What factors affect the growth of retail sector?
Research Question
Academic Insights
The growth of the retail sector is influenced by a variety of factors including job satisfaction, customer satisfaction, digitalization, visual merchandising, and profitability strategies.
Key Insights
- Job Satisfaction:
- Determinants such as salary, efficiency in work, co-worker relations, job security, rewards, and welfare schemes significantly impact the overall job satisfaction of employees in the retail sector, which in turn affects sales and profits .
- Customer Satisfaction:
- Factors affecting customer satisfaction include the quality of service, product variety, store layout, and pricing strategies. The American Customer Satisfaction Index (ACSI) model is often used to measure and compare customer satisfaction levels .
- Digitalization:
- The shift towards e-commerce, accelerated by the COVID-19 pandemic, has significantly impacted the retail sector. The growth of online retail is expected to continue, leading to structural changes in the industry .
- Visual Merchandising:
- Effective visual merchandising, including window displays, in-store displays, floor merchandising, and promotional signage, plays a crucial role in attracting customers and increasing sales .
- Profitability Strategies:
- Retail firms employ different strategies to achieve profitability, such as managing gross profit margins, asset turnover ratios, and general expenses. The financial crisis has also influenced profitability metrics, particularly in regions like Greece .
Conclusion
The growth of the retail sector is multifaceted, driven by factors such as employee and customer satisfaction, digitalization, visual merchandising, and strategic profitability management. Addressing these areas effectively can lead to sustained growth and competitive advantage in the retail industry.
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