A retail business is the sale of items and services in small quantities to customers in-store or online. Grocery, clothing, and drug stores are examples of retail.
The Importance of the Retail Industry
Retail stores play a crucial role in the everyday life of modern people. Retailers enable consumers to access a wide variety of products and services worldwide. The retail business helps support the country’s economy and create additional workplaces.
First of all, the retail industry is about customers’ convenience. Retailers bring ready-to-consume products to people and let them get everything they need for their happy living. Customers don’t have to wait for a long time. They can visit a grocery, clothing, convenience, or drug store to have the products they need now. Besides, retailers often offer delivery to the customer’s doorstep.
The retail business is a part of a bigger system called a supply chain. Retailing is a crucial part of the supply chain since it links a manufacturer with a consumer. Retailers contact vendors and buy products in large quantities. After, they sell these items in small amounts to customers to obtain profit. After making a deal with a manufacturer, businesses can offer consumers a wide range of products.
The retail industry influences the economic development of a country. Stores sell goods and pay taxes to the country’s budget. Retail companies provide people with jobs. The level of unemployment decreases.
Now that you know the importance of the retail industry, it’s time to unveil the types of retail business. If you are still deciding which store to open, it’ll be useful to find out the features of each, so let’s dive into the next section.
Types of Retail Business
In this section, we’ve gathered the most popular stores people open most often. It’s time to identify a business that will meet your profit expectations.
It is a store in your area with all the essential items you need regularly. A convenience store is often a small place with a limited number of product categories. It can have only 2-3 types of each product, but you’ll find this store almost everywhere in any city or country. You don't have to go to the supermarket, check in your bags, or wait in a long queue to buy milk. It’s better to go to a convenience store near your house.
This store specializes in one or two product categories. Its main advantage is the availability of items you can’t find in the market. Examples of especially stores include florists, furniture stores, sporting goods stores, bookstores, etc. For instance, if you need a specific book, you better go to a bookstore. Supermarkets and malls don’t offer much choice of books.
It’s a marketplace with various product categories and product lines. The choice is diverse. In a supermarket, people can find everything they need for their homes: fruits, vegetables, bakery, sweets, detergents, coffee, home appliances, dishes, and many other products. People shop at a supermarket to refill their home inventory. They find everything in one place. Customers don’t need to go to several stores to buy all products. It’s convenient and time-saving. Supermarkets encourage consumers to come back by offering discounts, promos, and unique products.
It’s a store that sells medicine. The store has a wide choice of drugs to fulfill people’s needs every day. Besides pharmaceuticals, drug stores offer health and beauty products, water, snacks, and sunscreens, and have a pharmacist who can give a piece of advice.
It’s an online store that sells products and services on the internet. Customers who can’t find a specific item in stores will find it online because of the choice modern platforms offer. They deliver items from different countries. Famous examples of eCommerce stores include Amazon and Alibaba. Today, Amazon holds a huge market share of retail business and is at the top of customers’ minds. The tendency of going online and having high profits will soon encourage all retail stores to sell products from a website.
This store offers a great variety of products with a good discount to hook customers’ attention. Discount stores provide great discounts because they buy products from manufacturers in big volumes at a low price. These stores have low selling prices, and low margins, and sell products in significant volumes. Walmart is the most recognizable example of a discount store.
• Financial Advisory
• Annual Accounts
• Point of Sales system integration
• Vendors management (Bills, Payments, Returns)
• Management Accounts
• Project status reports
• VAT Support
• Cash flow management and budgeting
• Revenue recognition and Cost Analysis
• Inventory Management
• Cost and benefit analysis
• Business strategies
• Workflows preparation and management
• Policies and procedures management
• Virtual CFO services (Hands on experience)