Retail industry

Retailing is the act of any organization involved in the price and sale of goods, services, or retail space. In particular, it refers to the activities of purchasing, sales, advertising, data processing, and inventory management. Read on to find out what retail means and its historical origins.

The act of selling or renting personal property directly to customers for personal or household use is called retailing. In addition, promoting, buying, operating equipment, and processing data also fall under retailing.

𝗪𝗵𝗮𝘁 𝗱𝗼 𝘄𝗲 𝗺𝗲𝗮𝗻 𝗯𝘆 𝗥𝗲𝘁𝗮𝗶𝗹?

According to Phillip Kotler, retail includes all the activities of selling goods or services to the final consumers for personal and non-business use. A retailer, or retail store, is any business whose sales volume primarily comes from retail sales. A retailer may primarily sell goods, such as at a grocery store or a bookstore, or a retailer may primarily sell services.

A few stores, however, also capitalize by offering rentals rather than direct sales (as in the case of businesses that offer furniture or gardening tools for rent) or a mixture of products and services (as in the case of a clothing store that may offer free alterations with the purchase of an outfit). Retailing is thus a blend of responsibilities.

𝗧𝗵𝗲 𝗘𝘁𝘆𝗺𝗼𝗹𝗼𝗴𝘆 𝗼𝗳 𝗥𝗲𝘁𝗮𝗶𝗹:

Retail derives from the Old French word queueser, which means "to clip, divide, measure, cater," from tailer (modern French retailer). It was first recorded as a noun in 1433 and made its way into English as an adjective around 1645. The word today generally appears with the verb to sell: "retail products" or "retail sales".

𝐃𝐢𝐟𝐟𝐞𝐫𝐞𝐧𝐜𝐞 𝐛𝐞𝐭𝐰𝐞𝐞𝐧 𝐒𝐡𝐨𝐩𝐩𝐢𝐧𝐠 & 𝐑𝐞𝐭𝐚𝐢𝐥𝐢𝐧𝐠

𝗦𝗵𝗼𝗽𝗽𝗶𝗻𝗴 : Shopping refers to the act of buying products. Sometimes it is done to obtain necessities such as food and clothing; sometimes it is done as a recreational activity. Recreational shopping often involves window shopping and browsing, and sometimes it leads to a purchase.

𝗥𝗲𝘁𝗮𝗶𝗹𝗶𝗻𝗴 : Retail is the sale of goods and services by individuals and companies to the end user. Retailers establish special functions such as anticipating customer demands, procuring materials, securing market details, and marketing financing.

𝗧𝗵𝗲 𝗥𝗲𝘁𝗮𝗶𝗹 𝗜𝗻𝗱𝘂𝘀𝘁𝗿𝘆

Retail is how producers of goods and services get their products to the consumer. Retailers often get their goods directly from the manufacturer. That is when a commodity becomes a finished product.

𝗚𝗹𝗼𝗯𝗲 : Retail is the biggest industry in the world and is encouraged to a significant extent by the world economy. It contributes about 10 percent of the GDP of most industrialized nations. The global retail industry is close to $6.6 trillion, and much of it is organized. The retail industry is predominant in industrialized economies like the US, the UK, and Canada. The industry is major in a lot of economies, up to 16 in developed countries.

𝗨𝗻𝗶𝘁𝗲𝗱 𝗦𝘁𝗮𝘁𝗲𝘀 𝗼𝗳 𝗔𝗺𝗲𝗿𝗶𝗰𝗮 : In the United States, the retail sector employs about 22 million people and generates more than three trillion dollars in revenue annually. The retail sector in the United States features the largest number of important retailers in the world. A 2012 Deloitte survey reported in STORES magazine found that of the world’s top 250 largest retailers by retail sales revenue in the 2012 fiscal year, the largest 175 were based in the United States.

𝗘𝘂𝗿𝗼𝗽𝗲 : Most stores in Europe forbid resales, such as the large chains in the UK, France, and Germany. In France and Italy, more than 80% of single-store sales are accounted for by five large companies that sell many products. In Spain and southern Europe, there is less uniformity in the retail landscape, as small, family-owned stores offer a huge swath of goods.

𝗝𝗮𝗽𝗮𝗻 : Small businesses and corporations dominate the retail and wholesale industries in Japan. The wholesale channel is somewhat larger. The merchandise has to pass through a number of middlemen before reaching the seller. This leads to lower efficiency, higher staffing, and higher distribution costs. In Japan, about 20 percent of the workforce is employed as retail employees, whereas it’s about 10 percent in the United States.

Retailers can also buy products from a middleman, known as a wholesaler or distributor. The wholesaling company consolidates the products from around the world. It repackages them for easier marketing and distribution. Retailers are the last stop in the supply chain before the products end up in your shopping cart.

Company

Services

Industries

Solutions