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Different Merchandise Strategies - Research Paper Example

Valuable retail web sites will boost foot traffic to the stores, when the retailers are able to connect their consumers purchase history. The retailers are now more and more involved in their consumer online research instead of allowing other expert reviewers or the customer produced reviews and blogs to outwit them. The retailers are now more involved in their customer online social site in reviewing their products and services (Jones 1). The other trend in the offing for retailers is holding of inventory so as to aid their customers to maintain minor inventories at home. This entails retailer innovativeness needs being linked to the target market, merchandise growth potential, fashion trends, customer segments, and receptiveness to consumers. Retailers are developing concepts which focus on defined price points, geographic markets and convenience offers since consumers are most probable to react to offers plus promotions which are pertinent to their desires and consistent with precedent behaviors (Fiorito, Gable and Conseur 880). Therefore, retailers can use loyalty programs in order to identify their customers, and which also focus on real customer behavior as a forecaster of future purchasing behaviors. For instance, customized coupons give customer information on a weekly basis and this allows the retailers to quickly make decisions concerning any alteration in their consumer’s behavior. Retailers are also sharing their forecasts, buying plans along with sales information as part of

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their cooperation initiatives with smaller local retail outlets via data integration. They have realized that they need to possess the capability to act in response to any unexpected demand, re- purchasing of trending styles, and to delay or cancel slow moving styles (Jones 1). Current consumers are not just looking for larger weekly purchases, but they focus on special purchasing experience and the product, one that is just exact for them. They tend to focus on products and their core needs rather than keeping pace with existing fashion trends. Moreover, they are at all times concerned with the lowest price. Therefore, merchandise plus deals offered online or through mobile devices will certainly be part of the new retail trend. In addition, the cost conscious consumers are forcing retailers to forecast based on specific variety of merchandise, in particular the profitability, controlled decision making and declining goods plus services. As such, smaller convenience branches in town centers imply that retailers need to improve their multichannel integration (Mitchell, Hutchinson and Bishop 160). Further pressures on retailers consist of broadening supply chains even as the lead times requisite for planning varies, that is why executable business intelligence acquired via the utilization of integrated systems as well as exception reporting will facilitate retailers to come up with quicker and better-informed preference. In such an environment whereby consumers are moving away from "big-box" retail store, retailers are forced to enhance their supply chain processes, and they need to continually endeavor to lower their inventory levels, in addition to decreasing their expenses of handling the merchandise. This will enable them to effectively plan, purchase, and assign reduced quantity of inventory without harmfully impacting their stores in-stock levels or even decreasing their range selection (Dunne, Lusch
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Name: Course: Tutor: Date: Literature Review Different Merchandise Strategies The retail market typically thrives when customers identify the efforts the retailer makes to appeal to their needs, that is why smaller convenience outlets within town centers are becoming so popular (Shannon para 5)…
Different Merchandise Strategies
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