COMMERCE 101

MODERN TRENDS IN RETAILING

Hey Everyone, Hope the week is going well? It Is Well with You in Jesus Name- Amen. Today we are continuing from where we stopped last week. It's the First week of April by the way, how cool is that?

New Trends have been introduced in Retailing Business because of the dynamic nature of commercial activities. In order to enhance and facilitate Business Activities, New Ideas and Techniques have been introduced and they include:

a. Branding

b. Self Service

c. After Service

d. Vending Machine

e. Pre-Packaging

f. Personal Selling.

BRANDING

It is a Name, Design or Symbol and even sometimes a Colour Pattern that differentiates a particular product from the rest in the market. It is a Product's Unique Selling Point, that extra thing it has to

outshine all other products in its industry. It can be used to avoid Adulteration of a Product by other Producers/Manufacturers.

ADVANTAGES OF BRANDING:

a. It ensures High Quality Goods.

b. It Prevents Product Adulteration.

c. Consumers can select Goods without any  Problem or Confusion, based on the symbol or distinct identity it has which is different from others.

d. It reduces the Cost of Advertising.

e. Branded Goods are easily recognisable.

DISADVANTAGES OF BRANDING:

a. It doesn't completely eliminate the cost of Advertising which is heavy.

b. It reduces the chance to be flexible with the design of a Product and Changes are costly to make because Customers will then find it had to identify the product and may brand the Company's Goods Fake and Adulterated.

SELF SERVICE

It is a system which encourages people to help themselves rather than be served especially in a Store. The Goods are displayed with price tags for customers to move around freely and make their choice, without being influenced by anyone.

FEATURES OF SELF SERVICE:

a. Customers move around freely to make their choice of Goods to purchase.

b. Goods are kept on display with Price Tags.

c. Goods are paid for at the Desk on leaving the Shop/Store.

ADVANTAGES OF SELF SERVICE:

a. Purchasing is quick and Fast.

b. People are Free to make a Choice.

DISADVANTAGES OF SELF SERVICE:

a. Less Personal Attention is given to Customers.

b. There is no Opportunity for an inspection of the Goods before Purchase.

AFTER SERVICE

It is an Extra Service tended to Customers after purchasing goods in order to ensure their constant patronage. These services include- Repairs, Maintenance or Replacement of Faulty Products. This is done mostly for Electronics, Automobiles etc

ADVANTAGES OF AFTER SERVICE:

a. It increases Sales.

b. It boosts Customers Confidence in the Products of the Store.

DISADVANTAGES OF AFTER SERVICE:

a. It incurs more Cost for the Customer.

PER-PACKAGING

It is a system where retailers sell goods already weighed, measured and packaged by manufacturers. Like for instance, Pre-Packaged Frozen Chicken, Pre-Packaged Chopped Chicken etc.

PERSONAL SELLING

It involves the direct and personal contact of sellers with the potential buyers, with the view to making sales.

This brings us to the end of Today's Session. Hope this was very helpful to you, leave a comment of what you think of this Tutorial and of your Questions below. Have a Blessed Day and Remember You are Amazing. God Bless You.