Coursework Assignment

Coursework Assignment

How a retail stores could develop their online business?

An Online retail business is a trendy decision for entrepreneurs that involved minimum capital investment. The most important component for starting an online retail business is to develop the online retail business plan. Firstly there should be a well established roadmap and framework for all the online retailing activities that the company look forward to pursue in the future through its online business. Once the plan is ready, it should be documented legally to meet the security needs of the offline processes (Jun et.al, 2004, pp. 817-840).

The business owners can select an appropriate domain name and can develop a dynamic retiling website to market and sell their product to the consumers. After the web launch, the efforts are required to be made for advertising and marketing. Social media tools are of great importance that supports in developing retiling business. A business can offer various online retailing services like catalogue of their products, customer relationship services, emailing and numerous services according the business needs (Jun et.al, 2004, pp. 817-840).

For developing a successful online retailing business, a company should be intelligent enough to gauge the perceived value of its customers, and hence should provide what their customer expects them to be delivered. An online retailing business can be developed to provide delivery services, online ordering and product selection (Jun et.al, 2004, pp. 817-840).

What retailer can do to reduce their cost price?

There are many factors that affect the profitability of retailer. It is very crucial for retailer to step forward in setting up the right price in order to achieve profit. Businesses spend a lot to mark their physical presence in the market through retail stores, because retail stores demands to create an exclusive shopping experience for their customers. Online retail is highly affecting the retail stores, as it is revealed that every fifth retail store would be closed by 2018.

Retailers need to focus specifically on their distribution network. As, today this is the best way to curtail your cost by shrinking your supply chain. In the modern world the retailers have the biggest advantage of online retailing and now it has become a trendy retailing concept. Now businesses are focusing to transfer their retailing budget towards online retailing (Jun et.al, 2004, pp. 817-840).

Retail stores can marked down their cost by online retailing. It facilitates their business with online order placement, product delivery and many more. By cutting the cost of the middleman involved they can reduce their cost of retailing. In other words if the business make their own retail stores and do online retailing it will eliminate a component of distributors from the supply chain that will save the cost from the portion of shrink distribution network(Jun et.al, 2004, pp. 817-840).

What should be the promotion strategy in retail industry? (200 words)

A retail promotion strategy should be the communication that a retailer initiates to inform, reminds or persuade its customers about any aspects of the business or its ...