Retail is the sale of goods and services from individuals or businesses to the end-user. The retail industry provides consumers with goods and services for their everyday needs.
Retailers are part of an integrated system called the supply-chain. A retailer purchases goods or products in large quantities from manufacturers or directly through a wholesaler, and then sells smaller quantities to the consumer for a profit. This industry is comprised of a variety of stakeholders. Modern retail players offer the flexibility to buy products from around the world to the consumers. This has been possible due to the model of global supply chain that ensures their products can be cost-effectively sourced from various locations and delivered to individual consumers irrespective of their locations.
Retailing can be done in either fixed locations or online. Retailing includes subordinated services, such as delivery. The term "retailer" is also applied where a service provider services the needs of a large number of individuals, such as a public utility, like electric power. This sector has its own dynamics and challenges and retail industry players adopt unique strategies to overcome these global challenges in order to offer customers the right products at the right time for the right price.
Presenting a wide number of technologies linked to consumer behavior in retail environments (i.e. RFID, Shopping Assistant Systems, smart mirror, and so on), this section undoubtedly has an appeal for professionals looking to enhance their expertise on retail domain. We discuss case studies investigating the phenomenon of consumer-computer interaction, which suggest applying new technologies to influence buying behavior and present best practices to keep in mind while working for clients from retail industries.
This section is designed to help learners understand key concepts, terminology, issues, and challenges associated with the retail industry, and technologies deployed to meet some of those challenges. It will identify the main sectors of the retail industry and its business drivers, business model, competitive environment, technological advances and the current trends.
This article explains the meaning of retail and its etymology. Understand the meaning and constituents of retail industry and the role it plays in economy of any nation.
Retailing has a tremendous impact on the economy. It involves high annual sales and employment. Learn the importance of retail industry in this article.
This article focuses on retail industry drivers and dynamics that provide the reader with a basic understanding of the factors that influence this trade. Understand the business drivers and dynamics of retail industry
Understand the key business models adopted by the retail industry. Understand the distinctive ways that retail industry players use to reach to the end consumer.
A marketplace is a location where goods and services are exchanged. The traditional market square is a city square where traders set up stalls and buyers browse the merchandise. This model has evolved significantly over time and let’s understands the various types of sectors in which retail industry can be classified.
Learn the challenges faced by retail sector today. Multi-channel sale avenues, changing consumer behavior, technological advances, rising competition, rising frauds and supply chain management are some of them that require immediate attention.
Understand the traditional retail revenue model and, what are the variations in different revenue models adopted by key players in retail industry. Analyze the pros and cons of various models.
Learn the value chain of the industry. Learn about the key partners, key activities, cost structures and revenue streams of the retail sector.
In this article we will learn about the competitive landscape of the retail industry. Learn the key players in the retail industry and their business profile. Learn more about the top 5 industry players.
You cannot manage what you do not measure and cannot measure what you do not define. Learn the key performance metrics for retail industry. These metrics are used across the globe by key industry players to track and improve their performance.
To stay competitive in this ever-evolving landscape, it is imperative for retailers to deliver a seamless customer experience and provide the right services and products at the right time. Learn the strategies for overcoming challenges for retail industry.
Markets are continuously changing and to understand the dynamics of any industry it is important to understand what is happening and how the industry market players see the future for the industry. In this article we will discuss the recent trends witnessed by the retail sector. This document provides insights into major trends identified for the retail sector.