Retail involves the transaction of goods from the point of sale (market) to end consumers in small quantities to satisfy their needs. For example, John purchased a mobile handset from a retail store. So here, John is the buyer and retail store is the point-of-sale.
Retail value chain
Based on the above example, let’s assume that the store from where John purchased, had shown him various varieties of mobiles before he made a final decision. So, who was the source for the retail store to buy goods? It will either be a manufacturer or wholesaler. That’s how the retail supply chain forms. Upgrade to Subscription - Reading Program to unlock this content!This content is locked
The economic significance of the Retail sector
The retail sector contributes to 10% of India’s GDP. It has opened various avenues for people specialised in different areas such as Marketing, Finance, Information Technology, Human Resources, Supply Chain Management, Logistics, New Product Development, Business Analysis, Sales, etc. Retailing has also provided opportunities for entrepreneurship. For example, a business person can buy a franchise of a brand such as a food giant like McDonald’s and open its store at a marketplace like Mall or co-working space.
Citations :
Power Words:
- Franchise
- Formulate
- Brand
- Licensed
- Prompts
- Evolved
- Procured
- Norms
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