Organised Retailing Serving the Bottom of the Pyramid
Retail club-Aurora07 Organised retailing serving the bottom of the pyramid Institute Name – School of Business Management NMIMS, Mumbai Team Member 1 – Rohit Dhanuka Email Id – drohit44@gmail.com Contact - 9920697423 Team Member 2 – Vikas Chawla Email ID – vikaschawla123@gmail.com Contact - 9833919901 Retailing encompasses the business activities involved in selling goods and services to their consumers for their personal, family or household use. It includes every sale to final consumers ranging from cars to apparel, to meals at restaurants to theatre tickets. Retail is the largest private industry in the world, with total sales of $ 6.6 trillion. Retail industry accounts for almost 8% of the GDP in the western world. The fact that the largest company of the world by sales, Wal-Mart is a retail chain, only confirms to the significance of this industry. The retail sector plays a significant role in the world economy because of the contribution it makes. Organised v/s unorganised retail The unorganised sector is usually associated with low-cost retailing consisting of street side vendors, supermarkets, kirana stores, paan-beedi shops, departmental stores, restaurants, hotels, handicrafts and so on, where normally only one person is in charge. But there are major drawbacks associated with such kind of retailing such as: Low employee skills Problems associated with the management of human assets Inability to offer a wide range of products Lack of sourcing capabilities Lack of proper storage facilities Now let’s have a look at the organised retailing in India This sector is showing a great promise, as per reports it is expected to grow to 42% by 2008. The reason for the sector gaining popularity is that today’s consumer is seeking better availability and quality, a pleasant shopping environment, more financing options, return and exchange policies and competitive prices. Use of plastic money such as credit cards for
References: Rural markets – emerging opportunities Indian journal of marketing Retail Biz Images Retail Retail in Retail Retail management Business today Indian retail report www.indiaretailforum.com