Written by: Nithin Narayanan
Service retailing in present times has a significant share of the total retail sales pie. Service retailing in general terms can be divided into the following categories-
· Repairs and Improvement
· Non goods
Service retailing can be classified in terms of their tangibility, service provider skill, labour intensiveness, and customer contact goals and so on.
Strategy and its implementation is the cornerstone of any retail business. Although the overall principles of the strategy are the same whether it is service oriented or goods oriented.
In service retailing, the business should be narrowly defined. Human resource is the key difference with merchandise retailer. Parameters such as personnel abilities, financial resources and the lead time to execute the service are important decision in the Strategy Planning.
After the strategy is outlined, the retailer has to plan factors such as Store Location, Store Size, Fixtures, type of ownership, working hours, level of Investment. These factors are common across the board irrespective of the type of retailing done.
Environmental factors are also to be taken into consideration like the competition, economy, political scene, technology, legal restriction play an important role in providing a smooth service for the customer.
Not much is researched about the various parameters describing Service Retailing. But there are various aspects of this kind of retailing which will be written in the subsequent articles.