Question 4: 300 words
Discuss in your own words the challenges retail buyers face to reach their objective, with relevant examples.
The industry of retail is really very huge and it’s thriving. Great degree of individuals are establishing their feet into the retail industry. And large group of them are planning to do so. Truth to be told, building a successful retail business is not so simple. There are so many challenges that one need to face in their everyday retail business.
The world retail industry is becoming increasingly competitive, driving companies to take an innovative approach to withstand the current market condition. It also has had to cope with economic challenges, technological advances, consumer trends, and globalization. Thus as a retailer, one has to study the upcoming challenges and to construct best strategies to resolve problems as soon as possible.
Three of the greatest challenges that are more often experienced by retailers are theft, inventory control issues, and employee management. The number of choice people enjoys today has also led to a waning of brand loyalty, with customers switching between retailers and online/in-store channels from purchase to purchase, depending which best serves their needs at the time. Luxury retailers are not immune to this trend either, as even wealthy customers now tend to shop around for the best option.Demanding a seamless experience, internal communication, and rapid technological advancement are few of the major retail challenges that still pertains and persists.
Whether due to investor pressure or genuine ambition, many retailers try to grow without putting the right processes in place first. The headless-goose-chase that results is often there for everyone to see, from poor package tracking to awful customer support and no one with a general clue as to what is happening. Retail is a very lucrative field, so it is only natural that there are many players for the same products and product categories. Standing out often involves looking into branding, social media and customer outreach, which many sellers do not do.
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