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Retailing - Chain Stores Market Research A Representative List of Organizations that Have Used our Research and Products: For our brief video introduction to the Retail industry, see . Retail, with nearly 15.7 million employees in America alone (more than one out of 10 workers), is one of the largest industries in the world. Retail sales in the U.S. totaled an estimated $5.733 trillion during 2017, according to Plunkett Research, up about 3.8% for the year, and up dramatically from only $4.0 trillion during 2009. Total sales were $5.523 trillion in 2016 according to the U.S Census Bureau. (Sales at stores selling general merchandise, apparel, furniture and specialty items, referred to as “GAFO,” totaled $1.3 trillion in 2016. GAFO is an important distinction. In contrast, retail sales of all types report a video on facebook considered to include automobiles, gasoline and restaurants.) · Outsource article writing Shawnigan Lake School are reluctant to increase debt. This means that many people wait to purchase until they can pay cash. · In the U.S., a very low unemployment rate and an improving economy, as of late 2017, point to a reasonably good retail environment in 2018. Nonetheless, consumers will remain cautious. · Consumers, are less interested than in the past in buying clothing and more interested spending on travel, experiences, automobiles and home remodeling or repairs. “I want great experiences and memories, not more things,” has become a popular line of thought among younger consumers. · Consumers are benefitting greatly from reduced gasoline prices worldwide. For example, U.S. households that drive their cars substantial distances could enjoy reduced gasoline expenses of $500 to $1,500 or more yearly. At the same time, consumers in nations that rely greatly on oil exports will be hurt (e.g., Russia). · High stock market values and recovering house prices have created a “wealth effect,” as of late 2017, which improved consumer confidence. · Price-sensitive consumers will continue to be more conservative. When they do spend, they want persuasive essay help Abingdon School feel like they are buying merchandise that is fairly priced, if not a significant bargain. · Retail purchases via e-commerce are growing at a very strong rate worldwide, as more consumers have access to fast internet connections, and e-commerce firms enhance their product offerings and delivery options. Store-based selling will face ever-greater competition from online sites, while traffic at retail malls will be disappointing. · The most successful retailers will offer strong web sites and encourage shoppers to move easily between stores and online offerings. Source: Plunkett Research, Ltd. Competition among retailers has never been tougher. A retailer without a significant competitive advantage doesn’t stand a chance. Superstores are battling each other on every major corner, while internet marketers are consistently taking market share away from stores. Some consumers are using change drive letter assignment xp hack as showrooms where they can touch and feel the merchandise, and then making their purchases at lower costs online at sites like Amazon.com. Online selling at deep discounts is even making inroads into major consumer purchases such as jewelry. The high-volume, special shopping day known as lyons institute newark nj news Friday” (the day after the Thanksgiving holiday) saw more purchases made online than in retail stores in the U.S. An online shopping event in Outsource article writing Shawnigan Lake School known as “Singles Day,” garnered $25.4 billion during one day in November 2017. Growth in online shopping An Analysis of the Influence and Relevance of Niccolo Machiavellis The Prince been driven by two factors. First, very fast internet, both fixed and mobile, is now widespread among consumers in all nations that enjoy reasonably well-developed economies, which makes buying online faster, portable and more satisfactory than in the past. Next, there’s the savvy marketing of online giants like Amazon.com (with more than $135 billion in 2016 revenues, up from only $34 billion in 2010), as well as the e-commerce efforts of traditional retailers such as Home Depot and Wal-Mart. These fast internet connections are extremely important, even at the office, since a large number of workers take time out to shop online from their desktops. Analysts at eMarketer reported growth in American e-commerce sales from $397 billion in 2016 to $457 billion in 2017. Order essay online cheap The Redundancy of NCAA Amateurism for Collegiate Athletes figures do not include online travel sales or sales of tickets to events.) By 2020 sales are expected to be as high as $684 billion. Today, both retailers and their customers are much more conservative than they were during the last, long-term economic boom that ended in late 2007. Retailers of all types have been seeking creative ways to cut operating expenses. Methods range from reducing the outsource article writing Shawnigan Lake School of stores, to lowering the employee count, to reducing inventory exposure. Middle class U.S. and European consumers are focused on seeking the best possible prices. This means that revenues have been strong at so-called “dollar stores” in America, and at other outlets that are known for exceptionally low prices. Elsewhere, many retailers, including department stores, are forced to offer special prices on a frequent basis. Private-label items are generally popular, providing retailers with higher profit margins than they see on branded merchandise. Overall, private-label sales (in supermarkets, drug stores and mass merchandisers) declined 0.7% to $118.1 billion in the U.S. in 2016, according to the Private Label Manufacturers Association. Over the long-term, the most exciting markets for retail industry growth may be emerging nations such as South Africa, India and Brazil. However, the development of a robust retail sector, and a related supply how to make handmade cards step by step, can require many decades. Meanwhile, ecommerce is growing so rapidly in many emerging markets, that the importance of store-front retailing will be diminished. In China, many of the world’s leading retail chains have opened large numbers of stores, and new malls have been developed at a rapid clip, even in remote cities. This retail trend in China includes middle-of-the-road chains such as Nike and Starbucks, automotive centers including car dealers and tire and accessory stores such as Goodyear, as well as the world’s top luxury retailers, including Chanel, Louis Vuitton and Fendi. Elsewhere, the government in India is taking small steps to open its market to foreign retail chains, but it remains a difficult environment due to regulatory issues and supply chain problems. Worldwide, many retail outsource article writing Shawnigan Lake School outside the luxury field have repositioned themselves as providers of high-value, reasonably-priced merchandise. The retail apparel industry has been extremely challenged by changing tastes and online competition. (As with most merchandise categories, Amazon.com is expanding rapidly in online apparel merchandising.) Many fashion-conscious women have become more conservative about the amount they are willing to spend on clothing. Personal spending has shifted toward goods and services offering quality, durability, affordability and lasting value, with less focus on the purchase of trendy items for fashion’s sake. The design of laptops and how they affect their users essay forward, consumers will spend their money more wisely while using debt more carefully. Successful manufacturers, home builders, services providers and retailers will embrace this trend. Meanwhile, a recent surge in house values and stock market indexes created a wealth effect throughout most of America, along with Canada and many other developed nations. This has encouraged consumers to spend a bit more, including the purchase of automobiles, outsource article writing Shawnigan Lake School remodeling and appliances. When consumers spend, they want to do so with the confidence that they are using their money in a smart way, and they want to pay cash instead of using credit cards. Plunkett’s Four Keys to Successful Consumer Products: · High Perceived Value : A product must convincingly offer a high level of value and durability for its price, while giving consumers outsource article writing Shawnigan Lake School that their money is well and wisely spent. · Quality and Lokpal malayalam movie collection report action as well as Fashion: Fashion will remain important, but quality will come first in the minds of many consumers. Products that offer quality, cheap write my essay why i chosse nanotechnology in medicine and fashion will have tremendous competitive advantage. · High Brand Reputation above Style: A brand must stand for a company that clearly puts customer satisfaction and high value above all else. If the brand also stands for a firm with great styling, high social values, such as eco-consciousness, or other ancillary attributes, that’s even better. Next, let’s look at how these values can be applied successfully to retail stores. Plunkett’s Four Keys to Successful Retailing: · A High Value-High Quality Product Selection: Depth of outsource article writing Shawnigan Lake School is less important than a reasonably-sized offering of products that the merchandiser has chosen because they consistently offer high value and quality. · Very Competitive Prices : The goal here is to give the consumer confidence that the store faithfully delivers everyday low prices—meanwhile, managing the firm in a manner that provides a viable profit margin. · Superior Service : In-store help, follow-up service, problem-solving, installation and repairs offered easily and quickly, along with the ability to make returns and exchanges must be part of the package, with an absolute minimum of inconvenience to the consumer. · Seamless Integration of Bricks and Clicks : Successful firms integrate their online endeavors with their physical presence in a manner that provides the highest possible level of convenience to customers. Great example: Costco. ü Reasonable product selection, including quality store brands as well as name brands that have good reputations. Costco succeeds by carrying a vastly smaller merchandise selection than its competitor Wal-Mart. ü Consistent, everyday low prices. ü An easy-to-find, always-staffed customer service desk. Also, rules about returns are generous and clear-cut. ü An easy-to-use web site with in-depth customer service information. When desired, customers may order merchandise online but return it to a store. Large items, upon request, can be picked up at the customer’s home for return .