Role of Multi-Channel Retailing in Singapore Service Retail Industry - Essay Example

? Role of multi-channel retailing in Singapore service retail industry Contents Introduction 3 Multi-Channel Retailing-Advantages and Challenges 4 Status of Service Retail Industries in Singapore 6 Medical Services Industry in Singapore 7 Multi-Channel Retailing in Medical Services Industry 8 Multi-Channel Retailing in Medical Services in Singapore 9 Conclusion 10 References 11 Introduction The development of service standards in the retail industry led to the growth of the concept of multi-channel retailing. With the growth of the concept of multi-channel retailing the consumers who depend more on the products and services offered by the retail industry got a further advantage. Multi-channel retailing signifies that the consumers can buy the products through a number of ways whether by visiting the retail outlets or through other web related channels. Thus with the development of internet communication the consumers can now easily make purchases through the web sphere and also through their personal gadgets like Personal Digital Assistants having internet connectivity. Moreover the customers can also make relevant purchases based on catalogues or visiting kiosks of the retail stores. These services largely enabled by multi-channel retailing systems have helped in transforming the pattern of services generated in the retail sphere. Furthermore the retail firms based on multi-channel systems are also helping the consumers to avail a large number of options where the consumer can locate products in one outlet and purchase such from another belonging to the same company. Again multi-channel retailing system has also helped the consumers to gain the advantage of returning commodities in one retail outlet which was purchased from another outlet of the same company. (Berman, Retail Management, A Strategic Approach, 10E (India: Pearson Education India, 2007), 183.; Willard N. Ander and Neil Z. Stern, Winning at retail: developing a sustained model for retail success (New York: John Wiley and Sons, 2004; Lena Fitzen, Multi Channel Retailing in the Automotive Industry: Determinants of Consumer Retail Choice (Germany: GRIN Verlag, 2009), 16.) Different retail companies pertaining to categories like apparel and other consumer durables make expanded use of multi-channel retail systems to reach wide number of consumers thereby focusing on market expansion and augmentation of revenues. Big retail firms through the opening up of different retail formats and through increased web presence can fulfill the business objectives of market expansion in both new and existing territories. (Joachim Zentes, Dirk Moschett and Hanna Schramm-Klein, Strategic Retail Management: Text and International Cases (Germany: Gabler Verlag, 2007), 55; Diamond, Fashion Retailing: A Multi-Channel Approach (India: Pearson Education India, 2007), 374). Multi-Channel Retailing-Advantages and Challenges The growth of multi-channel retail systems around the world led to the increase of large number of advantages and disadvantages related to it. Firstly the retail companies tending to use the multi-channel retail systems need to strategize their retail offerings and services in a homogeneous manner so that it can well percolate along the several marketing mixes. Retailers through the use of multi-channel retail concept tend to draw consumer attention to specially designed products which are not easily displayed in retail counters. These retail companies through the use of the online sphere tend to create a huge display of different types of products thus enhancing the width of the product assortments. Moreover retail companies can also cause consumer hype by creating displays of new product and service launches in their websites. Again the retailers can make use of multi-channel retailing concept to create a mass promotion of the products and services. The retailers can make use of utilities like kiosks and catalogues to help in generating large number of information to the consumes pertaining to the availability of store outlets, product and service categories promoted and other relevant information like contact and timing information. Development of multi-channel retailing has also helped the retailers to better synchronize the operational activities and share potential information with other retail branches and customers relating to status of inventory and other pricing and product changes. Synchronization of the operational activities helps the retailer to provide just-in-time services to the customers. Thus retail firms need to effectively strategize the distribution systems to help the consumers in easily obtaining the products and services ordered through the company website. Retail firms through the effective utilization of the multi-channel retailing systems can also focus on developing strategic partnerships with other service industries which can help the retail outlet in providing enhanced services and better quality products to the consumers. Thus by countering the effective strategies along the multi-channel retail sphere the retailers can gain large number of potential advantages. The multi-channel retail systems help the retailers to charge up different consumer mindsets like the products and services displayed through catalogues and websites help in impacting the visions of the consumers thereby instigating them to purchase such. On the other hand the products and services displayed in the retail outlets and reached to the consumer through personal selling services enhance the physical feelings for ins such the consumer can actually feel, smell and consume samples before making relevant purchases. Multi-channel retailing systems can help the retailers to increase the value of both their brands and as well as of their products and services. Retailers can gain large shares in both retail spaces and in their warehouses being largely demanded by the consumers. However it has been well observed that multi-channel retailing has offered some stringent challenges to the retail community. Firstly the retail outlets needed to design and adapt their operations effectively to meet the needs of the multi-channel retail systems. Secondly the extended use of the multi-channel retail system also changed consumer perception to a great extent making them further knowledgeable about the specific resource offerings rendered by the retail firms through such channels. Hence it demanded that the retailers need to be smart enough to adapt to the changing environment in order to excel in consumer services. (Berman, Retail Management, A Strategic Approach, 10E, 183-187.; Gerrit Heinnmann and Christoph Schwarzl, New Online Retailing: Innovation and Transformation (Germany: Gabler Verlag, 2010), 3-4). Status of Service Retail Industries in Singapore The region of Singapore is gradually changing to become in regards to the growth of several service sector industries. Government of Singapore is efficiently working to help in the growth of information and communication technology industries along the geographic base of the region. Large amount of infrastructural developments are being conducted to help in the growth of service sector industries. Further huge amount of labor forces being available acts as a major reason in attracting large foreign firms to render huge investments in the country. (Srinivas Polishetty, ASEAN Framework for Trade Negotiations: BPO, Call Center and Information Technology Industries, A Study Prepared for PACT/ EMERGE/ USAID, 2007, 14). Again the region of Singapore is also counted for the development of services pertaining to healthcare. Government of Singapore strongly focuses on rendering huge amount of investments in helping to generate better healthcare systems. Moreover developed economies like United States are continuously involved in rendering better healthcare equipments to Singapore which the Singapore government strongly welcomes. Another major service area in which Singapore reflects considerable potential is the stream of educational services. The government of Singapore strongly emphasizes the development of skilled human resources through the cultivation of large number of universities and colleges. Further the Singaporean region also reflects a growing market for large number of computer products both in the software and hardware sector. Thus large number of manufacturing companies is developing in Singapore which would help in the production of such products to meet consumer demand. (Luanne Theseira, “Leading Sectors for U.S. Exports in Singapore”, U.S. Commercial Service, http://www.buyusa.gov/singapore/en/best_prospects.html.). Medical Services Industry in Singapore Focusing on the services sector industry in regards to the region of Singapore special emphasis can be laid on the position of healthcare services in the region. The government of Singapore is planning to render heavy amount of investments to develop the position of health care services in the region. The region is planning to develop its potential in the global scale in various fields like cardiology, oncology and other specialized medical departments. Further the government of Singapore is also focusing on developing the research and technical potential of the medical services to further enhance its reach on both the national and global scale. This developments rendered in the field of healthcare is considered to help in enhancing its value and is also meant to reduce the amount of medical costs thus helping large number of people to derive potential benefits from it. This high class of development rendered in the sector of medical services is also considered in generating large number of employment opportunities in the region. (USA International Business Publications, Ibp Usa. Singapore Investment and Business Guide (Washington DC, USA: International Business Publications, 2007), 66). The medical and research team working on the development of healthcare services in the region are helping to attract large number of people from foreign countries to visit the country for getting proper treatments. Thus the promotion of better healthcare services is helping in the growth of medical tourism in the region. Many international companies like Glaxo and Novartis from developed countries are flocking towards Singapore to help in the growth and development of potential healthcare services in the region. (Josef Woodman. Patients Beyond Borders: Everybody’s Guide to Affordable, World Class Medical Travel (North California: Patient Beyond Borders, 2008), 319-320. Multi-Channel Retailing in Medical Services Industry The multi-channel retailing options in regards to medical and healthcare services consist of maintaining an online portal to discuss the new options in the medical treatments offered with the patients. Moreover the web portal can also be designed to record large number of facts and figures pertaining to the patients who had visited such sites to get information about the developments in the category of medical treatments offered to them along with purchasing medicines. (Eric N. Bercowitz. Essentials of Health Care Marketing. (Sudbury: Jones and Bartlett Learning, 2010), 118). Further development of multi channel networks in the field of healthcare consist of generating potential information about the availability of doctors and hospital and medical service bodies around a certain region. In fact the development of multi-channel systems in the field of health care has helped in the construction of virtual hospitals which render facilities like installation of video conferencing software to help the patients have a direct discourse with the medical professionals. This fact helps in enhancing the services parameter of the industry as it can help in penetrating a larger geographical area having huge number of patients. To further enhance the role of medical services the online portal further encourages the posting of relevant journals and medical literatures to help the people and other medical professionals to boost up their knowledge about the changes in the health environment. (Nuffield Trust for Research and Policy Studies in Health Sciences. Taking Health telenmatics into the 21st Century (United Kingdom: Radcliffe Publishing, 2000), 58.). Establishing multi channel systems in the domain of healthcare services also helps in the expansion of allied activities like medical and health insurances. Increase in the domain of medical insurances helps the consumers or the patients to access quality healthcare services. The insurance schemes available help in diluting the cost factor related to such services. (Seung-Hee Nah and Egbe Osifo-Dawodu. Establishing private healthcare facilities in developed countries: a guide for medical entrepreneur (USA: World Bank Publications, 2007), 86. Another multi-channel concept that can be extensively used in relation to healthcare services is the use of catalogues. Large medical corporations can attract the attention of several corporate entities through the preparation of catalogues for the medical services generated by them. Moreover the catalogues can also be used by the medical organizations to market medical equipments to both corporate and domestic people. (Philip D. Cooper. Health care marketing: a foundation for managed quality (Sudbury: Jones and Bartlett Learning, 1994), 229. Multi-Channel Retailing in Medical Services in Singapore The increase in the role of multi-channel systems like launching of web portals of recognized medical firms and consultancies has helped the region of Singapore to gain the advantage of increase in health tourism functions. The Asian region as a whole is focusing to generate quality healthcare services to the people both internal and external however at reasonable cost. Thus large number of people from various regions is flocking to regions like Singapore to get them treated. Specializations rendered by the medical professionals of Singapore in several complex medical streams are being channelized to large number of people dwelling in the surrounding nations through the use of satellite technology. Video conferencing facilities enabled in the web portals are helping people living in the Indonesian and Malaysian regions to get better health services and consultation benefits. (Sak Onkvisit and John J. Shaw. International Marketing: Strategy and Theory (United Kingdom: Taylor and Francis, 2008), 24). Further the increased use of web marketing channels to sponsor the medical and health services to large number of people worldwide has considerably helped in pushing the economy of Singapore to larger heights. The flocking of large number of people to the Singaporean region has led to the growth of large number of medical corporations and other research firms around the region. This rise in the number of medical organizations has triggered the increase in the amount of employment opportunities in the region. Moreover such developments are also helping in drawing large amount of foreign capital in the region. Big brands pertaining to the international sector are planning to open new research centers in Singapore owing to the presence of developed infrastructure. (Nomura Sogo Kenkyujo, Institute of South East Asian Studies, Tokyo Kokusai Kenkyu Kurabu. Industrial Restructuring in East Asia: towards the 21st Century (Singapore: Institute of Southeast Asian Studies, 2001), 188. Conclusion The health services industry of the world is gradually becoming a competitive ground with large number of health service companies both national and international trying to gain more space in a certain region. Thus the health service firms are endeavoring to reach large number of consumers through the development of innovative channels. The development of the innovative channel or the multi-channel domain gained impetus with the growth of the internet communication industry. Health service organisations around the world endeavored to gain larger market share by rendering potential information pertaining to product and stores in the web to large number of customers. Moreover the development of web marketing and video conferencing facilities along with the development of catalogues has helped the health service firms gain the minds of large number of consumers. Focusing on the health services industry of Singapore it is found that the industry has considerably used the multi channel systems in drawing international consumers, medical experts and capital to Singapore It helps the region to gain the advantage of foreign direct investment through the growing collaboration of international firms spread along developed countries. In fact the growth of demand in the market about developed services and quality services several has helped in generating huge development in the scope of medical services in Singapore. These multi-channel networks helped the region to render potential competition to the entry of foreign firms in the health services industry. References Ander Willard N. and Neil Z. Stern, Winning at retail: developing a sustained model for retail success (New York: John Wiley and Sons, 2004. Berman. Retail Management: A Strategic Approach, 10/E. India: Pearson Education India, 2007. Diamond. Fashion Retailing: A Multi-Channel Approach. India: Pearson Education India, 2007. Eric N. Bercowitz. Essentials of Health Care Marketing. Sudbury: Jones and Bartlett Learning, 2010. Zentes, Zoachim, Dirk Moschett and Hanna Schramm-Klein. Strategic Retail Management: Text and International Cases. Germany: Gabler Verlag, 2007. Nuffield Trust for Research and Policy Studies in Health Sciences. Taking Health telenmatics into the 21st Century.United Kingdom: Radcliffe Publishing, 2000. Nomura Sogo Kenkyujo, Institute of South East Asian Studies, Tokyo Kokusai Kenkyu Kurabu. Industrial Restructuring in East Asia: towards the 21st Century (Singapore: Institute of Southeast Asian Studies, 2001. PACT/ EMERGE/ USAID. Framework for Trade Negotiations: BPO, Call Center and Information Technology Industries. Paper Prepared by Polishetty, Srinivas. 2007. http://pdf.usaid.gov/pdf_docs/PNADJ691.pdf. Philip D. Cooper. Health care marketing: a foundation for managed quality. Sudbury: Jones and Bartlett Learning, 1994. Sak Onkvisit and John J. Shaw. International Marketing: Strategy and Theory. United Kingdom: Taylor and Francis, 2008. Seung-Hee Nah and Egbe Osifo-Dawodu. Establishing private healthcare facilities in developed countries: a guide for medical entrepreneur.USA: World Bank Publications, 2007 Theseira, Luanne. “Leading Sectors for U.S. Exports in Singapore”, U.S. Commercial Service, http://www.buyusa.gov/singapore/en/best_prospects.html. (accessed on April 24, 2011). Grunsven Leo van and Floor Smakman, “Competitive Adjustment and Advancement in Global Commodity Chains II: The Case of the Singapore Garment Industry”, Singapore Journal of Tropical Geography 23, no.1, (2002): 70-92. http://content.ebscohost.com/pdf25_26/pdf/2002/2EJ/01Mar02/6194608.pdf?T=P&P=AN&K=6194608&S=R&D=aph&EbscoContent=dGJyMNHr7ESeqLI4v%2BbwOLCmr0meprVSsKe4SLKWxWXS&ContentCustomer=dGJyMPGstE%2BvqrJMuejjhe3q41Pj3u2L8gAA. Heinnmann Gerrit and Christoph Schwarzl. New Online Retailing: Innovation and Transformation. Germany: Gabler Verlag, 2010. USA International Business Publications, Ibp Usa. Singapore Clothing and Textile Industry Handbook. Washington DC, USA: International Business Publications, 2007. USA International Business Publications, Ibp Usa. Singapore Investment and Business Guide Washington DC, USA: International Business Publications, 2007. Institute for Career Research (Chicago III). A Career in Fashion: merchandising and marketing management. Chicago: Institute for Career Research, 2000. Josef Woodman. Patients Beyond Borders: Everybody’s Guide to Affordable, World Class Medical Travel (North California: Patient Beyond Borders, 2008. Fitzen Lena. Multi Channel Retailing in the Automotive Industry: Determinants of Consumer Retail Choice. Germany: GRIN Verlag, 2009. Dickerson Kitty G. Inside the Fashion Business. India: Pearson Education India, 2004. PricewaterhouseCoopers, “Singapore”, http://www.pwc.com/en_GX/gx/retail-consumer/pdf/singapore.pdf (accessed on April 24, 2011). 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