Abstract: Meaning of Retail
• The word retail is derived from the French word retailer, meaning to cut a piece off or to break bulk.
• It consists of selling merchandise from a permanent location (a retail store) in small quantities directly to the consumers.
rn• The various processes which help the customers to procure the desired merchandise from the retail stores for their end use refer to retail management.
• Retailing is defined as the buying and selling of goods and services. It is defined as the timely delivery of goods and services demanded by consumers at prices that are competitive and affordable.
What is retailing?
rn• Most common form of doing business
rn• These consumers may be individual buyers or corporate.
rn• Retailer purchases goods or merchandise in bulk from manufacturers directly and then sells in small quantities
rn• Shops may be located in residential areas, colony streets, community centers or in modern shopping arcades/ malls.
• Manufacturers - Manufacturers are the ones who are involved in production of goods with the help of machines, labour and raw materials.
• Wholesaler - The wholesaler is the one who purchases the goods from the manufacturers and sells to the retailers in large numbers but at a lower price. A wholesaler never sells goods directly to the end users.
• Retailer - A retailer comes at the end of the supply chain who sells the products in small quantities to the end users as per their requirement and need.
The end user goes to the retailer to buy the goods (products) in small quantities to satisfy his needs and demands. The complete process is also called as Shopping.