Is Retail different? (II)

Talking about Service sectors in general, where exactly do we see 'Retail' figure out? I mean, should we not try to understand where exactly is the point where we see Indian Retail as a mix of being both a Product and a Service, and where exactly does this fall on the Service spectrum?

Retail in India is one where we are always confused about what to categorize into which factor. Thus, one might be ready to accept that 'Ready to eat' food available at a 'Food Bazaar' is a part of 'Retail', whereas getting food served in a restaurant is actually 'Dining', and not 'Retail'. Is it? Or are we just trying to compartmentalize things which can be very broadly understood in a much easier manner.

Retailing is everywhere. It has been here for ages. Whenever anyone buys anything, be it a product or a service, it is 'Retailing'. So, even when we are trying to sell merchandise, or serving food in a restaurant, its all 'Retailing'. The Indian consumer needs to understand this. And she needs to understand that retailing is not new to our country. We have, knowingly or unknowingly, been into retailing always. So, why then do we need an answer on whether Indian retail is actually different from the rest of the Service sector?

It is important. It is important to note that retailing is just a small part of the overall service scenario in India. The 'tangibility' part is quite large in retailing, as the customer always expects the best product being served and made available to her. While it is important to note that the manner in which this product is made to reach the customer, is absolutely important, but the product is still one of the prime factors in any retail purchase. One cannot just get back home with an 'experience'. It needs to be an 'experience' moulded with the right product at the right price. This is where the Retail sector gets an edge over any other sector. Retailing is, as I said, all about making the right product available at the right place at the right time. The rest of the sectors, more or less, focus on just making the right 'product' for the customer. But thats not the complete solution. Is it? Hence, the right mix of service coupled with the right product is actually the success key behind retail.

With a large part of the Indian workforce employed in the Service sector, Retailing has taken an edge, as customers themselves (half of who today are a part of the service sector, in one or the other way) have started to understand the need for quicker delivery times, faster availability timelines, shorter lead times, and better supply chains. This is where Indian retail gets an edge over its western counterparts. With a large chunk of population being employed in this bright sector, and understanding the need of the customer in a better manner, Retailing in India is surely one of the most sought after professions, and has hence seen a large spurt in activity due to the same. However, to get anything right in the market, what one needs is a close understanding of the customer, but alas, we are not the best at it!
so, our next point of discussion will be...

What should the retailer focus on to get more customers? Is it really that difficult to get more customers? Lets try to answer these, and more in our next post.

And ya, for people who have just started to notice this blog (if there are any!), then put in some comments. (Otherwise I might start thinking that the opinions that I have, are accepted by all!!)