Retail is the sale of consumer goods, or final goods, by companies to end consumers, and includes in-store sales and online sales. Products can be durable, such as furniture, or perishable, like food. Retail sales refer to the value of transactions that occur between a retail business and the end consumer. It is the last link in the supply chain from producers to consumers. Retailers are looking to improve customer relationships, as they are essential for stability in today's competitive retail market.
For investors and traders, retail sales reports are considered a market-moving event, as they affect stock prices and currencies. Retailers can choose from different formats, depending on the demographics, lifestyle and buying behavior of their customers. To counter the disruption caused by online retail, many traditional retailers have entered the online retail space by creating catalog sales and e-commerce websites. Retail often occurs in retail stores or service establishments, but can also be done through direct sales. Retail sales are a good indicator of the pace of the economy and its projected trajectory. The retail mix is 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 banking, tourism, insurance, private healthcare, private education, private security firms, law firms, publishers, public transportation and more. Several academics have advocated expanded marketing combined with two new P's: staff and presentation. This is to ensure customers have a unique retail experience and to differentiate retailers from one another. At its most basic level, a retail format is a simple marketplace where goods and services are exchanged. To maximize sales opportunities, retailers want customers to spend more time in their stores. There has been a great consolidation between retailers and retail chains over the past two decades.
In the digital age, an increasing number of retailers are selling through multiple channels. These answers are then weighted and compared to represent the full picture of more than 3 million retail foodservice businesses (26% in the U. S.). Once the strategic retail plan is established, retailers design a combination of retailers that includes product, price, location, promotion, staff and presentation.