The retail industry is designed in such a way that it creates contact efficiency by allowing shoppers to fulfill their needs by buying products as per their needs with a smaller number of transactions.
The retail industry is divided into two sectors-
Organized trading activities that are undertaken by retailers who are registered for sales tax, Income tax, etc.
Unorganized retailing-local Kirana shops, owner-managed general stores, street vendors, convenience stores, etc. Some of the key players in the organized retail sector- Pantaloons Retail Ltd, a future group venture, Shoppers Stop Ltd, Lifestyle, Landmark Group Venture, etc.
Other major players in the retailing sector are Reliance Retail, Bharti Retail, Globus, Aditya Birla "More" etc.
The retail industry also uses product variety and price as a filter. Consumers buy from departmental stores to take advantage of reasonable prices on products. Department stores focus on competing with discount retailers who sell popular products and bulk products at low per-unit prices. The niche business remains on the outskirts of the retail industry due to lower prices. Niche businesses include jewelers, organic food markets, independent bookstores, etc that target the narrower groups of consumers.
We can see the increase in online retailing at quite astonishing rates, with online sales now accounting for around one-quarter of the total retail market. The future of the retail industry features a huge shift from traditional stores to online retailers selling to national and international consumers. However, now traditional markets are paving the way for the development of department stores, supermarkets, and specialty stores through online platforms. In the early 21st Century it was observed that there was continued growth in virtual discount stores and niche retailers offering products at below-established store prices due to reduced operational costs for online stores as well as increased sales volumes that allow for deeper price cuts. Consumers are given a platform and advantage to search for reviews on products sold by online retailers to avoid inferior goods and find the best deals which create a great push over online stores.
We help in building an online presence of your business by helping you in easy access to the markets, furthermore resulting in creating awareness about your business and fighting against the competition with reduced overheads. With us through an online platform, one can remove the need for expensive retail premises and customer-facing staff, allowing you to invest in better marketing and customer experience on your e-commerce site.
E-commerce. Potential for rapid growth - selling on the internet means overcoming traditional constraints to retail growth - eg finding and paying for large numbers - are not major factors. With a good digital marketing strategy and a plan to scale up order fulfillment systems, you can respond and boost growing sales.
Exporting. Widen your market/export - one major advantage over premises-based retailers is the ability to expand your market beyond local customers very quickly. You may discover a strong demand for your products in other countries which you can respond to by targeted marketing, offering your website in a different language, or perhaps partnering with an overseas company.
Customer intelligence - ability to use online marketing tools to target new customers and website analysis tools to gain insight into your customers' needs.
Product variety and price as a filter
Ability to expand your market beyond local customers very quickly
Over the last few years, e-commerce has become an indispensable part of the global retail framework. Like many other industries, the retail landscape has undergone a substantial transformation following the advent of the internet, and thanks to the ongoing digitalization of modern life, consumers from virtually every country now profit from the perks of online transactions.
Virginpos is a product of IWCN that looks forward to the changes that need to be imputed in this industry in addition to its Point of Sale module, the solution also offers an integrated inventory, customers, and retail accounting, including purchase orders, and payroll processing. This software is used by retailers in a variety of industries, including cafes, restaurants, bars, retail, food trucks, pop-up, other food & Bev, hotel & accommodation, grocery, and many more.
The RoboERP is another amazing product that is considered to be an enterprise application as designed in such a way that helps larger businesses and often requires dedicated teams to customize and analyze the data and to handle upgrades and deployment. In contrast, it has modules like CRM, HR, Payroll, Inventory, Vendor Management, Accounting, Finance, Reports Etc.
IWCN never lacks behind when the customers are in need so here we bring Exfi another unique product of IWCN. When stuck in creating bills manually stop there only and relax as you just need to reach us out as we provide software that helps in creating bills easily including GST calculations.
The industry comes under one of the largest industries so it's obvious other than looking forward to all the activities related to sales it also needs a proper management system to carry out these processes in a quite efficient manner. SHIFTHRM, your HR manager that simplifies the management of every department and helps you out in getting deep insights with zero effort.