8 Strategies of Retail Marketing to Drive Sales

Introduction: Strategies of Retail Marketing

Retailing in India supports its economy by 14 to 15 percent of its GDP. India is one of the fastest growing retail markets in the world, with 1.2 billion people. India’s retail and logistics industry make use of about 40 million Indians (3.3% of Indian population). Retailing comes at the end of the marketing distributive channel. It covers all the activities involved in the sale of product and also services. Retailing is a high-intensity competition industry and second largest globally. Let’s see the 8 Strategies of Retail Marketing to Drive Sales.

What is the Retail Marketing?

• Retailing is the business activity of selling goods and services to the final consumer.
• Retail Marketing includes all the activities involved in selling goods or services to the final consumers for personal, non-business use

Concepts of Retail Marketing

• Let’s see the concepts of Retail marketing and also Retailing. Retailing is the activity of selling goods and services to last level consumers for their use. It is concerned with getting goods in their finished state into the hands of customers who are prepared to pay for the pleasure of eating, wearing or experiencing particular product items.
• Retailing is all about the distribution of goods and services because retailers play a key role in the route that products take after originating from a manufacturer, grower or service-provider to reach then person who consumes.
• Retailing is also one of the key elements of a marketing strategy facilitating the targeting process, making sure that a product reaches particular groups of consumers. It is important in a marketing strategy to match the arena in which a product is purchased to the benefits and characteristics of the product itself and also its price.

Must Read: THE ROLE OF MARKETING IN STRATEGIC PLANNING

Strategies of Retail Marketing

The following are the Strategies of Retail Marketing

• Target marketing strategies
• Pricing strategies
• Promotional strategies
• Distribution strategies
• Retention strategies
• Penetration strategies
• Customer relationship strategies
• Corporate social relationship strategies

8 Strategies of Retail Marketing to Drive Sales

1. Target marketing strategies

Focusing on market research to identify the potential customers need has accepted as the prime factor for retailers while adopting target marketing strategies. Providing personalized service to everyone has considered as the next important factor in the target marketing strategies. Identifying the ideal customers has observed as the next important “target strategy” Followed by Identifying the Discriminating customers selling the product which have advanced option and also unique feature.

2. Pricing Strategies

• Cost plus pricing has been accepted as the best pricing strategy.
• Manufacture suggested retail price has been the next accepted pricing strategy.
• Followed by Discount pricing.
• Multiple pricing being the least accepted strategy as it was not followed by every one of the retailers

3. Promotional Strategies

• Arranging bank credit/accepting the credit cards has been considered as the highly important promotional strategy by the respondents
• Capitalizing the Manufacturer support has accepted as the next important promotional strategies for their business growth
• Creating websites and also Dealing with environment friendly products
• Followed by Enhancing the customer relation and Educating and also informing the customer about goods and services
• Stimulating the Buyers has been the least important accepted strategy

4. Distribution strategies

• Exclusive distribution has considered as highly important distribution strategy by the respondents
• Intensive distribution be the next important strategy adopted
• Selective distribution is accepted as the least important strategy by the respondents

5. Retention Strategies

• Arranging loyalty programmes and also using alternative merchandising have accepted as the highly important Retention strategies by the respondents
• Adopting customized technology has been next important strategy
• Followed by, providing the better environment
• Understanding the customers and also maintaining store image have been the least important strategies as accepted by the respondents.

6. Penetration Strategies

• Penetration strategies include conducting market research, identifying the product alternatives, understanding the competitors‟ strategy, building up networks and also ‟ not following the price rigidity‟.
• The personal factors(Form of organization, Investment in retail business, Income of the respondents and also Store format of retailers.) do not have any influence on the penetration strategies adopted by the respondents.

7.Customer Relationship Strategies

• Customer relationship strategies includes‟ employing friendly and also knowledgeable staff , refunding money all times if asked, providing a relaxing environment, focus on customer experience and also educating them with trust building opportunities.
• The personal factors(Form of organization, Investment in retail business, Income of the respondents and also Store format of retailers.) do not have any influence on the customer relationship strategies adopted by the respondents.

8. Corporate Social Responsibility Strategies

• Corporate social responsibility strategies include Adhering to established standards, providing health and also safety products, providing economic interests of the consumers, honestly disclosing all the material terms of product and also promoting sustainable consumption.
• The personal factors (Form of organization, Investment in retail business, Income of the respondents and also Store format of retailers) do not have any influence on the corporate social responsibility strategies adopted by the respondents.

Strategies of Retail Marketing FAQ

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