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1 page/≈275 words
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Other
Subject:
Business & Marketing
Type:
Book Review
Language:
English (U.S.)
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MS Word
Date:
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Topic:
The Old Pillars of New Retailing (Book Review Sample)
Instructions:
This is a review of the article The Old Pillars of New Retailing as provided by the client. I was required to summarize the article into a one page document
source..Content:
The Old Pillars of New Retailing
Retailing business has increasing become competitive over the years. The increased competition has lead to the collapse of some of the biggest retailers as well as forced some of the market players to re-strategize on the best actions to overcome the intensive competition. Actions such as price cuts or discounts, intensive advertising and marketing have not done enough to guarantee the retailers a share of the existing market. This is because the modern clients need a total customer experience from the retailers.
The customers want to associate with a retailer who offers unique solutions to their needs, prices goods fairly, offers convenience and a retailer who has respect for the clients and above all emotionally connected. These are the five factors or pillars that would help a retailer create a competitive edge and be successful in retail operation. The five pillars are explained as follows;
* Offering unique solutions to customers needs
Retailers should offer products and services different from what the competitors could offer. It is important for the retailers to develop a client-based approach in business with customized products and services that meet their unique needs.
* Respect
The way you treat your customer determines whether they will need your products and services in future. The retailers should be ensure that they show respect for every client. The customers should leave the retail shop with a good impression of the people working there. The management of any retail business should hence ensure that the staffs are trained on handling clients.
* Emotional connection
Success in retail business requires the retailer create an emotional connection between the customer and the product. The retailers need to help the client understand the product that they want to buy. It is good for a client to have more knowledge on the good that he or she would have otherwise not known. In turn, the client will appreciate the retailer for being caring, concerned and support...
Retailing business has increasing become competitive over the years. The increased competition has lead to the collapse of some of the biggest retailers as well as forced some of the market players to re-strategize on the best actions to overcome the intensive competition. Actions such as price cuts or discounts, intensive advertising and marketing have not done enough to guarantee the retailers a share of the existing market. This is because the modern clients need a total customer experience from the retailers.
The customers want to associate with a retailer who offers unique solutions to their needs, prices goods fairly, offers convenience and a retailer who has respect for the clients and above all emotionally connected. These are the five factors or pillars that would help a retailer create a competitive edge and be successful in retail operation. The five pillars are explained as follows;
* Offering unique solutions to customers needs
Retailers should offer products and services different from what the competitors could offer. It is important for the retailers to develop a client-based approach in business with customized products and services that meet their unique needs.
* Respect
The way you treat your customer determines whether they will need your products and services in future. The retailers should be ensure that they show respect for every client. The customers should leave the retail shop with a good impression of the people working there. The management of any retail business should hence ensure that the staffs are trained on handling clients.
* Emotional connection
Success in retail business requires the retailer create an emotional connection between the customer and the product. The retailers need to help the client understand the product that they want to buy. It is good for a client to have more knowledge on the good that he or she would have otherwise not known. In turn, the client will appreciate the retailer for being caring, concerned and support...
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