- What is retail?
Retail is the business of selling goods. The goods can be anything from food to clothes to books to toys but it is done from a fixed location - usually a shop.
- What is the meaning and importance of retailing?
Retailing is extremely important to everyone because without retailers we would not have access to everyday products that we need. Our lives would be very different if we could not 'pop to the shop' and buy virtually anything we could want.
Retail has changed our lives and changed the way we live. We are an extremely materialistic society and this is partly due to retail. The clever advertising and marketing done by retailers has created a world of people who feel as though they need to have everything and buy goods to lead a happy and fulfilling life. The fact that we can have virtually anything within minutes also emphasizes and encourages are materialism.
- What are the functions of retailers?
The main function of a retailer is to buy goods and sell them on to customers. Goods will be bought in bulk and sold at a profit. The retailer has to ensure that the goods they are buying are desirable to the customers or in demand. Another challenge that retailers face is buying the correct quantities so they do not have too little or too much of the product.
They have to make sure that they do not have too much competition with a particular product and also that they charge a reasonable amount. If they charge too much they will not get any customers and if they charge too little they will only make a small profit.