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Retailing is broadly defined in the field of commerce as a convincing and convenient way of buying and selling consumer products and services. Often retailing involves activities that create value for the goods and services delivered to the customers. Creating value typically entails providing assortment, convenience, and breaking bulks into quantities that the customers want. One specific type of retail business I would consider venturing into is a retail shop or a kiosk dealing with fast-moving food and non-food products such as dairy and cleaning products in exchange for money.
What is the Primary Role of the Retailer?
In the entire business, a retailer or a merchant is often considered as the last entity which deals with the consumers directly. Indeed from my experience I greatly believe that some of the critical roles of a retailer include performing the dual functions of buying and selling of products, which also entails identifying the most economical sources for acquiring the goods from the suppliers including the wholesalers and passing on the benefits to the final consumers. Therefore, as a retailer, the prime focus would be to enhance customer satisfaction by providing quality goods and services both on credit or cash basis.
What Are the Social and Economic Significance of Retail in the World of Business?
The social significance of retailing primarily involves corporate social responsibility practices in delivering commercial services, and goods through sustainable business mean that have no adverse impacts on the environment. The retail industry substantially contributes to the world economy through its fast-growing size by creating more job opportunities and providing a significant amount of revenues via retail sales.
Some Of the Many Shifts in Today's Retail and Their Impacts In The Future and Presently
The current retail industry is continually undergoing radical changes making the sector to be one of the most vibrant and fastest restructuring industries in the world economy. Some of the significant current shifts in retail mainly include the rise of virtual malls, social commerce, and pop-up retails. In particular, the presence of Google and websites or retailer's brands such as Amazon have remarkably transformed how the consumers search and order for goods and services they want. Also, the rise of technology that has brought about social commerce through sites like Facebook and Instagram have not only facilitated the retailers selling power but has also substantially helped customers' in making excellent buying decisions primarily through the creative advertising videos posted on these platforms. However, the numerous shifts in the retail industry and the new technologies will effectively impact the future as they will improve the means the retailers use to sell products and services to their potential customers. Personally, the emergence of these massive shifts has successfully enhanced my shopping experience by providing a faster and a convenient way of purchasing goods and also because there are no limitations on what I should buy. Concerning the impacts these shifts on how I perceive the future, these current major shifts are critical ingredients towards sustainability and the prospect shopping decisions in the retail industry.
Types of Retailers
Specific examples of retail outlets include supermarkets, malls, discount stores, factory outlets, and credit and warehouse stores, all of which deliver goods and services directly to the consumers with the aim of making a profit.
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