Organized retailing in India was estimated at Rs.18, 000 crores in 2002-2003 and has grown at about 40% over the last 3 years (Source KSA Retail Outlook). Retailing has a tremendous impact on the economy. It involves high annual sales and employment. As a major source of employment retailing offers a wide range of career opportunities including; store management, merchandising and owning
The retail business benefit consumers from retailing in that, retailers perform marketing functions that makes it possible for customers to have access to a broad variety of products and services. Retailing also helps to create place, time and possession utilities. A retailer’s service also helps to enhance a product’s image. In general, retailers perform four distinct functions.
Retailers participate in the sorting process by collecting an assortment of goods and services from a wide variety of suppliers and offering them for sale. The width and depth of assortment depend upon the individual retailer’s strategy.
They provide information to consumers through advertising, displays and signs and sales personnel. Marketing research support is given to other channels, members. They store merchandise, mark prices on it, place items on the selling floor and otherwise handle products; usually they pay suppliers for items before selling, them to final customers. They complete transactions by using appropriate locations, and timings, credit policies, and other services e.g. delivery.
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