© Management Study Guide Density . This helps in improving the existing services and in customizing the product solutions as per the requirements of the customers. Retailers trade with general public (whereas wholesalers may district the general public from purchasing from their warehouses). Retailers act as a vital channel for the launch of new products in the market as they are the direct interface with the consumers and can communicate directly with the targets consumers about the new product features and advantages. This study indicates the widespread retail availability of tobacco and the need for a mandatory system of registration for better enforcement of smokefree legislation. A retailer absorbs most of the burden of the wholesaler and also of the manufacturer by selling the goods in small quantities to the customers. Figure 1: Source – Deloitte African Powers of Retailing report. Various kinds of risks can be involved in a retail business which a retailer should be well prepared with like loss or damage of the products due to deterioration in quality, perishability or spoilage. Marketing orientation: Retailing is a dynamic industry. In the direct channel, the product is sold direct by using direct mailing, Internet services, telephone sales, etc. Retailer supports the wholesaler by acting as a channel for distributing the goods to the customers. As a result of which, retailer always runs the risk of accumulating bad debts on account of non-payment of the amount from the consumer. Noteworthy characteristics of the African retail market. Previous article in issue; Next article in issue; Keywords. Characteristics of Retailers: (i) A retailer is the link between a wholesaler and the ultimate consumer and he is the last intermediary in distribution. 1. Management Study Guide is a complete tutorial for management students, where students can learn the basics as well as advanced concepts related to management and its related subjects. Retailers are referred to as middlemen or intermediaries. (ii) A retailer buys goods from wholesaler in bulk and resells them to consumers in small quantities. Direct contact with the customer – Retailing involves direct contact with the end customer and are a mediator between the wholesaler and the customer or the manufacturer and the customer depending upon the distribution channels used. It … Privacy Policy, Similar Articles Under - Retail Management, Characteristics, Functions and Services of a Retailer, Classification of Retail Formats, Key Features, Advantages and Disadvantages, A Comparative Analysis: Product versus Service Retailing; Wholesaling versus Retailing, Social and Economic Significance of Retailing, Challenges to the Retail Sector (As per Michael Porter’s Five Forces Model), From Kirana to Kopitiam: A Case Study of the Changing Indian Retail Industry. School. Seven Characteristics Of Successful Retail Concepts. Customers feel comfortable as the retailers provide convenience in terms of location of the shop, types of payment and different credit facilities for purchasing, range of merchandise and after-sales support, etc. The retailer’s interface with the customer is service-based. The prime focus of a retailer is on maximizing customer satisfaction by delivering quality products and services both on cash as well as credit basis. Services carried out by retailers are different from those of wholesalers. The retailer performs storing function by stocking the goods for a consumer. Jan. 12, 2011. While not all characteristics are always present in every successful retail concept, some of the traits that the majority of them share are as follows: They store the goods in bulk and make them available as per the requirement of the consumer. In the fast changing globalized and a technology-driven business world, Retail industry over last few decades has witnessed a sea change. Innovative methods of thinking and planning: Successful retailing requires innovative methods of thinking and planning. Eight characteristics of successful retail concepts. While not every characteristic needs to be present to indicate a potential shrink problem, multiple concerns are quite customary as high-shrink indicators in the retail environment. 1. They aim at catering to the requirements of all kinds of customers with varied buying capacities. New Zealand. Classification of Retailers on the Basis of Ownership Sole Proprietorship: This constitutes the majority as many small business ventures start on a sole proprietorship basis only. The characteristics of retailers are listed below. However, the traditional. Recently, the impact of e-retailing has received considerable attention. In the limited channel, a retailer works directly with the producer. Characteristics of Retailing Retailers are referred to as middlemen or intermediaries. Retailers purchase and maintain a stock of those products which are mostly demanded by the customers. 5 characteristics of e-commerce in retail by Azahara 10/Jan/2019 The initial mistrust of buying on the Internet has almost disappeared and e-commerce continues its growth unstoppable. The statistics convincingly reveal how fast the retail industry has grown and paved the path for expansion of business as well as employment opportunities. A retailer can provide credit facilities and heavy cash discounts on the purchase of different products to the customers. 2. They occupy a middle position, receiving and gassing on products from producers and wholesalers to customers. They occupy a middle position, receiving and gassing on products from producers and wholesalers to customers. A retailer ensures availability of a wide variety of choices of products for the customers by keeping different varieties at various prices and also different brands as well. Relationship with the customers –Retailers form a bond with the customers and help them decide which products and services they sho… The wholesalers are relieved from the burden of maintaining direct touch with the customers and managing the entire gamut of activities involved in convincing the customers for purchasing their products. Customer Service Skills . However, the advantage of a speciality store is that you will find many things in that store related to that speciality which you … The responsibility of a retailer is to identify the most economical source for obtaining the goods from the suppliers and passing on the advantages to the consumer. Retailers offer — selection an assortment of merchandise related to the target market in order to provide choice. 1. Retailers make clear propositions of their retail offer. Warehousing and store keeping helps in ensuring uninterrupted availability of the goods to the consumers. A change in customer’s buying preferences or tastes can also affect the retail business to a great extent, or even the products may be damaged due to the natural calamities or vagaries of nature. The retailers are the direct point of contact or communication with the customers; hence they gather information regarding the changing tastes and preferences of the consumers, pass on the customer feedback to the manufacturers for continuous improvement in service delivery.

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