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The best reference could be the Wal-Mart’s thrust on online business, in spite of being the world leader in retailing with many first's to its credit, it couldn't keep quite when Amazon was indirectly eating into its potential or existing revenues. Yes eCommerce may not replace the beauty of brick and mortar retailing, the beauty of joy one derives when he gets a better product or service he is searching for in a physical store; but the tricky reality is that Wal-Mart’s same store sales in US declined by half a percent where as its online sales improved by30% this year. It is projected to have13 billion $ in web sales this year. With ever increasing operational expenses particularly the rentals, the traditional retail of brick and mortar has to reinvent itself, in fact the UAE region has been the torch bearer of the innovative retail business, no doubt customers shall enjoy and reap the benefits of the competition yet we can't make it happen at the expense of our promoters, hence the fittest manager survives. Our job is to make every stake holder happy.
The trick is not to make them separate business, but just and extension of the existing business. That way your customer remains your customer and all you are doing is offering them a better value fully integrated service.
Think of multichannel retailing as a advertising for the whole business
Retaining the existing customers with personal and professional Customer Service. Under such circumstances your Valued Customers will make marketing for you at no extra cost. At any cost service to the existing customers is very important in a growing market to face tight competitions.
I would say that retailing industry is very competitive in the business world. It is important to take care of our customers and also look forward to provide their needs and provide best solutions from our products and/or services. Personal selling is more premium and special.
Being innovative is a plus for our consumers such getting into multi-channel retailing ventures.
Once you're in the world wide web, everyone has the opportunity to see you and know your products and services.
In modern era it becomes more important " How you sell- Than what you sell". Cannibalization is common and some way natural for retail conglomerates. Companies need to identify their target market properly in order to minimize the cannibalization effect. it's a good idea to enter into a new product category in order to catch market share from your competitors and increase your customer base.
companies are following integration strategies and retail conglomerates in middle east are offering both the luxury and value based fashion brands in order to maximize their customer base and steal the revenue share of market.
...in this world where people becomes insatiable, businesses address this by producing innovative products. thereby it becomes very challenging to maintain existing customers but CRM should know how to retain these valued customers otherwise the company will incur more cost if it loose them than inviting new customers,,,,so becoming competitive in markets you have to first take care of your existing customers and update/ improve your products/services to provide better offer ...
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