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 their 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. Retailers can opt for a format, as each offers a different mix of retailers to their customers depending on the demographics, lifestyle and buying behavior of their customers. At the end of the retail analysis, retailers must have a clear idea of which customer groups are going to be the target of marketing activities.
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. In addition to the main categories of retailers, there are also categories for the types of retail stores. 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. To maximize the number of sales opportunities, retailers generally want customers to spend more time in a retail store.
Several academics have advocated expanded marketing, combined with the inclusion of two new P's, namely, staff and presentation, as they contribute to the customer's unique retail experience and are the primary basis for retail differentiation.In short, a retail store is a commercial company whose main source of sale comes from retail. It is designed so that products sold are used directly by consumers and it involves selling goods or services directly to end users for personal use. With more than 40 million employees, these retailers are the largest private sector employer in the entire country.