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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.

Statistics

  • 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
Department Stores

A department store is a set-up which offers wide range of products to the end-users under one roof.

Discount Stores

Discount stores also offer a huge range of products to the end-users but at a discounted rate.

Supermarket

A retail store which generally sells food products and household items, properly placed and arranged in specific departments is called a supermarket.

Warehouse Stores

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.

Speciality Stores

As the name suggests, Speciality store would specialize in a particular product and would not sell anything else apart from the specific range.

Malls

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.

Online-E Tailers

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.

 

Capabilities

A business strategy is the means by which it sets out to achieve its desired ends.

If you have been selected for a business audit, here is what you need to know.

Restructuring your company could restore its viability and improve its liquidity position.

Benefits

Marketing Research

Research helps you plan the best way to get your product from the manufacturer to the retail shelf. In addition to deciding which retailers should carry your product, you should determine where your inventory will be held.

Listen to your team

Go to your team, and tell them you want to make a fresh start. Tell them you want them to enjoy their jobs more and get more done.

Analyze the Problem

In this problem solving step, you will want to figure out what caused the problem, what the problem looks like at this moment, and the urgency of addressing the problem.