A retail market is nothing but a part of systems, procedures, institutions, social relations and infrastructures where retail business organizations get involved in exchange. Even though companies may follow the barter route for exchange goods and services, the markets follow the literal form wherein sellers offer their goods and/or services including labour in to buyers in exchange for money. It can be said that a retail market is the ecosystem which determines and establishes the prices of goods and services. A market is an arena for trade thus facilitating the distribution, provision and allocation of resources in a society. Retail markets permits evaluation and price determination of any trade-able item. Mostly markets evolve more or less
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The exchange of goods or services, for money or otherwise, is a transaction. Retail market cast envelopes all the buyers and sellers of all goods and services and who influence its price.
Importance of Retail Economics
Retailing has a tremendous impact on the economy. It involves high annual sales and employment. Retail involves the selling of goods to end users. While meeting the needs of customers, following are some of the functions performed by a retailer:
Customer Convenience: Perhaps the most important role of bringing the ready to be consumed goods to the doorstep of the consumer is performed by the retail community. Consumers benefit from retailing as retailers perform marketing functions that makes it possible for customers to have access to a broad variety of products and services. Retailing also helps to create place, time and possession utilities. A retailer's service also helps to build a product's image. Retailers stock goods and ensure the availability of products and services just when the customer needs them. Convenience Stores operate over extended hours through the week and give customers greater flexibility and …show more content…
They store merchandise, mark prices on it, place items on the selling floor and otherwise handle products; usually they pay suppliers for items before selling them to final customers. They complete transactions by using appropriate locations, and timings, credit policies, and other services e.g. delivery. They influence life style of consumers and help people to build their identity in a social setting.
Economic Development: Retailing has great contribution on economic development of a nation. Retailing has become an integral part of our daily lives. A consumer expense on retail goods drives much to the global economy, and the retail industry employs a large number of people. Nations that have enjoyed the greatest economic and social progress have an exciting retail sector. Retailing is one of the most important industries in the world and plays a principal role in economic development of the country. A healthy retail sector’s growth gives speed to economic
The exchange of goods or services, for money or otherwise, is a transaction. Retail market cast envelopes all the buyers and sellers of all goods and services and who influence its price.
Importance of Retail Economics
Retailing has a tremendous impact on the economy. It involves high annual sales and employment. Retail involves the selling of goods to end users. While meeting the needs of customers, following are some of the functions performed by a retailer:
Customer Convenience: Perhaps the most important role of bringing the ready to be consumed goods to the doorstep of the consumer is performed by the retail community. Consumers benefit from retailing as retailers perform marketing functions that makes it possible for customers to have access to a broad variety of products and services. Retailing also helps to create place, time and possession utilities. A retailer's service also helps to build a product's image. Retailers stock goods and ensure the availability of products and services just when the customer needs them. Convenience Stores operate over extended hours through the week and give customers greater flexibility and …show more content…
They store merchandise, mark prices on it, place items on the selling floor and otherwise handle products; usually they pay suppliers for items before selling them to final customers. They complete transactions by using appropriate locations, and timings, credit policies, and other services e.g. delivery. They influence life style of consumers and help people to build their identity in a social setting.
Economic Development: Retailing has great contribution on economic development of a nation. Retailing has become an integral part of our daily lives. A consumer expense on retail goods drives much to the global economy, and the retail industry employs a large number of people. Nations that have enjoyed the greatest economic and social progress have an exciting retail sector. Retailing is one of the most important industries in the world and plays a principal role in economic development of the country. A healthy retail sector’s growth gives speed to economic