E-commerce is an upcoming field. What role will Retail Management play in this industry?

Since 2000, fully three-quarters of retail sales growth has occurred through online channels. That’s an eye-catching statistic, yet not quite the whole story. The online channel now accounts for about 8 percent of total retail sales. But three sectors have been largely untouched by e-commerce: cars, gasoline stations, and groceries. Because these categories are significant, responsible for almost half of total retail sales, online’s penetration of its “addressable market” — in other words, its available pool of revenue — is close to 16 percent. And it is expanding rapidly, at an annual pace of about 15 percent, well beyond the traditional retail, “GDP-like” growth rate.Instead of sounding the death knell for bricks-and-mortar stores, the steady growth of online sales is breathing new life into the physical stores of some retailers. These companies understand that even as e-commerce thrives, it is becoming increasingly difficult to distinguish an online sale from an offline .Global retailers should take three critical steps: 1. Invest in digital technologies with a clear understanding of how they can enhance the in-store experience.browsing in person to “top off” their regular needs with a few high-end purchases. 2. Offer a convenient one-stop-shopping experience that responds to the shoppers’ path to purchase. 3. Rigorously examine resource allocation. Retailers need to be unrelenting in identifying their strengths, weaknesses, and opportunities in their physical and online target markets to determine the capabilities that are critical to success in both and in the new retail landscape — and to pare back expenses in less valuable areas. For example, it’s critical for retailers to understand inventory flows through their disparate channels to avoid stranding inventory where it is not needed. Similarly, retailers must pinpoint the most important consumer needs to address: Should financial resources be directed at improving the in-store service desk or the website’s call center, or both?

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I would like to invite SHUKLA CAREER OPTIONS to share her expertise.

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