Scope And Importance Of Retail Industry In India
Consumers benefit from retailing because merchants engage in marketing activities that allow them to explore a diverse selection of products and services. Retailing also plays a role in the formation of a sense of place, time, and ownership. The service given by a merchant also helps to improve the image of a product. Retailing has a large economic impact. It necessitates a large annual revenue and personnel. Hence. retail business in India holds profound importance.
Retailing's Definition And Meaning
Retailing is a group of activities completed when selling products and services to customers directly. The products and services offered to customers are only to be used by them personally, not for resale or other commercial purposes. The final step in the process of product distribution is retailing.
In principle, retailing is a business activity that entails selling goods and services to a large customer base dispersed across a large area. Retailing takes many distinct shapes. Numerous forms continue to be developed in response to consumer and retailer convenience.
The retailing network can be divided into two major groups to better understand the different types of retailers and their functions: (a) store retailing and (b) non-store retailing. The retailing activity goes through four stages, including embryonic, growth, maturity, and decline, just like the growth cycle of business firms.
A retail establishment experiences an extended period of rapid expansion, matures, and then starts to decline. In terms of sales volume, consumer coverage, and chain store expansion, it has been observed that traditional retail stores needed more than 50 years to achieve a mature state.
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