Overview of Retail Industry
Retail Industry, one of the fastest changing and vibrant industries in the world, has contributed to the economic growth of many countries. Retailing involves a direct interface with the customer and the coordination of business activities from end to end- right from the concept or design stage of a product or offering, to its delivery and post-delivery service to the customer.
Retailing encompasses selling through the mail, the Internet, door- to-door visits—any channel that could be used to approach the consumer.
Why has retailing become such a popular method of conducting business? The answer lies in the benefits that a vibrant retailing sector offers—an easy access to a variety of products, freedom of choice, and high levels of customer service.
Retail Industry Sectors: Types of Retail
Convenience Stores
Small stores that sell a variety of products, such as newspapers, magazines, candy, soft drinks, etc. Convenience Store is generally a well situated, food-oriented store with a long operating house and a limited number of items.
Bricks and Clicks
Bricks and Clicks is a retailing strategy that combines physical locations with a strong e-commerce presence. It allows traditional retailers to leverage their shops as an advantage in e-commerce.
Multichannel Stores
These are retail establishments that sell products to consumers through a variety of channels, including catalogs, mail order, telemarketing, the Internet, and vending machines.
