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Retail & Consumer markets
Retail & Consumer Sector
Retail is the process of selling consumer goods or services to customers through multiple channels of distribution to earn a profit. Retailers satisfy demand identified through a supply chain. The term "retailer" is typically applied where a service provider fills the small orders of many individuals, who are end-users, rather than large orders of a small number of wholesale, corporate or government clientele. Shopping generally refers to the act of buying products. Sometimes this is done to obtain final goods, including necessities such as food and clothing; sometimes it takes place as a recreational activity. Recreational shopping often involves window shopping and browsing: it does not always result in a purchase.
- There are almost 140 000 retail businesses in Australia, accounting for 4.1 per cent
of GDP and 10.7 per cent of employment.
- The retail industry exhibits great diversity by: size of business, region, retail format,
competition within sectors and in the nature of goods sold. Both current trading
conditions and longer term trends are challenging. Retail sales growth has trended
down over the past half decade as consumers save more of their rising incomes and
their spending is increasingly directed towards a range of non-retail services.
- The retail industry has met many competitive challenges in the past. Online retailing
and the entry of new innovative global retailers are just the latest. The intensified
competition is good for consumers, but is challenging for the industry which, as a
whole, does not compare favourably in terms of productivity with many overseas
countries. And the productivity gap appears to have widened over time.
- Australia also appears to lag a number of comparable countries in its development of
online retailing. The Commission’s best estimate is that online retailing represents
6 per cent of total Australian retail sales — made up of 4 per cent domestic online
($8.4 billion) and 2 per cent from overseas ($4.2 billion). In some other countries,
online sales figures are higher and set to grow further, as will also happen here.
Types of Retail outlets
A department store is a set-up which offers wide range of products to the end-users under one roof.
Discount stores also offer a huge range of products to the end-users but at a discounted rate.
A retail store which generally sells food products and household items, properly placed and arranged in specific departments is called a supermarket.
A retail format which sells limited stock in bulk at a discounted rate is called as warehouse store. Warehouse stores do not bother much about the interiors of the store and the products are not properly displayed.
As the name suggests, Speciality store would specialize in a particular product and would not sell anything else apart from the specific range.
Many retail stores operating at one place form a mall. A mall would consist of several retail outlets each selling their own merchandise but at a common platform.
Now a days the customers have the option of shopping while sitting at their homes. They can place their order through internet, pay with the help of debit or credit cards and the products are delivered at their homes only.
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