environment, it is crucial for retailers to facilitate seamless customer service.
Earlier models of retail were mostly run as a family business with members staying and managing the business together due to the existence of joint family system. In the contemporary retail format, there are two trends; single multi-category stores or chains, and big stores. To survive in such an environment, retailers need multi skills; technical knowhow, and lead operations, manage their staff and cater to consumers. The requirements have increased manifold, and managing the retail business has also become complicated. A successful retailer needs to be a pied piper when dealing with his staff, managing his stake holders, and while attracting his customers.
A well planned format, and in-store arrangement enables the retailer to maximize sales. Retail space needs to be changed as a primary point of brand contact. The store format must also embrace the virtual environment as a point of contact to the brand from anywhere and at any possible time. Retailers, apart from their expansion plans also need to focus on the real estate strategy, as need for physical spaces have started shrinking with the advancement in virtual options. Retail store needs to be transformed as a space providing a pleasant experience to customer rather than a mere place to transact.