According to the
report analysis, ‘Retailer Deep Dive:
Specialist Retailers – Strategies Issues And Market Trends Affecting Specialist
Retailers’ suggests that some of the major companies which are
currently operating in the specialized retail sector includes The Home Depot,
Lowe’s Companies, Best Buy Co. Inter Ikea Systems, Apple, Metro, AG, H&M Hennes
& Mauritz, Industria de DisenoTextil, Suning.com Co., AdeoGroupe, Marks
& Spencer, GOME Electrical Appliances and The Gap and others. These leading
use different market strategies for availing more customer demand in the short
span of time.
No doubt retail
markets have existed since ancient times but there is a lot of difference in
the retail market of ancient time and recent trend. With the increase in the
development of the economy most of the aspects of retailing has changed with
the time. The traditional approach of retailing has been
changed completely with the inauguration of internet in this industry. The high
growth in the internet have changed the entire landscape of retailing. Doing
retailing is not much easier as it was in the ancient time now with the
introduction of internet specialist retailers are coming with the introduction
of new technologies in the market for doing the business in the very effective
manner for getting as much as orders they can from the customers. Hence, the significant
growth in the internet users resulted to change the global landscape of the
specialist retailers completely.
In the market, there are
different types of retailers with the different strategic issues with the
market aspects. For solving those strategic issues specialized retailers
invented a system to reliably detect user-object interaction by RFID which is
also known as Radio Frequency Identification. In order to avert any industry
from going out of stock, key players of the company place this device with the
machine which will give a signal in case they are removed from the shelf.
Moreover, this device solve the problem of mode of payment as in the
specialized stores, the process of checkout is very irritating, sometimes the
queue for checkout is too long which take great time. Besides this, internet of
things (IOT) mechanized devices allow consumers to make direct payment without
standing in a queue. As the customer walks out from the store, the radio
frequency identification tag attached with the phone will be caught by the
sensors and amount will be deducted from the bank which is directly linked to
the mobile phone. Hence, the usage of the RFID not only save the time, it will
also allow to save additional cost of the businesses such as no separate
cashier will be employed.
Study also suggests
that specialist retailers are facing both internal such as inventory management
and others whereas external issues which include retail wages, shopping
behavior of customers, competition form e-retailers and others. Furthermore,
the food and grocery category is expected to grow at a higher rate as compared
to other categories during the forecast period. Additionally, North America is
the lone region witnessing higher sales growth in the specialist retail market
in comparison to other geographical regions. Whereas, growth in the specialized
sales can result to development in the trends which further result to more
competition in the specialized retail market which leads to higher growth in
the coming years.
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