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Retail & Consumer :

The Role of Consumers in the Retail Industry

The new age consumerism is very much dominated by the technology and retail industry is no exception. The concept of selling goods has changed totally from the previous age. Now is the age of customization of products that is products are made according to the customer's demands and choices. This is a total change from the old concept of retailing where the anything made by the manufacturers has to be sold. The retailing industry has passed through many revolutions from the selling concept to the product concept to the consumer concept. In the selling concept the focus was on selling the products, whatever quality mu be the product. Then came the product concept where the focus was mainly given on developing the product regardless of the fact the improvements are according to the customer's requirement or not and the customers did not had any other choice than to buy whatever was present in the market.

But with the advent of technologies and globalization, today information is at consumer's fingertips. Now products are made to meet the requirement of the consumers more closely. There is competition between the companies so that how more aptly the product can meet the customer's requirement. Today customers in the retailing industry are considered as GOD, and whatever the customers demand is it is duty of the retailer to fulfill it as soon as possible otherwise another retailer will do it. This has become more likely as so many retailers has come into the market and people now have choices to switch from one retailer to the other in no time. "If one is not providing me with what I want another will". A loss of single customer means a lot to the retailer now.

This has encouraged the retailers develop new tools and researches are being done to find out what is that one thing that dissatisfies a customer for a particular product and then R&D (research& Development) team work on it night and day to find out very simple solutions to the problem so that this one thing could be the USP (unique selling proposition) by which customers can be attracted to the product and in turn to the company.

Today a great deal of focus is given on market research and customer surveys. This is done to find out exact data based on which the problem faced by the customers can be find out. Not only introducing a new product on the market will do. The customer's needs changes every day and therefore constant research must be done on how to improve the product so that the product does not get obsolete from the market. In short we can say the concept of customers being the GOD in the retailing industry today is very much true and every change in the retail industry is to suite this concept so that customers are satisfied every time the enter the retail outlet and in turn generate profits for the retailers.

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