Homework: Retail Management & Merchandising
The past decade has seen the advent of the Online Store in many parts of the world. While this phenomenon began with the sale of individual products and services, it has fast developed into a plethora of fully fledged Online Retail Stores selling bigger varieties of products to even fill-up whole shopping baskets. Some Online Stores constitute the whole business while others have been positioned to complement existing traditional retail stores to help them meet the needs of new customers for whom a traditional in-store experience is not an attraction. The advent of the Coronavirus, which saw lockdowns and movement restrictions being imposed in many societies, has also created many new opportunities for online retail businesses.
For this homework, you are required to help a traditional retailer establish online presence in order to retain existing customers and gain new ones. Mindful of the kind of customer who would navigate towards online shopping, what would be the key considerations of your plan?
The aim of this homework is to assess the extent to which you have understood the key differentiators between traditional retailing and online shopping, as well as the lifestyles and needs of the customers who would be drawn to the Online Store. How would you target and retain them in this space? How would you position an already known traditional retail brand in this space?
Format your homework according to the give formatting requirements:
a. The answer must be double spaced, typed, using Times New Roman font (size 12), with one-inch margins on all sides.
b. The response also includes a cover page containing the title of the homework, the course title, the student's name, and the date. The cover page is not included in the required page length.
c. Also include a reference page. The references and Citations should follow APA format. The reference page is not included in the required page length.