Retailing is the combination of activities involved in selling or renting consumer goods and services directly to ultimate consumers for their personal or household use. In addition to selling, retailing includes such diverse activities as, buying, advertising, data processing, and maintaining inventory. This article explains the meaning of retail and its etymology.
Understand the meaning and constituents of the retail industry and the role it plays in the economy of any nation. According to Phillip Kotler, "Retailing includes all the activities involved in selling goods or services to the final consumers for personal and non-business use. A retailer may primarily sell goods such as a grocery store or a bookstore, or a retailer may primarily sell services such as a beauty parlor or a theatre. Retailers are business firms engaged in offering goods and services directly to consumers.
In most—but not all— cases, retail outlets are primarily concerned with selling merchandise. Typically, such businesses sell individual units or small groupings of products to large numbers of customers. A minority of retailers, however, also garner income through rentals rather than outright sales of goods as in the case of enterprises that offer furniture or gardening tools for rent or through a combination of products and services as in the case of a clothing store that might offer free alterations with the purchase of a suit.
Retailing is thus a combination of activities involved in selling or renting consumer goods or services directly to the ultimate customers for their personal or household use.
In addition to selling, retailing includes such diverse activities as buying, advertising, data processing, manpower management, and maintenance of inventory.
Retail comes from the Old French word tailer compare modern French retailler , which means "to cut off, clip, pare, divide" in terms of tailoring It was first recorded as a noun with the meaning of a "sale in small quantities" in from the Middle French retail, "piece cut off, shred, scrap, paring". Some of the "cut" functions retailers perform include sorting and storing, packing, and selling in small quantities to the final consumers thus adding value.
Shopping refers to the act of buying products. Sometimes this is done to obtain necessities such as food and clothing; sometimes it is done as a recreational activity. Recreational shopping often involves window shopping just looking, not buying and browsing and does not always result in a purchase.
Abstract: The global market of retail is growing since last decade inspite of the turbulent economic conditions and varying consumption patterns. The total retail sales have risen by at least 6.
Results of various researches and survey enlightens that the global retail sales have paved way to the future with more demand in India, China and Latin America. These five countries symbolize the largest retail segments. The five leading players are historically great industrial powers with very high standards of living.
Purpose of this paper is to highlight the changes in Global Retail Market which is undergoing and bringing an increasing economic growth. I have also incorporated views of experts, policy formulators and common man related to this issue.
Research paper is based on secondary data and provides only descriptive information and no statistics are used. Manuscript: Retail Industry: An Overview The mounting Gross Domestic Product GDP , escalating rate of population, higher disposable income and increasing consumer spending are key motivators for the success of Global Retail Industry and increasing opportunities for the retail segment players.
Due to drastic changes in the economic environment the facet of commerce is changing drastically. However, the retail industry consists of the establishments which are engaged in selling merchandise or commodities for personal or household consumption such as that of apparel and accessories, technology, food and beverages, home improvement, specialty, pharmaceuticals, and others.
The market segments are experiencing renewed growth since the developed nations initiate to emerge from the period of recession, as well as their economies make progress and there is a downfall in unemployment rates.
The following are insights which indicate the changing retail sector on a global platform. The prospect global shopping behavior of Chinese is exemplary. The Chinese have already adopted the revolutionary shopping habits for example mobile buying. Further, it is assumed that there would be a major boom in the use of mobile payments globally.
Due to demonetization today in India, mobile phone has become main tool to purchase items. The current scenario has encouraged the Indians to adopt mobile wallet and schemes like Paytm mobikwick have replaced the cash. Instead of Value of a Product - Price is Supreme: Due to massive economic turbulence, worth or value of a product and affordability has become core concepts for the global shoppers of every income group. The survey claims to divide the global shoppers in two categories: Survivalists and Selectionists: a.
Survivalists: As a consumer the survivalists believe that affordability is the core of any purchase decision. For them discounts and good value deals are the key motivators. Selectionists: However, the selectionists are loyal and stick to big brands with distinctive store experience.
However later in depth study also revealed that depending on the country, price and convenience rules. There is prevalence of Physical Shopping than online conversions: Although there is a drastic slowdown of footfall to the physical stores still it holds a strong position.
The survey focused on the fact that the preference for a physical store shopping depends upon the type and category of the product, both for researching and purchasing. Therefore the demand for flagship experience stores, destination shopping centers, specialist stores, and pop-up stores reckons the shopper their respective purpose so that their expectations are achieved.
This is the reason that today almost every store has a shopping website which provides the shopper a platform to research and ultimately buy from their stores either online or through physical in store shopping. The survey results also explored suggestions for making in-store experience better which would enhance their physical stores. However few sighted out that there can be self-service checkout system or there can be a facility where the sales associates can take payments without going to checkout counters.
The talent of the Retailer Matters for the increase in sales: Today the consumers are classier who desire that the brick-and-mortar store employees are more equipped with product knowledge, technology know-how, and people skills. They desire for helpful store associates.
In some countries such as UK, France, Japan, Italy, customer service is not given due priority in making shopping experience great. But in Thailand, China, and the Middle East, customers mention customer service rather higher in driving their favorite retailer perception. In other countries as Germany, Spain and Chile customer service has a huge impact on favorite retailer perception, and enhanced service would enhance both the in-store experience and local retailer preference. Mobile devices have turned the corner as purchasing tools.
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