8/19/2019 Emerging trends in retail marketng
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“Emerging trends in retail marketing”
Authors:
Nidhi Phulwaney , research scholar, Indore, India. Contact:9755107896Surhi !ain, research scholar, Indore, India. Contact:9"798#69#"Swati !ain, research scholar, Indore, India. Contact:9"0710$999
Abstract:
In today%s era, retailin& has e'er&ed as a 'a&ni(cent sector en)oyin& &reatsuccess.*his sector is &rowin& at a +ery &reat ace, inducin& lots o-co'etition -or all the retail oerators e it a s'all colony outlet, 'o' ando store, suer'aret, deart'ental store or a &iant shoin& 'all. It%s
in/uence co+ers all the retailers and to sur+i+e and &row in such co'etiti+eretail era, retailers ha+e co'e u with astonishin&ly hu&e +ariety o- newtrends,e'er&in& today.
In this study,such new trends o- retail 'aretin& ha+e een studied.etailsector has een cate&oried into 11 areas o- retailin&. *hese include -ood and&roceries, -ashion and aarel, etc. 2ach o- these su3sectors, ha+e eenstudied and the chan&es in their 'aretin& syste's and trends ha+e eenanalyed usin& secondary data.*he -ocus o- this study is to throw so'e li&hton the chan&es in the 'aretin& tactics as well retail related trends.*his wille hel-ul -or the retailers to understand the intensity o- &rowin& co'etitionand retail haenin&s so as to 'ae -urther strate&ies accordin&ly.Not onlythe retailers, ut the custo'ers can also e -acilitated y the study.4nowhowo- recent trends,ways o- shoin& as well as the -acilities or add3ontechniues o- shoin& oered y retailers 'ay hel the custo'ers.
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Key words: retailing trends, retail marketing, retail sub-sectors
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Introduction to retail trends
etail 'aret o- India is eected to cross 1.$ trillion S y #0#0 -ro' the
current 'aret sie o- 500 illion S. In 'odern ti'es, retail is eected to
&row u aout si ti'es -ro' the eistin& #7 illion S to ##0 illion S,
-or all cate&ories and se&'ents. Indian retail sector is hastily &rowin&,
acco''odatin& nu'erous chan&es in its syste' as well.
#006 #011 #016
0
100
#00
$00
"00
500
600
700
800
overall retail market
o+erall retail 'aret
*here are se+eral -actors that dri+e the or&anied retail sector. ew o- the'
include the -ollowin&:
3 Co'arati+ely ;i&h inco'es insti&atin& the urchase
3 e+eloin& consu'tion atterns o- Indian custo'ers3 Newly de+eloin& technolo&y and li-estyle trends3 easy a+ailaility o- credit3 Increasin& consu'er awareness
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3 <rowth in -or'at o- 'odern trade3 *echno sa++y custo'er3 23co''erce trend3 Social co''erce increasin& throu&h social networin& sites3 =ultichannel syste' o- 'aretin& etc.
*he India retail 'aret was S> "70 ?n in #011, accountin& -or nearly $5@ o-
<P and is now eected to reach to S> 675 ?n y #016, at CA< o- 7.5@
#006 #011 #016
0
10
#0
$0
"0
50
60
70
80
90organized market
or&anied 'aret
Literature Review
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Barta,! et al"n!a!#!$rends in retail trade, studied the 'a)or trends in
retail sector that are -aced y usiness eole and the 'erchants o-
Blaho'a town. *hey identi(ed 10 'a)or trends that are ein& in ractice in
the retail trade. *hese include e3co''erce, s'art cards, &loaliation o-
retail trade, recision shoin&, etc. *he study has een conducted to
roduce ideas -or the re+italiation and de+elo'ent o- the downtown
usiness eole and 'erchants. It -ound that entertain'entiation% o-
retailin& and nowin& your custo'ers is a &reatly in ractice nowadays in
order to 'aintain connecti+ity and in/uence custo'ers. se o- s'art cards
and eco''erce is also in -unction. Cate&ory illers ha+e een identi(ed as a
i& challen&e -or retailers to loo o+er.
Darious uco'in& trends in each indi+idual sector has een discussed in
Indian retail trends %&'(, )hite *a*er, $A$A bss! *hese retail sectors
include -ashion and aarel, -ood and &roceries, ho'e -urnishin&s and
-urniture etc. uco'in& trends in each o- these sectors, chan&in& custo'er
re-erences as well as rele+ant strate&ies ha+e all een identi(ed in the
study. *hey ha+e also -ound -ew ey enalers o- the retail trends. *hese are
increasin& annual household inco'e, -allin& co''unication costs, increasin&
enetration o- credit and deit cards with hi&her +alue li'its, increasin&
nu'er o- online transactions alon& with the ay'ent 'odes etc. As a
su&&esti+e strate&y, it states that -ocusin& on increasin& 'aret access,
creation and 'ana&e'ent o- rand, 'ana&e'ent o- talent and that o-
custo'er eerience would e o- &reat hel to the retailers in order to coe
u and ecel in the -reuently trend chan&in& en+iron'ent.
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Another reort y ICCI, $he Indian kaleidosco*e+ emerging trends in
retail"%&'%# states the -act that the Indian retail sector%s current esti'ated
+alue is aout 500 illion S and is eected to reach 1.$ trillion S y
#0#0. *his calls -or &reater connecti+ity with the custo'ers to ro+ide the'
co'lete eerience so as to sur+i+e in the &rowin& co'etition. It states
that the ric and 'ortar -or's o- usiness are con+ertin& to technolo&y
dri+en -or'ats to 'aintain connecti+ity with the custo'ers. *here-ore the
online and 'oile retailin& are taen as the new 'odes to &row. It studied the
eect o- econo'ic endulu' and 'er&ers and acuisitions on the retail
en+iron'ent in India. esite deceleratin& world econo'y, &loal in+estors
are interested in in+estin& in India due to stron& <P &rowth, lar&e custo'er
ase, custo'er con(dence, consu'tion ased attern o- urchasin& etc.
Also the i& 'er&ers ha+e accelerated the &rowth o- retail in India rin&in& u
new trends thereon. It also discussed custo'er eerience li-ecycle and
sta&es o- custo'er eerience. *hey say that to e a dyna'ic retailer, one
has to e roacti+e, connected and e'owered.
Emerging trends in Indian retail and consumer %&'' y *echnoa
ha+e also studied the +arious retail se&'ents lie durales, -ashion and
aarels, eauty ser+ices, health and (tness etc, with the hel o- aroriate
-acts and (&ures. *hey consider online retailin& as a oular trend. Non3store
retailin& is currently esti'ated at S> $.# illion and is liely to e &rowin&
at the rate o- #$@. *he ey chan&in& consu'er atterns identi(ed are
consu'er is rede(nin& the +alue, accelerated consu'tion, increasin& uran
oulation, new cities and towns actin& as new consu'tion centers, wo'en
consu'er ower increasin&, ti'e consciousness leadin& to concet lie online
retailin&, 'ultile+el 'aretin&, hyer'arets and 'alls E&i+in& all under one
roo-F, cate&ory illers, etc. ?usiness 'odels are also con+ertin& -ro'
con+entional -or's to sin&le nation headuarters and local artners to ha+e
&eo&rahical reach. *o e a success-ul retailer in the trendin& en+iron'ent,
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-ew ey success -actors ha+e een identi(ed lie local 'aret adatation,
ri&ht real estate, &ettin& the ri&ht artner, dierentiation throu&h ser+ice and
'any 'ore.
b-ectives o. the stud/
• *o create awareness aout the chan&in& retail en+iron'ent in India.
• *o hi&hli&ht chan&in& consu'tion atterns and consu'er re-erences.
• *o rin& in notice the uco'in& trends in Indian retailin&.
• *o discuss roale strate&ies that could e adoted y the retailers
owin& to chan&in& custo'er 'ind set and the e'er&in& trends o- retailtrade in India.
Research 0ethodolog/
Research design : *he research desi&n is descriti+e in nature where the
details related to Indian retail syste' has een studied and discussed usin&
secondary data.
1ata collection : Secondary data has een used -ro' the +arious eistin&
reorts and the eistin& literature ha+e een studied.
1ata anal/sis : No statistical tool o- analysis is used. *he content and
statistics 'entioned in the reorts and the in-or'ation ro+ided in the
literatures ha+e een sel- analyed.
Results and Inter*retations
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$rends and their im*act
*he Indian retail sector acts as a &reat lat-or' in order to ro+ide
oortunities to retailers as well as -or the +arious a+ailale rands
throu&hout the world. <loalised world has contriuted in chan&in& li-estyles,
chan&ed consu'er atterns and re-erences and increased co'etition. It
has also led to the e'er&ence o- new trends in the 'aret which creates a
drastic i'act in the 'inds o- custo'ers and there-ore, the retailer%s &rowth.
In this study, 'a)or trends a'on& 11 susectors o- retail se&'ent ha+e een
discussed that i'acts the usinesses in the retail trade sector.
'!2ood And 3roceries
;yer'arets and alie 'odernied shoin& re'ises and ranchisin& will
e uco'in& 'oreo+er to rid&e the &a etween unor&anied and
or&anied &rocery traders. ?esides, 23retailin& will increase si&ni(cantly -or
-ood and &roceries. *his hels in achie+in& a co'etiti+e ed&e to the retailers
.Cold chains would e o- &reat ene(t -or this urose.
Pri+ate lael rands would co'e u 'ore in this se&'ent suressin& the
&rowth o- 'anu-acturer%s rands. Also, the trend -or or&anic -ood androcessed -ood on increasin& their de'and. ood and <rocery 'aret is
eected to reach S> "#5 ?n y #016 E6$@ o- the o+erall retail 'aret F, at
CA< o- 5.5@ whereas, *he or&anied ood and <rocery retail is eected to
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&row uto S> $" ?n y #016, G CA< o- $0@.
#006 #011 #016
0
10
#0
$0
"0
50
60
total 'aret
or&anied
'aret
%!2ashion And A**arel
Houth o- India are -ollowin& the -ashion o- online orderin&. *heir re-erences
-or -orei&n rands is also +ery si&ni(cant. etailers there-ore would continue
the entry o- -orei&n rands and also e3co''erce lat-or' would e
intensi(ed -urther. ?esides this, rice discri'ination -or daily wears and
artye+ent wears would e reuired. All these will lead to 'aretin& throu&h
'ulti channels y the retailers.
etailers will also tae their in house rands on a serious note. *his will lead
to -or'ation o- their eclusi+e showroo's in co'act -or'at, where -ocus will
e on &eneratin& roducti+ity o- sace as well as the intense assort'ent o-
stoc. Pro'otion o- in house rands 'i&ht e done throu&h in3(l'
lace'ents, celerity endorse'ents or e+ent sonsorshis.
ashion -or ids will include increased rand licensin& rin&in& u the trend
insired -ro' cartoon characters, ollywood and cricet stars.
Aarel 'aret in India was S> $5 ?n in #011 and y #016 it is eected to
reach S> 50 ?n, G CA< o- 7.5@. *he or&anied Aarel Indian retail 'aret
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was S> 5.5 ?n in #011 and is roale to &row to S> 8 ?n y #016, G 8.5@
CA<
#006 #011 #016
0
10
#0
$0
"0
50
60
total 'areyt
or&anied 'aret
4!2urniture And 5ome 2urnishings
*he ;o'e urnishin&s and urniture 'aret would reach uto S> 17 ?n y
#016. It%s or&anied retail 'aret in India is esti'ated to &row -ro' S> 0.7
?n in #011 to &row to S> 1.# ?n y #016.
Darious custo'ied ite's will ha+e their re-erence. custo'iation in desi&n
as well as color will e de'anded. ?esides uality consciousness, Indian
households would re-er chan&in& ite's leadin& to -reuent urchases.
2chan&e sche'e in -urniture and it syste' in -urnishin&s would 'ostly e
re-erred. Bnline urchase o- these ite's are also &ainin& 'o'entu' with
the acu o- 'oney ac &uarantee ,i- not as er reuire'ent.
ashion and aarel
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#06 #011 #016
0
#
"
68
10
1#
1"
16
18
total 'aret
or&anied'aret
(!6onsumer 1urables And 7itchen A**liances
*he Consu'er urales 'aret in India is eected to &row at S> "$ ?n y
#016, at 1$.5@ CA< -ro' S> #$ ?n in #011.
Bnline resence o- retailers would increase so as to -acilitate their uyers with
shoin& at )ust a clic away. =any ri+ate lael rands are also eected to
e'er&e in this se&'ent. etailers would ro'ote throu&h 'ulti channels to
ha+e 'ore rele+ance with their custo'ers. Bnline retailers would -ocus on
rice sensiti+ity o- Indian custo'ers and hence rin&in& u +arious rice
ro'otionals aced u y 'anu-acturer%s &uarantee and cash on deli+ery
aroaches. 2chan&e o- durales or ro+idin& lat-or' -or dated ut ite's
in worin& conditions , will also &ain 'o'entu'. *his allows urchases in
shorter urchase cycles -or the durales. 2clusi+e showroo's with 'ulti
rands durales oerin& eJcient ser+ices 'i&ht also e'er&e since there is
urniture and ho'e
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+ery less scoe o- discri'ination -or retailers in this se&'ent ecet the
ser+icin&.
8! 9eweller/ Retail
!ewellery would now e a need as an etra+a&ana and not -or 'ere
in+est'ent urose. *reatin& it as a luury need would reuire -or 'ore
secial desi&nin& and est uality. It is now seen as a sy'ol -or 'o+in&
towards uward trend in li-estyle and social status. *his leads to
consciousness o- custo'ers aout what they uy and -ro' where. ;ence,
eclusi+e rands o- )ewellery will e o- &reat interest.
*he recent trend o- ossessin& uniue ieces throu&h orderin& custo'ied
)ewellery is ti'e consu'in&. So, custo'ers now 'o+e onto desi&ner (nished
'asterieces readily a+ailale. *his will reuire retailers to 'aintain
aroriate in+entory as well enhance the urchase en+iron'ent throu&h
+isual 'erchandisin&.
Also, custo'ers would instead o- de'andin& recious )ewellery lie that o-
recious &e's or dia'onds, they would re-er costu'e )ewellery. Precious
)ewellery would ha+e decreased shel- li-e as co'ared to costu'e )ewellerythat act as accessories with the aarels rele+ant to the e+ent or occasion.
=en will also ha+e their interest in luury destinations where they are a+ailed
with dia'ond watches or other accessories with recious &e's.
Custo'ers today, ha+e reduced their re-erence -or wei&ht o- the )ewellery
ossessed, instead the trend o- ha+in& 'ore nu'er o- ieces has &ained
'o'entu' . *here-ore, the 'asterieces with low wei&hts will tae lace in
the shel-, so that custo'er can -reuently uy such low wei&ht desi&ner
ieces and increase their ossession in nu'ers to use the' alternati+ely.
*he !ewellery K Latches 'aret in India is esti'ated to &row to S> "" ?n y
#016, G
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CA< o- 11.5@.*he or&anied !ewellery K Latches retail 'aret is liely to e
at S> 7.5 ?n y #016,at CA< o- #5@.
#006 #011 #016
0
10
#0
$0
"0
50
total 'aret
or&anied
aret
! ;uick ervice 2ormats
Such -or'ats o- retail outlets are ur&eonin& and -or the national rands, it
would e a reuire'ent to 'ana&e their reach throu&h +i&orous -ranchisin&.
Pri+ate laels are also eected to co'e u to ser+e roducts urchased
i'ulsi+ely lie randed cooies etc. Presentin& International -ood with the
Indian twist as well as standardiin& the street -oods ,oerin& at re'iu' in
a hy&ienic outlet will also e welco'ed.
)ewellery
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#006 #011 #016
0
#
"
68
10
1#
1"
16
18
total 'aret
<! Beaut/ ervices
*his ser+ice se&'ent -aced a &radual shi-t -ro' S> 0.6 ?n in #006 to 1.$ in
#011 and is eected to reach S> $ ?n in #016. *his se&'ent hi&hly en)oys
custo'er loyalty. Custo'ers re-er their loyal ser+ice ro+iders in case o-
eauty. 2eri'ented +ariations are also re-erred nowadays which creates a
sace -or new co'ers, ro+idin& distin&uished ser+ices, usin& new &ad&ets
and technolo&y at aordale rices. ew hi&h class eole 'i&ht also re-er
the' at re'iu' rices. Concet o- aca&es or rice undlin& is re-erred
si&ni(cantly nowadays. New stylist 'ay also oen u their ri+ate lael
ser+ices esecially the international one%s. LB= Eword o- 'outhF and
attracti+e ser+ice en+iron'ent with ersonalied tis and &uidance, wors
well with eauty ser+ices.
Muic ser+ice
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#006 #011 #016
0
0.5
1
1.5
#
#.5
$
$.5
total 'aret
=! *ecialt/ Retailing
*his includes eye wears, oos, stationeries, &i-ts etc. online con+ersion o-
these ite's ha+e co'e u in order to enhance their sales lie e3&i-ts, e3cards,
e3oos , e3+ouchers etc. Custo'ied and ersonally a+ailed ser+ices are
'ore re-erred and new ser+ice ro+iders are eected to increase.
#006 #011 #016
0
5
10
15
#0
#5
total 'aret
or&anied
'aret
>!2ood And Beverages
?eauty
seciality
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*he ood K ?e+era&es Ser+ices in India is liely to &row S> 16 ?n y #016,
at 1#.5@ CA<. *he or&anied 'aret in was S> 1.5 ?n in #011 and 'i&ht
&row to S> 6 ?n y #016, at CA< o- [email protected] o- India are endin&towards such ite's increasin&ly. *he trend o- s'all instantly lanned arties
increases their consu'tion. ?e+era&e 'anu-acturer%s should ensure their
a+ailaility in the retail outlets. oyalty towards such ite's is &enerally not
resent and hence, their a+ailaility, oers, celerity endorse'ents etc 'ay
enhance their re-erence. Dariations in -ood and e+era&es are also
welco'ed nowadays. con+entional taste and resentation should e relaced
with new in&redients, new /a+ors as well as distin&uished co'li'entary
ite's.
#006 #011 #016
0
#
"
6
8
10
1#
1"
16
18
total 'aret
or&anied
'aret
ood and
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'&! Electronics and ?ersonal 6om*uting
*he or&anied Consu'er 2lectronics 'aret was oser+ed at S> " ?n in#011 and y #016 it is 'ost roale to &row to S> 18 ?n.
*he 'ulti rand retailers are -ocusin& on con+ertin& their roduct attriutes
into custo'er eeriences. No+el de+ices will e 'ade to i'ress custo'ers
and on to their roduct eerience. =oiles with ortale solar ener&y it will
e o- &reat attraction. Bnline retailin& is 'ore re-erred as it adots
a&&ressi+e ricin& as well as the instant co'araility o- roducts and their
-eatures -acilitates custo'er%s decision 'ain&. ?ric and 'ortar tye
retailers 'ay dierentiate the'sel+es -ro' e3retailers only y their ser+ices.
#006 #011 #016
0
10
#0
$0
"0
50
total 'aret
or&anied
'aret
electronics
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''!5ealth And 2itness ervices
<rowin& health consciousness can e clearly seen -ro' the statistics sayin&
the &rowth o- this se&'ent -ro' S> 0." in #006 *B S> #.5 in #016.
Si'ilar to eauty ser+ices, these also wor well with new &ad&ets and
technolo&y. Personalied ser+ices with secial &uidance is hi&hly araised.
Ser+ice ro+iders 'ust -ocus on interacti+ity with the custo'ers while
ro+idin& ser+ices as er their indi+idual reuire'ents. 2ye3catchy
en+iron'ent, custo'ied ser+ices with secial aca&es and oers, no side
eect &uarantee and ro+idin& ser+ices custo'ied shi-ts rele+ant to
custo'ers will e o- si&ni(cant ene(t.
#006 #011 #016
0
0.5
1
1.5
#
#.5
$
total 'aret
;ealth and
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0a-or common trends
ooin& u -or the o+erall chan&in& and &rowin& trends in the Indian retail
sector as a whole, *here are a -ew such trends -ound that are ein& readily
racticed nowadays and that aect the whole retail trade syste'. *hese are :
Retro@tting the .unction o. 0arketing
=aretin& is no 'ore a 'ana&e'ent -unction in isolation. It needs inte&ration
with other roles and -unctions esecially with that o- In-or'ation *echnolo&y
to -acilitate &rowin& di&ital 'aretin&.
Em*hasis on “store theatrics”
In3 store en+iron'ent is now the e'hasis o- retailers. *hey are tryin& to
attract custo'ers throu&h store en+iron'ent in order to -acilitate shoin&,
entertain and en&a&e the' within the store to enhance sales. *his is ein&done throu&h +arious PBP%s, interacti+e dislays etc.
Increasing sho**er connectivit/
Connecti+ity with custo'ers is nowadays ein& increased y ro+idin& Li3i
in the store. Bther ways include re'iu' rewards lie eclusi+e accessiility
o- roducts, ro'otional discounts, loyalty oints etc.
Integrating online bu/, store *ick u*
It%s a strate&y to induce online custo'ers to +isit the outlets ,thou&h its )ust
-or the icu o- their ordered roduct. *his ensures connecti+ity and loyalty
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with custo'ers and custo'ers 'i&ht also urchase ite's a+ailale in the
sho.
2ocus on interactions with sho**ers
Interactin& with shoers in store throu&h &reetin& the', helin& the' uy
thin&s, etc. or e+en contactin& the' throu&h ost urchase ser+ices , is also a
&rowin& trend.
*timizing .ormat o. the store
Br&aniin& the store in a relati+ely dierent -or'at is a new idea en&a&in&
and satis-yin& custo'ers. *hese include +endin& 'achines or randed
outiues etc in a lar&e store -or'at, a+ailin& seatin& areas, coee and -ood
ioss, 'oile char&in& -acility etc.
*he ao+e 'entioned +arious e'er&in& trends in each o- the se&'ents or the
retail sector as a whole, uts si&ni(cant -ocus on custo'er connecti+ity,
technolo&ical adatation, e3retailin&, ersonalied ser+ices, aordale
sche'e and dyna'ic aroach. Adotin& these tactics will hel retailers to
'aintain and &row alon& with the &rowin& retail trends in India.
6onclusion
*his aer studied the scenario o- +arious retail se&'ents in India to hi&hli&ht
the e'er&in& as well as uco'in& trends and ractices. *he 'a)or (ndin&s
include that the consu'tion attern o- custo'ers and their reuire'ents are
drastically chan&in&. Custo'ers reuire ersonalied ser+ices in eauty and
(tness se&'ent whereas readily a+ailale 'asterieces with less wei&ht
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'ore +ariety is reuired in )ewellery se&'ent. 23retailin& has co'e u al'ost
in all o- the se&'ents. 2lectronics and durales ha+e echan&e sche'es as
their new trend. Pri+ate laels are also in trend in se+eral se&'ents lie
durales, -ashion aarels, etc. Custo'ers are also seein& +ariations in -ood
and e+era&es and in Muic ser+ice -or'ats. Solar ener&y ortale it will e
the new trend in electronics se&'ent. ?esides, the ro'otional oers,
eclusiti+ity, in3store attracti+eness, online a+ailaility, and shoer
connecti+ity are hi&hly reuired. *his study e'hasies on trends and
reuired tactics to hel retailers o- India to ali&n the'sel+es with the dyna'ic
retail en+iron'ent.
uggestions
;ere are the su&&estions -or the retailers to under&o ractices that would
hel the' dierentiate the'sel+es and &row in the ti'es when retailin& in
India is -acin& -reuently chan&in& trends.
• Identi-yin& tar&et custo'er%s chan&in& shoin& atterns and
re-erences.
•
Adotin& e3co''erce lat-or'• Stron& or asirational ?rand creation and 'ana&e'ent
• Increasin& custo'er eeriences.
• ocal 'aret adatation
• ierentiatin& throu&h ser+ices ro+ided.
• e+eloin& local suly chain
• Lide roduct ran&e.
• Aroriate ricin& sche'e.
Limitations
*his study has se+eral li'itations thou&h it has een undertaen to the est
o- eorts. *hese are O
• *i'e li'itation was a i& challen&e -or analyin& the toic o- the study.
• *he study relates to the custo'er%s analysis and trends o- India only.
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• A+ailaility o- li'ited resources reuired to undertae the study.
• Assurance o- co'in& trends is not ossile since hu'an -actor is
in+ol+ed and hu'an 'ind set 'ay not e redicted eactly.
Re.erences
• ?arta,S. et alEn.a.F.*rends in retail trade,Blaho'a cooerati+e
etension ser+ice A<2C 565,Blaho'a state uni+ersity
• Indian retail trends #01", Lhite aer, *A*A ss.
• *he Indian aleidoscoe3 e'er&in& trends in retailE#01#F ,ICCI,PLC.
• 2'er&in& trends in Indian retail and consu'er #011 y *echnoa.