Rising Emergence Of Specialized Retailers: Ken Research

Due to the high growth of internet, global landscape of specialist retailers has completely changed. Specialist retailers are coming up with new techniques on order to get in contact with their customers. The traditional retailers involved setting up of large multichannel firms which are a retail outlet which is visited by the consumer physically. This traditional approach has been changed completely with the introduction of internet in this industry. They have changed the entire landscape for the specialist retailers. Studies suggest that customers themselves demand a more interactive interface which improved the overall experience. Majority of the consumers are even willing to pay higher for services just to get a more enhanced experience while availing their service. According to the study, ‘Retailer Deep Dive: Specialist Retailers - Strategic Issues And Market Trends Affecting Specialist Retailers’, some of the major companies that currently operate in the specialized retail segment include The Home Depot, Lowe's Companies, Best Buy Co. Inter Ikea Systems, Apple, Metro, AG, H&M Hennes&Mauritz, Industria de DisenoTextil, Suning.com Co., AdeoGroupe, Marks & Spencer, GOME Electrical Appliances and The Gap.Retailer Deep Dive: Specialist Retailers - Strategic Issues And Market Trends Affecting Specialist Retailers The major technology that is currently being worked upon in the specialized retail industry segment includes the Internet of Things.

With use of internet of thigs, business can significantly improve the instore layout. Sensors and other devices can be user to track customer movement which can be used to place most favoured products at a position that proves to be advantageous to the company or organization. Also after analysing this data, consumers could effectively promote their products. The instore layout which is powered by sensors and internet of things is expected to witness an extremely high growth for the forecast period. Specialized retailers designed a system to reliably detect user-object interaction by using Radio Frequency Identification, also known as RFID. In order to prevent any company from going out of stock, managers place devices behind machines which will give a signal in case they are removed from the shelf. One of the major problems which the customers face in specialized stores is the process of checkout in which they have to wait for a great time. Rather, IoT powered devices allow consumers to make direct payment without having to stand in a queue. As the customer walks out of the showroom, the RFID tag attached with the phone will be caught by the sensors and the payment will be charged to the bank which is directly linked to the mobile phone. This would not only save time for the customers, it will also allow businesses to save on their additional costs as a separate cashier need not be employed. The growth in the specialized sales can be on an upward trend however; this is also contingent on the fact that most of the consumers are increasingly using their mobile phones to do their shopping.

The competition in the specialized retail industry is expected to be high however; companies that have huge financial resources would be the ones that would eventually lead the market. For more information on the research report, refer to below link:- retail/specialist-retailers/ html Related Report:- retail/hypermarkets-supermarkets/ html Contact Us: Ken Research Ankur Gupta, Head Marketing & Communications