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Three Original Combinations in Retail Markets - Essay Example

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In this short essay, the author presents the strategic considerations in retail combinations and three original ideas of retail combinations that are not yet prevalent. In the end, the author has presented few discussion points.
Smith and Agrawal (2000. pp50) presented the key customer orientation factors in retail stores as delivery speed, cost, quality, customization, personal attention, product variety, etc…
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Three Original Combinations in Retail Markets
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Download file to see previous pages Murthi and Sarkar (2003. pp1344-1345) presented personalization framework for customers that comprises of learning matching and evaluation as per customer preferences. The combinations in retail stores should be planned carefully in such a way that they can be combined to present packages through personalization process that delight the customers given that the overall outcome fits a bigger picture in customer's mind. In the next section, three original ideas of combinations are presented. Verhoef (2003. pp32-33) proved the hypotheses that affective commitment positively affects customer retention. Personalization process effectively results in customers feeling connected to the firm and hence guarantees their long term loyalty.
Combination 1: Consumer electronics, computers and furniture: This combination appears to be completely irrelevant with each other because all the three have different purposes and requires different sales skills. However, when viewed from personalization perspective now-a-days many consumers combine the computers & laptops with electronics items like televisions, cameras, handicams, surround sound systems, etc. and normally struggle with their integration aspects. If they are displayed with different integration combinations consumers can be delighted to get ready solution in one shop. Also, many consumers are concerned about the aesthetic combination of their computers, television sets and furniture - like type & look of chairs to sit & view digital cinema in flat screen TVs plugged into a laptop and surround speakers deployed around the chairs. Such aesthetics can be demonstrated by the sales people by building on the spot combinations.
Combination 2: Sanitary items, Wall Paints, Furniture & Cupboards: This might appear to be irrelevant combination as well but can give lot of new ideas to consumers that are designing the interiors of their homes. A computer graphics operator can show various colour combinations of furniture, cupboards, wall & roof colors and flooring patterns. Customers can decide on the best combination quickly such that the appropriate package can be designed by selecting the right furniture/cupboard looks, wood (or metal polish), wall paints, roof paints, surface graphics, floor tiles etc. What might take weeks for customers to decide can happen in just a few hours. Such stores can also offer packaged services whereby all the items selected can be deployed at customer's home by single team of professionals having the view of the bigger picture.
Combination 3: Wall paints, Art Paintings, Antiques, Carpets, and Wall Mountable clocks: Traditional customers are very particular about giving an artistic look to their homes with various tastes of matching among Wall Colors, Art Paintings, Carpets, Antiques and Wall Clocks. In this combination, the author imagines about a store where world class ...Download file to see next pagesRead More
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