My experience With Retail

Hardev SinghSales Exicutive , Peter EnglandMadura F&L StyleMBA (Marketing&Finance)HNBGU Central UniversitySrinagar Garhwal (Uttarakahnd)hardevsingh93@gmail.com

About Retail -Retail comes from the Old French word tailler, which

means "to cut off, clip, pare, divide" in terms of tailoring (1365). It was first recorded as a noun with the meaning of a "sale in small quantities" in 1433 (from the Middle French retail, "piece cut off, shred, scrap, paring"). Like in French, the word retail in both Dutch and German also refers to the sale of small quantities of items.

Indian Retail-Retailing in India is one of the pillars of its economy and accounts for about 22 percent of its GDP.

The Indian retail market is estimated to be US$ 500 billion and one of the top five retail markets in the world by economic value. India is one of the fastest growing retail markets in the world, with 1.2 billion people.

Types of retail Store According to IndustryThree Types Of Retail Store

1- COCO= Company On

company Operating

2-COFO= Company on

franchise Operating

3-FOFO= Franchise on

Franchise Operating

COCO-Company on Company Operating= coco Retail Store mainly operate and run by the company. And all employee, location, inventory, decide the company.

COFO- Company On Franchise Operating= cofo retail store this type of store are working under the company norms and rule. And employee provided by the company but all operating system run by the franchise like as, location, rent, store maintenance, profit on the basis of % agreement etc.

FOFO- Franchise On Franchise Operating=fofo retail store totally operated and run by franchise, franchise will decide all location, goods, profit agreement, employee, transportation system. But rule regulation will be same for all types of retail store.

Advantage &Disadvantage of this type store=

Advantage- 1- Balance sales and supply chain system. Customer easily get all type of service at his/her nearest

market. Competitive market will be increase . Company can make better market analysis , product price. Customer options will be increase.

Disadvantage= 1- misunderstanding with the company and franchise .

Sometime company issue different policy for company & franchise store.

Franchise have to pay all extra charges of his sites . If franchise store are not getting profit. Company will not give

any type of reimbursement for store. Franchise store employee never get any type of benefit like as

company store employee get.

Types of Retail Brand Outlet

Two types of Retail Brand Outlet

EBO’S (Exclusive brand outlet)

MBO’S (Multi Brand Outlet)

EBO’S Outlet= This type of brand store where we can get only single brand apparel. And we can find our more options over there.

Eg- live’s, Peter England, U.S.POLO. Park Avenue, Lee, Luis Philip, Venhusen, Allen solly, Diesel, Zodiac, United Colors Of Benton etc.

MBO’S Outlet= In multi brand outlet we can get large number of Apparel brand, and customer can get with the single offer more brand apparel. And choice can be increase, different type of segment also available in this types of store.

Eg- Pantaloons, Life Style. Stanmax, Max, Future Group(Bigbazar) Reliance trend, Bindal’s, FBB “India’s Fashion Hub”.

Pricing Method In Retail Sales=

Psychological Price- In retail store mainly use psychological price of the product, which is effect customer mind about the price. And it is beneficiary for retail industry.

Eg- 99,999, 1099, 1599 9999, 1449, because if customer will purchase 99 amount of product than customer will give 100 Rs and customer left his 1 Rs. In store, this 1 rupee is more important for company. And it is extra profit of company. If customer will purchase 3 to 5 product so that all product Mrp will be around thousand and hundred , even than customer left his 3 to 5 rupee over there.

99+99+99= 297- 3 rs profit of company, because customer will pay 300 rupee.

999+999+999+999+1099=5095- 5 rupee profit.

Offer System In Retail Product- Buy 2 Get 1Buy 3 Get 2 Buy 3 Get 3Flat 20%,25%,30%,40%,50% * condition apply.Flat 50%+20% discount. * condition apply.If customer will purchase buy2 get 1 and buy 3 get3

where they have to pay higher amount of product and lower mrp product will be free.

All flat % discount customer have to pay vat extra. Vat issue according govt. norms.

Below 5000 customer have to pay-5% vat Above 5000 customer have to pay- 12.5% vat, all vat

depend are issue discount scheme not flat.

5 types customer live in the market

1- pre-planner customer-

2- group customer

3- depended customer

4- brand conscious

5- window shopper customer (indecisive buyer)

Some universal aspect of sales-

Selling is considered to be a function of marketing. When sales results are good, marketing takes credit, when the sales are bad, the sales department and salespeople are blamed.

Selling is a win-win or lose-lose game.It was one time when buyer beware now today

scenario is seller beware. Why?Because market are more competitive .Media has made people more knowledgeable and

aware .

• Customer want to get any time profitable service which is provide long term benefit for customer.

• Customer have large number of option.

Increase day to day promotion and advertising which is attract to the customer.

Changed customer buying power and perception about the brand value.

In 21th century revolution of online retail marketing.

Difference between off line retail sales v/s on line retail salesOff line retail sales are use in different types of

market eg.- hyper market, super market, mom & pop market, kirana store, B2B market etc. because this market also spread in all kinds of location, and there sales volume is vary high and customer spent more time over there, because customer & seller has made better relationship in this market. This market is tradition based market, and large number of competitor available in this market and sale our tangible& intangible service in the market.

Offline retail market every company have to make new marketing strategy, advertisement policy, product price. For making new customer attraction, because in this market large no of competitor born day 2 day.

Online retail market- In India 1% online retail market are influenced 99% off line retail market. Because there marketing policy are attracting customer perception about the market service. Provide better offer. Better sales promotion activity. Customer can not bargaining about the product price . Online market are suitable for time management, because customer spent more time in offline market for buy and increase our bargaining power and choose more shop in this area, but same procedure customer can not follow in the online market. They can get all things in a particular portal.

Online retail create one type of revolution in the market which is very tough for off line retailer & shopkeeper.

Retail sales-Retail sales means where large number of seller sales

durable and nondurable goods in a particular place. If I would like to describe on the basis of sales professional way. So that in retail sales a sales person don’t have to go front of customer, customer have to come of the front of sales man and express about the product and service.

It is not field work sales job which is we can say store sales man.

Retail sales good for know the customer behavior about the brand, or buying power, because is there large number of customer visit per day. It is good for sales man where sales man & customer are using bargaining and negotiation for the product, price, which is good for fresher sales man in the market, and a sales man try make new relation with the customer, because customer will give more business for company, and sales man can achieve our target.

Some sales techniques for new sales manA sales man must be visionary and optimism .A sales man never think about the first time commission,

he should think about his service.A sales man should be problem solver not a creator.A sales man should have knowledge about his product.Every company should have provide better sales training

for all sales employee and they should give technical, practical , and theoretical training for employee.

Sales man must have information about the competitor.Sales man should be follow time management.If sales increase so definitely economy will grow if sales

decrease so economy will down. So that sales man should be innovative mind and lead generator.

Categories of sales man –according to my experience I have seen 2 types of

sales man1- professional2- unprofessional1-professional sales man- Basically this type of sales

man is a well trained sales man, who get more training in the company and try to do all things in a professional way, and they have to control , attitude, ego, behavior, communication, patience, because all thing create new relation with the customer, and they all are speak very politely, because one professional sales man behavior can built company goodwill.

Whenever every customer visit in the any pvt. Company office, hotel, bank. Restaurant so all receptionist are speak polite way because that is a matter of well trained salesperson,

Unprofessional salesmanMostly we are looking this type of sales person

everywhereLike kirana store, bus stand, street road, fair,

unprofessional sales person motive only sale the product, they don’t think about service customer satisfaction relation whatever. Even some street & bus stand or fair sales man speak very sought, because whatever product they are sale these all kind of product launched in the market without any advertisement, and promotion. It can be copy product. But all things depend on his /her voice techniques. This is important for his & her. Is there no matter which types of apparel they have wear, and what is his/her communication.

ConclusionIn the last couple of month I have learnt more

thing about the sale. It is a very interesting and self development techniques. If we want to analyze our value so we have to give some thing for another person. If they are satisfied with your service definitely they will believe us. And we have to built new relation with the person. If our relation good so definitely our value will be increase. If relation down then we have to loss more thing.

First time customer purchase all thing on the base of brand name if we give good service that time. So customer will visit second time on the basis of sales person name.

Until that we all are doing sale, aren’t.