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Retail Business and Consumer Environment - Essay Example
Pages 10 (2510 words)
Retail Business and Consumer Environment Introduction: Retail, long regarded as a low-margin and tough industry, has been characterized by turf battle and waves of innovation, because companies concentrate on consumer tastes and revamp business models to reduce overhead expenses, as well as tap new business hubs…
After all, success in retailing is the result of sensitive perceptive decisions that require imaginative and innovative techniques. For example as the American economy continued in its slow down a few years ago, many retailers were afraid to embrace new ideas. Instead of using their creative power to increase their competitive advantage, these retailers either just continued doing things as they always had done them ,cut costs without thinking about the impact on customer satisfaction or copied what their competitors were doing” (Dunne 2008). These decisions are complicated by business environment because of low margins, high capital requirements, often or cyclical consumer demands. In recent years, retailers have turned to new information technologies to fight with these challenges. Indeed, the latest generation of retail application has become, and continues to be, a game changer in this industry. Studies show that those retailers deploying advanced technology solutions realize significant shareholder returns on average, with the help of technology driven improvements like enhanced customer loyalty, efficient sales channels, advanced supply chain operations, and more agile merchandising. ...
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