Meaning
Retail is the sale of goods to end users, not for resale, but for use and consumption by the purchaser. Retailers are the final link in the supply chain between manufacturers and consumers.
Importance or Functions
- Provides an assortment of products and services
- Breaking of bulk
- Holding inventory on behalf of consumers
- Providing services
- Influences consumer decision
- Point of sale display
Evolution and growth in Retailing
- Shoppers define value: As customers are the king of the market.
- The changing face of customers: Where woman are the decision-makers and are also working.
- Growing disposable income
- Changing Age profile
- Increase in nuclear family
- Growing easier credit opportunities: Through bank loans, credit cards has made the availability of hard cash easier in the hands of the customers.
- Liberalisation of FDI policy
- Change in Lifestyle
- New marketing opportunities in high growth sectors: Example: Kids wear
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