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Customer and retail

"Consumer" is the one who pays to purchase the goods or services, in order to use them for personal or social needs and not for the purpose of business. That person can be categorized as the end user of goods or services. It is mainly the consumer demand that encourages the producers of goods to produce various goods and service providers to provide various services. The goods or services are then marketed for sale. And therefore, Consumer plays an important role in the national economic system.

"Retail" is the process by which sellers directly sell the consumer goods or services to the ultimate consumer or end user, in small quantities or orders. The sale can be made either through physical establishments or online platform (e-commerce websites). It is to be noted that if sale of goods or services comprises of sale to business customers, it is not a retail activity.

Relationship between Consumer and Retail Sales

Retail sales is a good indicator of the pulse of the economy. It tracks the market demand of the consumers for a particular product or service. The Retail sales report can provide you data about the performance of a product or service in the consumer market and also about your consumer or customer base.

When you take out correct reports for your retail stores, you are in a position to analyze the data of your retail sales correctly and plan your future sales accordingly.

The "Product/ Service Performance Report" provides you a clear idea as to your exact sales over a period of time. You track the speed of sale of a particular product or service. You track the fast money making products or services. You track high or low selling products or services. High selling products or services help you decide about further investments or stock orders. While low selling products or services help you decide about further incentives or promotional schemes, to make them marketable.

The "Customer/ Consumer Wise Sales Report" provides you a clear idea as to your customer base. You track the customer behaviour. You track your premium and regular customers, who prefer your brand or your retail store over others. You can conduct more profitable events for them to remain in their good books. You also track the inactive customers. You can provide incentives to them too for adding them to your regular customer base.

Digitization of consumer and retail retail industry

So, from the above points, you can see that it's not just about providing an e-commerce platform to the target consumers, but it's more about maintaining your quality and providing consumer benefits so as to survive and grow in the market. For handling an efficient e-commerce platform, you need to consult experts for services starting from setting up of retail business to legal and taxation compliances, marketing of products or services, handling accounts books, handling inventories, handling consumers, etc.

How to survive and grow in this Industry?

  • Increase your online presence by listing on search engines and social networks. Serve your consumers across all channels or devices. Take help of the experts to handle your business needs

  • In case of physical establishments, give your consumers an experience that they can’t find on any online platform. But, make sure to mark your location online so that consumers don't find it difficult to search you.

  • Analyze shift in consumer's expectations, consumer spending, etc.

  • Take advantage of the online tools to track your retail business activities and work on better decision making, instead of making detailed spreadsheets offline

  • Make an effective incentive scheme or plan for your loyal consumers. Provide them special benefits, so that they can feel a close connection.

  • Increase networking and keep an eye on global trends