The impact of internet marketing in retailing Essay - 1

The impact of internet marketing in retailing - Essay Example ..8 References†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦...9 Introduction Internet Marketing can be defined as the marketing of products or services through the medium of Internet. Also known as online marketing or e-marketing, it has become the most exciting marketing form of marketing in years. This medium has been openly embraced by companies as it is creating value for customers and profits for companies (Hanson, 1999). While e-marketing has become an important tool for companies, it has its own different effect on each sector. Here, we will discuss the impact of internet marketing in the retail sector. Retail Marketing Retail consists of the selling of products from a fixed location; retailers are in direct interaction with the customers, and therefore are at the bottom of the supply chain. Re tailers are at the end of the supply chain. They purchase goods either directly from the manufacturer or wholesaler in large quantities and then sell it to the customers (individuals or businesses) in smaller quantities. Retail marketing is all the activities related to the selling of these products. The retail sector is quite a competitive sector in the business environment and therefore, it requires and equally competitive marketing strategy to achieve success. If a retail business would only get caught up with its day to day operations and not emphasize on its marketing plan, it will be left far behind in the competition. Along with their focus on products and distribution, retailers need to also pay equal attention to management of customer relationships (Mulhern, 1997). Some of the ways retail marketers should adopt are: Depending on the type of shop one has, the look of the store, the display and the signage are an important part of a good marketing strategy. Offering promotio ns attract customers. Integrate the consumer feedback. This satisfies the customers and also increase customer base. Along with all these and many other strategies for effective marketing, the latest and most important is online marketing. Internet Marketing & Retailing With the Internet becoming an integral part of our lives, Internet marketing has become an important component of any company to increase its market share. While retailers can set up a website and sell products online to expand their business, this is not the only facet of Internet marketing. Products can also be advertised online. Maximum exposure of a product is required to increase its sale and with Internet usage increasing day by day, Internet marketing has become the most effective way for marketing. Literature Review Many authors have written on this important topic. While we find literature on how important marketing is in the retail sector, recent literature also emphasizes on the importance of Internet in m arketing. Each and every field has been largely affected by the advent of the Internet and only those who are adapting to it are ahead in the race. Retail Marketing, a book by Peter McGoldrick, discusses in detail about retail marketing. Its revised version includes a chapter about retail marketing and Internet and how e-tail marketing is important today for retail businesses. Also, in recent times many books have been separately written about Internet marketing