What is retail?
Retail refers to the process in which you sell consumer goods or services to customers through numerous distribution channels. Since retailers are the service providers who satisfy small orders of countless individuals or end-consumers. They are different from whole sellers because they do not fill large orders of a small number of wholesale, corporate, or government clientele.
How can we classify the retail industry?
The retail industry can be categorized into several groups. The shops also range from the strip shopping centers on the streets of a residential area to colossal, indoor shopping malls. As far as shopping streets are concerned, they may have a partial or full roof to provide a more pleasant environment. It protects them from various weather conditions, such as extreme temperatures, precipitation, or winds.
What are the new trends in the retail industry?
The industry might witness a shift in consumer demand. So with swift technological progress, consumers are expecting outstanding customer service and experience. The driving forces are the global experiences they are having as age-old national and industrial divides shrink.
How should the retail industry prepare for the near future?
It is a general belief that the growth rate may slow down globally. The industry should prepare for a change in economic conditions in the second half of the current year. The downturn in the growth would impede real consumer spending growth. It may experience contraction slowly. Consumer spending is the lifeblood of the retail industry, so it is critical to counter the expected downtrend growth trend.