Retailers are sellers who offer products and services directly to the public, either in person, online, or through a combination of both. They buy products from manufacturers and wholesalers and resell them to customers for profit. Retailers are also sometimes referred to as end sellers because they are at the farthest end of a supply chain that often begins with raw materials. These materials pass through the hands of manufacturers, where they are transformed into components and assembled to become a finished product.
The finished product is then shipped to wholesalers before arriving at the retailer. Retail end sellers offer finished products to the end user or customer. Retail is the sale of goods and services to consumers, as opposed to wholesale, which is the sale to business or institutional customers. A retailer buys products in large quantities from manufacturers, directly or through a wholesaler, and then sells them in smaller quantities to consumers for profit. Retailers are the last link in the supply chain from producers to consumers. A retail sale occurs when a company sells a product or service to an individual consumer for its own use.
The transaction itself can be carried out through several different sales channels, such as online, in a physical store, through direct sales or by direct mail. The aspect of the sale that qualifies it as a retail transaction is that the end user is the buyer. To counter the disruption caused by online retail, many traditional retailers have entered the online retail space by creating catalog sales and online e-commerce websites. The retail mix is loosely based on the marketing mix, but it has been expanded and modified according to the unique needs of the retail context. Retail service providers include retail banking, tourism, insurance, private healthcare, private education, private security firms, law firms, publishers, public transportation, and others. Once the strategic retail plan is in place, retailers design the retail mix that includes product, price, location, promotion, staff and presentation. Retailers are basically in the final position of any business management system, so they are the direct representatives of customers.
At the end of the retail analysis, retailers should have a clear idea of which customer groups should be the target of marketing activities. Several academics have advocated expanded marketing, combined with the inclusion of two new P's - staff and presentation - as these contribute to the customer's unique retail experience and are the main basis for retail differentiation. Softline retailers sell products that are consumed after a single use or that have a limited shelf life (usually less than three years) because they are normally consumed. In some parts of the world, the retail sector is still dominated by small family stores, but large retail chains are increasingly dominating the sector because they can exert significant purchasing power and pass on savings in the form of lower prices. For example, a tourism provider could have a retail division that books travel and accommodation for consumers in addition to a wholesale division that buys blocks of lodging, hospitality, transportation and sightseeing that are then packaged into a vacation tour to be sold to travel agencies retailers. In the digital age, an increasing number of retailers are seeking to reach wider markets by selling through multiple channels including traditional channels and online retail. Retailers can opt for a format as each offers a different mix of retailers to their customers depending on their demographics, lifestyle and buying behavior. To maximize sales opportunities retailers generally want customers to spend more time in their store. The main product-related decisions faced by retailers include variety of products (which product lines, how many lines and what brands to offer), type of customer service (high contact to self-service) and availability of support services (e.g.).
Leave Message