The application of marketing functions in the distribution of goods to customers is known as retail marketing. Organized retail encompasses marketing efforts such as grading, packing, advertising, and advertisements, as well as displaying a variety of items at a suitable price with offers such as discounts and credit. Retail marketing provides consumers with the ease and comfort of purchasing at a location or medium that is convenient to them –Shamayun Miah.
Retail and marketing are two distinct concepts; whereas retail involves selling a small number of goods to a specific group of people, marketing entails a variety of activities such as transportation, banking, insurance, warehousing, and promotion. The major goal is to provide the goods to the clients promptly so that they can be satisfied.
Goods are made for consumption and satisfaction, which is made possible by the marketing system. The current retail operation of delivering goods or services to customers is more than just a sale; it is a marketing activity that adds value.
- Online sales currently make up around a quarter of the total retail market, showing that the industry is growing rapidly. Customers are increasingly placing orders online, therefore retailers who ignore e-commerce risk losing business- Shamayun Miah.
- However, before deciding whether or not to trade online, you should carefully weigh all of the advantages and disadvantages and undertake thorough market research.
Some of the benefits of selling online are as follows:
- Easy market access – in many respects, entrepreneurs’ market access has never been easier. Using online markets like eBay and Amazon, anyone can set up a simple online shop and sell items in minutes. Consider selling on internet auction sites.
- Reduced costs – selling online can eliminate the need for expensive physical locations and client-facing people, allowing you to invest more in marketing and improving the consumer experience on your e-commerce site.
When selling over the internet, traditional retail development constraints such as sourcing and paying for larger things are no longer an issue. With a savvy digital marketing strategy and a plan to scale up order fulfillment operations, you can respond and improve rising sales
- Grow your market/export – a significant advantage over traditional brick-and-mortar retailers is the ability to simply expand your market outside local customers. You may discover that your products are in high demand in other countries, which you may fulfill by utilizing targeted marketing, offering your website in a foreign language, or partnering with an international company.
- Customer intelligence is the ability to use internet marketing tools to target new customers and use website analysis technologies to gain insight into their needs.