Definition, Scope and Importance of Retailing
In my whole retailing career, I have stuck to one guiding principle: give your customers what they want…and customers want everything: a wide assortment of good quality merchandise, lowest possible prices, guaranteed satisfaction with what they buy, friendly knowledgeable service, convenient hours, free parking, and a pleasant shopping experience.
You love it when you visit a store that somehow exceeds your expectations and you hate it when a store inconveniences you, or gives you hard time, or just pretends you are invisible…
− Sam Walton ( Founder, Walmart )
Retailing includes all activities involved in selling goods or services to the final consumers for personal, non-business use.
− Phillip Kotler
Any organization that sells the products for consumption to the customers for their personal, family, or household use is in the occupation of retailing.
Functions of a Retailer
Retailer provides the goods that customer needs, in a desired form, at a required time and place.
- A retailer does not sell raw material. He sells finished goods or services in the formthat customer wants.
- A retailer buys a wide range of products from different wholesalers and offers the best products under one roof. Thus, the retailer performs the function of both buyingand selling.
- A retailer keeps the products or services within easy reach of the customer by making them available at appropriate location.
- Store Management.
- Category management.
- Customer Relationship Management.
- Vendor Management.
- Inventory Management.
- Supply Chain Management.
- Helps in economic growth.
- Provides various opportunities.
- Provides employment opportunities.
- Formation of FDI.
- Improvement of Infrastructure and enhances the availability of retail space.
- Transformation of the retail sector in India.
- Improvement in standard of living.