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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Ankur Gupta, Head Marketing & Communications