Retail Sector What is the retail industry?The retail industry consists of all companies that sell goods and services to consumers. There are many different retail sales and store types worldwide, ...
07Jun
Retailer
What is a Retailer?
A retailer is an individual or an entity that sells products in small quantities directly to customers for the purpose of consumption rather than reselling. Retailers act as intermediaries between manufacturers and consumers, purchasing bulk to sell fewer products at marked-up prices.
Manufacturers constitute the first step in the retail mechanism, as they create goods from raw materials and tools. Retailers can buy their goods from wholesalers or directly from manufacturers. Wholesalers are stockists; they stock many goods and sell them to retailers at low prices. Retailers then resell these items to end users for profit.
The main aim of retailers is to satisfy their customers by fulfilling their expectations and providing exceptional service. For this, they set up big stores in malls and markets to curate different types of products and make them available to customers.
Types of Retailers
Depending upon their services and the kind of market they serve, there are many types of retailers:
Departmental Stores
Department stores, as retailers, sell various goods, from clothing to electronics to home goods. The department stores are often located in shopping malls and carry a high-end feel. Examples of department stores include Big Bazaar, Lifestyle, Shopper Stop, etc.
Supermarkets
Supermarkets are establishments that sell primarily groceries and household goods. They are frequently found in urban areas and provide a wide selection of goods, such as groceries, meat, dairy, and baked items. Examples of supermarkets include D-Mart, More, Walmart, etc.
Speciality Retailers
Speciality stores are the ones that keep only one type of product, such as toys, pet supplies, video games, etc. These stores have a more specialised product selection than department stores or supermarkets. Examples include GameStop, Apollo Pharmacy, Music World, etc.
Convenience Stores
Convenience stores are usually open 24 hours, seven days a week, and sell very few products, such as snacks, drinks, ready-to-eat meals, etc. Examples of convenience stores include Seven-Eleven, 24-Seven, Spencers, etc.
Conclusion
Retailers are an important part of the whole supply chain model as they are the ones who face the customers and work as an intermediary for manufacturers. Today, retailers need to maintain a variety of products for their customers and undertake things that were previously not their responsibility. However, the main aim of retailers is to satisfy their customers by fulfilling their expectations and providing exceptional service.
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