Retailer, inventories, diversifying, gamut, groceries, Globalisation, hindrances, merchandising
Retail Management is a business application for the retail community. It takes care of all the daily activities of the retailer and covers all aspects of the retail industry. It is suitable for Medicine Shops, Supermarket, Grocery Stores, Garment Stores, Shoe Stores, Petrol Pumps and any retail segment where goods are sold on retail counter or in wholesale. Changing lifestyles are prompting changes in the retail environment. Paucity of time and an increase in disposable incomes have created a need for new types of retail formats. This means that manufacturers and retailers will have to become better at knowing their customers and predicting their needs and wants. As the socio-economic structure in India changed so did the field of retailing. A once unorganized sector became transformed into an organized sector in the last decade of the 20th century as companies, both old and new, entered the arena. High volume malls, shopping outlets, supermarkets and hypermarkets mushroomed, requiring the application of modern management techniques to run them efficiently and effectively. Retail success in todayâ€™s competitive environment is all about getting the right product to the right place at the right time, at the lowest cost possible. This requires retail managers to be adept at planning, merchandising, pricing, and promotion. The retail industry is changing rapidly, diversifying their inventories and providing a greater variety of services to cater to the one-stop shopper. Larger s
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