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WHAT IS RETAIL MANAGEMENT?

‘Retail Management’ is a study that relates to the retail industry. Also includes its challenges, the supply chain, and its associated business partners. Hence, one of them is New McGill School in Canada of New McGill University. This also covers marketing, consumer marketing, marketing behaviours, Retail marketing, & Marketing research. There are many business schools in this world that are involved in the technical training of the retail sector. The industry is vitally important as the industry is termed one of the highest revenue generators in many countries. The number of investments in the retail sector is huge. Highly rated for profitability in the region of North America. Immense focus and attention to details are given in the fashion industry.

Similarly in Canada, Retail Industry is of paramount business importance. It holds importance in almost all provinces especially, in Ontario and British Columbia. Considered as a huge profit-generating sector, the retail industry is always improving its standards every day.

SCHOOLS OF RETAIL MANAGEMENT- NEW MCGILL CANADA:

Bensadoun School of Retail Management will cover such areas as sustainable consumption. Montreal’s McGill University has officially opened a school of retail management with a goal. The goal is to tackle the many transformative challenges facing retailers. These include some of those unique to the grocery.

Named after Canadian shoe retail icon Aldo Bensadoun. The Bensadoun School of Retail Management will cover all aspects of retail. The focus is on sustainable consumption and healthy societies, drawing on expertise from all faculties across the university.

CHALLENGES IN THE RETAIL INDUSTRY:

The retail sector in Canada holds many challenges in the industry. These challenges relate to food research, nutritional aspects, product development, and pricing & delivery issues. Yet another huge area where the challenges hold immensely is the supply chain industry. The extreme cold weather conditions in most parts of Canada has been yet another cause of supply chain and distributions. However, the issue is not only climate hazards or extremely cold conditions, but there are also certain problems that relate to sustainable consumption and some transformative challenges that are unique to the grocery.

“The retail industry is affected by grand challenges such as nutrition and food or sustainability, which cannot be tackled through siloed thinking,” said Saibal Ray, academic director, Bensadoun School of Retail Management and James McGill professor in supply chain management.
“The Bensadoun School of Retail Management can bring together expertise from various faculties to ensure the right people are around the table to fix these issues.”

RESEARCH IN FOOD INDUSTRY:

Food is one of the main research areas at New McGill school, with research underway related to the nutritional aspects of food, product development (within the faculty of agriculture), pricing, and delivery issues.

Some of the high level, seemingly unrelated research work at the university could have a real impact on the grocery sector.

“For example, AI can be useful in issues like personalization and product assortment optimization while neuroscience can help understand the decision-making process from the consumer perspective,” said Ray.

“One of the things we want to work on is how we can nudge consumers towards healthier behaviours, in a way that is sustainable in the long term from the consumer side as well as financially sustainable on the retailer side,” he said.

Aside from Bensadoun, the school has received a number of corporate contributions from the likes of Saputo, Walmart, and Couche-Tard. Nespresso has also signed on as what the school calls a post-launch “collaborator.”

UNDERSTANDING THE CONSUMERS:

Understanding consumers through consumer research is an essential part of the retail management study. This includes consumer dynamics, consumer behaviours, understanding the changing behaviours through shopping habits and patterns. The consumer dynamics are studies via detailed research related to demographics, and understanding the likes and dislikes of consumers through surveys and online research. Hence, online buying patterns and behaviours are highly helpful in determining consumer behaviours with regards to products. An example is how to find shopping behaviours for the clothing Industry for people in Toronto. Market research can tell what percentage of people love to buy online and how much percentage of people love to buy in-store. This is with due respect to all the available statistics, i.e. Age of respondent, Sex of the person, and location he is residing in.

“We are living through a period of tremendous change in retail and to succeed, future industry leaders will need to fundamentally understand consumers’ changing behaviours and expectations,” said Aldo Bensadoun, in a release. “It is my hope that by working with industry partners and leveraging McGill’s breadth and depth of research in fields such as accounting and finance, as well as others like psychology, artificial intelligence, neuroscience, and sustainability, we will succeed in reinventing the future of retail management.

Today’s retailers understand the ability of mobile phones once it involves connecting and human action with customers, and knowing. However customers utilize mobile to move with retailers is essential to making an eminent mobile strategy.

There are 5 major teams that client interaction falls into the followings. Like shopping for, saving, discovering, paying, and human action by sensible devices.

BUYING

When it involves shopping for, customers look to either utilize mobile payment with a store or order ahead. The quantity of customers utilizing mobile payment continues to extend, with fifty-nine p.c of e-commerce purchases happening via mobile.

People are not using cash and shopping from their phones ever before.

Related: Restaurant Website Need.

SAVING

When it involves saving cash, providing discounts, coupons, Associate in Nursing. Saving once employing a mobile app or being a part of a loyalty program. That runs through a mobile app is an incentive for purchasers to move with retailers during this method.

Noting that c-stores will deliver coupons through SMS electronic communication. They use mobile app, and lots of smart devices fastening this into loyalty programs.

Related: The Alternative C-Store.

“Loyalty programs driven from the smart device still grow, and that we see plenty of this happening within the c-storehouse over the last 5 years.”

DISCOVERING

Using mobile phones for discovery is targeted on checking out regarding products or services. This might embrace checking costs for product or fuel or finding the closest location of a store.

PAYING WITH MOBILE PHONES

Mobile payments still grow and happening in a very unique style of paying. The Payment method are associated in the Nursing app, Apple Pay, Google Pay, Samsung Pay, Chase Pay and a lot of Walmart. Even created its own branded payment possibility referred to as Walmart Pay.

Related: Instagram Marketing.

The emergence of Apple Pay and Google Pay continues to require hold, and a few c-stores. Victimization mobile payment in conjunction with a loyalty providing or cashback providing around fuel purchases. This may be a player within the decades to return.

COMMUNICATING WITH SMART DEVICES

The final method customers are victimization mobile to move is through direct communication with retailers. Whether or not it’s causation feedback, asking queries or searching for other forms of support.

Related: Convenience Store.

This includes recent developments with computer science.

There are opportunities for c-stores to drive business outcomes altogether 5 of those are as today mobile could be. However, c-stores got to understand United Nations agency their client is and what their objective is with utilizing mobile. Then, it’s regarding however they will move that forward.

New models range from more flexible and straightforward lease programs to streamlined car-sharing as automobiles become increasingly high-tech and consumers demand a simplified shopping experience

TORONTO – Major automakers are preparing for a future where drivers might not want to own the cars they use.

The shift comes as the industry undergoes rapid technological change towards a driverless future. While high up-front costs and ownership burdens have a small but growing minority of drivers. As well as fuelling demand for the alternatives.

“In terms of the ownership models, I think really we’re on the cusp of change,” said James Carter. He is the principal consultant at Vision Mobility. James Carter is the person who gives advice to the auto industry.

The new models range from more flexible and straightforward lease programs to streamlined car-sharing. This happens as automobiles become increasingly high-tech and consumers demand a simplified shopping experience.

Volvo, for one, has announced that it will bring its subscription service to Canada to meet those changing demands.

The service, which starts at $949 per month. It is a leasing alternative that covers insurance & minor wear. Also, include in the cover are winter tires and other costs in a single payment.

“We’re giving everybody an opportunity to get a vehicle. Also, own a vehicle like they own their cellphone,” said Alexander Lvovich, managing director at Volvo Car Canada Ltd.

Customers sign up for 24 months which is shorter than many lease agreements. While they can get a new vehicle and the latest technology that comes with it every year, Lvovich said.

Volvo expects the subscription model to make up about 10 per cent of overall sales. A target already exceeded in its U.S. operations. This is because customers are looking for a streamlined process.
“These people want convenience, they want defined and predictable price and they want all the services included. And they want to be able to access this experience in a convenient way online.”

Volvo was the first to launch such a program in Canada. But many higher-end car companies have a variety of subscription models in other markets. These markets include allowing customers to switch between a number of vehicle options.

While some companies offer subscriptions, automotive giants like General Motors are pushing into car-sharing programs.

GM launched its Maven program in 2016 and expanded it to Toronto earlier this year. It allows customers to use a fleet of company vehicles. A rental process for customer’s convenience made simple by GM’s Marven Program.

GM is pushing into territory once led by small-scale co-operatives but becoming crowded by corporate heavyweights.