Retailing is the process of selling goods and services to customers through multiple channels of distribution to earn a profit. Retailers are at the front line of the supply chain, connecting manufacturers and producers to the end consumers. There are various types of retail businesses, including brick-and-mortar stores, online retailers, door-to-door sales, and vending machines.
Brick-and-mortar stores are physical locations where customers can visit to browse and purchase products. These stores can range from small, independent shops to large department stores and supermarkets.
Online retailers sell products and services through websites and mobile apps, allowing customers to purchase goods from anywhere with internet access.
Door-to-door sales involve a salesperson visiting customers in their homes to sell products or services. This type of retail can include items such as vacuum cleaners, encyclopedias, and home security systems.
Vending machines provide customers with the convenience of purchasing goods at any time, without the need for a salesperson. These machines can be found in a wide range of locations, including airports, malls, and office buildings.
Retailers use various strategies to attract customers such as advertising, sales promotions, public relations, and personal selling. They also use various tools such as point-of-sale systems, inventory management software, and customer relationship management systems to manage and track sales, inventory, and customer data.
Retail industry also encompasses wholesale, which is the sale of goods in bulk to retailers, industrial, institutional, or professional users, as opposed to individual consumers.
Retail industry is a significant part of the economy and provides employment opportunities for a wide range of people, from store managers and sales associates to logistics and supply chain professionals