Nature and importance of retailing pdf

In the indian retailing industry, food is the most dominating sector and is growing at a rate of 9% annually. Wholesaling is the buyinghandling of products and services and their subsequent resale to institutional users and in some cases to final consumers. This has become very important in each stage of human civilization. Nature of retailer free download as powerpoint presentation. Retailing is about displaying products, describing the features and benefits of products, stocking products, processing payments and doing whatever it takes to get the right products at the right price to the right customers at the right time. It not only contributes to countrys gdp but also empowers a large number of people by providing employment.

Nature of retailing retailing includes all transactions in which the buyer intends to consume. It is not of concern how the goods sold or where they are sold to consumers. There is no consumers on the exact nature of direct marketing. Retailing is a fastpaced, exciting and essential service industry that employs a high proportion of the working population. Principles of retailing edinburgh business school 15. Lesson 1 business economics meaning, nature, scope and. The importance of retail sector is reflected in its contribution to the growth of an economy. As a major source of employment retailing offers a wide range of career opportunities including. Retailing is important for the creators, customers, as well as the economy. Wholesaling assumes many functions in a distribution channel, particularly those in the sorting process. Ppt 210 nonstore retail formats electronic retailing catalog and direct mail direct selling television home shopping vending machines. International retailing meaning and important concepts. With the increasing globalization of retailing, both in terms of their pointsofsale and their pointsofsupply.

Decision making means the process of selecting one out of. Study the effects of customer service and product quality on customer. Lesson 1 business economics meaning, nature, scope and significance introduction and meaning. According to cundiff and still, retailing consist of. Retailing occupies a very important place in the economics of any country. Chapter 17 retailing, class notes university of delaware. Pdf retailers have embraced a variety of technologies to engage their. Today, we can see ecommerce is becoming a part of study of almost all the courses in management and commerce. It is an integral part of any book or manuscript that is written on retailing, and it claims a significant share in this text also. Delivery of satisfaction, standard of living, value addition, communication, employment, efficiency and finance are the major role and importance of distribution. As the retail sector is linked to the significant portion of the economy, its contribution to gdp is substantial. It is very simple to set up such a retail business.

In the last two lessons, we have seen the meaning of retailing, functions and. The role and importance of distribution in marketing and in the whole economy can be discussed as follows. The branded food industry is trying to enter the india retail industry and to convert indian consumers to branded food users. Improvement of infrastructure and enhances the availability of retail space. At present 60% of the indian grocery basket consists of non. Services carried out by retailers are different from those of wholesalers. It encompasses sale of goods and services from a point of purchase to the end user, who is going to use that product.

Bharathi on retailing concepts as reatiling is a comfortable method of selling goods and services as retail industry, one of the fastest changing and vibrant. These types of analyses start with the share of big firms and groups, both on national and international levels. Lets have a look on how and where is advertising important. Advertising plays a very important role in todays age of competition. Functions of retailing retailing functions and meaning. Retail management starts with understanding the term retail. Retailing is about displaying products, describing the features and benefits of products, stocking products. The survival of these smallscale businesses of the retailing nature may be attributed to the following reasons. International retailing meaning and important concepts international trade and commerce has existed for centuries and played a very important part in the world history. The importance of information technology in the retail sector. The role of big data and predictive analytics in retailing. Edinburgh business school principles of retailing ix preface the principles of retailing distancelearning programme is based on the book principles of retailing, published in 2003 by elsevier.

This article focuses on the future of retailing by highlighting five key areas that are moving the field forward. Must derive more than 12 of their sales from the ultimate consumer of the product to be classified a retailer less than 12, then they are a wholesaler. Lesson 1 an overview of retailing introduction the word retail is derived from a french word with the prefix re and the verb tailer meaning to cut again. In the uk, women comprise a higher proportion of the labour force than men. What is the importance of retailing to the economy of india. One of the important participants in the distribution network is the retailer.

Pdf over the decades, the importance of location of retail shops has been. Electronic retailing is the sale of goods and services through the internet. Project report on scope of eretailing in india submitted in partial fulfillment of the degree of masters of business administration session 20162017 submitted to. Any organization be it a manufacturer, a wholesaler or retailer who sells its products to consumers, is doing retailing. Read on for examples of different types of retail endeavors, and why retailing is important to customers and your business. The importance of distribution channels is analysed both for individual economic operators, i. Retailing concepts, retail operations types, retailing. Pdf importance of location in successful retailing researchgate. In retailing, the marketing mix emphasizes product assortment, price, location, and promotion and customer services designed to aid in the sale of. Anyone having the necessary money and drive can go in for such a type of business. Some retailers offer additional services to the retail transaction like personal shopping. Learn the definition, see examples and understand the impact on the economy, retailing is how producers get their goods and services to consumers.

Importance of relationship marketing in order to target your loyal customers. The importance of service, experience and personalisation in the shopping process retail oracle retail crosstalk the survey findings allow us to explore what retailers can do now to optimise their businesses for the future. Retailing is a distribution process, in which all the activities involved in selling the merchandise directly to the final consumer i. This has not only provided direct contact with customers, but has also acted as advertisement for the companies and has provided the manufacturers with.

Advertising is one thing which has become a necessity for everybody in todays day to day life, be it the producer, the traders, or the customer. Thats why retail stores have salespeople, why internet shopping websites have customer service instant chat popups, and why catalogs have descriptions, photos, and tollfree phone numbers. Khanchi business economics, also called managerial economics, is the application of economic theory and methodology to business. Importance of retailing cannot be denied for todays manufacturers. Role and importance of transportation businessmarketing. Retailers are referred to as middlemen or intermediaries.

They occupy a middle position, receiving and gassing on products from producers and wholesalers to customers. Euromonitor international is the leading provider of. There are many functions of retailing which have to be taken care of by the retailer. Importance of retailing the retailer is an intermediary in the marketing channel because he is both marketer and customer, who sells to the last man to consume. Study the effects of customer service and product quality. Learn the definition, see examples and understand the impact on the economy. Importance of retailing services to wholesalers and producers. Pdf pricing strategy is the policy a firm adopts to determine what it will charge for its products and services. Retail stores play an important role in highlevel exposure of businesses. Evidently, retail trade is one that cuts off smaller portions from large lumps of goods. In the broadest sense, retailing can be said to have begun the first time one item of value was bartered for another. Various parties to the production and distribution of goods play a pivotal role in any economy keeping the robust volume of trade and commerce flowing through the market, leading a nation to prosperity. Retailing, the selling of merchandise and certain services to consumers. In my whole retailing career, i have stuck to one guiding principle.

It is a process through which goods are transported to final consumers. He is a specialist who maintains contact with the consumer and the producer. Introduction to retail marketing concept and definition of retail marketing characteristics or features of retail marketing importance of retail marketing functions of retail marketing emergence of organisation of retailing development of retail marketing in india benefits of retail marketing 1. Its contribution is much more visible in the modern era than it was in the past. Retail management 2 in my whole retailing career, i have stuck to one guiding principle. Consumers benefit from retailing is that, retailers perform marketing functions that makes it. Role and importance of transportation transportation is the means to carry people and goods from one place to another. Purchase the retailing in south africa country report as part of our retailing market research for march 2020. Opportunities and challenges in the world of retailing and the importance of adaption to the new markets article pdf available october 2015 with 6,535 reads how we measure reads. Scribd is the worlds largest social reading and publishing site.