Retail Trade – Explanation, Meaning

Oracle Retail Trade Management

Heavy tractor-trailer truck drivers, drivers/sales workers, and light truck or delivery service operators all earned less than the industry median wage (figure 6-8). Retail trade refers to the display and sale of new or used goods to consumers for personal or household consumption. The segment also includes motor vehicle retail, fuel retailing, food retailing, and other forms of mainly store-based retail of consumer goods. Processing incidental or subordinate to selling often is conducted at retail stores. Separate establishments selling merchandise for personal or household consumption which has been manufactured by other establishments of the same company are classified in Retail Trade.

Retailers need a suitable POS system that allows them to complete B2C transactions. If you don’t coordinate sales and accounting through an integrated POS system, that can spell disaster for your business. Furthermore, retailers typically need to worry about advertising costs, while this is not the case with wholesalers.

Handling bulk quantities can be tricky, and it’s important everything makes its way to the end consumer in a timely fashion. You need consistency of message regarding product placement and brand identity of your product. You cannot expect each retailer to market the product as they choose while still retaining any consistency in message.

Big box retailers place an emphasis on self-service, bulk buying, or do-it-yourself assembly. More recently, a number of important retailing innovations have originated in the US. Some establishments that sell goods to customers are not included in this industry. For example, a produce stand at a farm would be considered part of the farming operation. A bakery that produces and sells baked goods onsite is included in the food manufacturing industry. Photofinishing shops that are primarily in the business of developing pictures rather than retailing products are part of the personal & laundry services industry, and maintenance & repair shops have their own industry group.

Historically, many of the major innovations in retailing have come from the US. Retail outlets are usually designed to have display areas where customers can see merchandise available for sale. They cater to walk-in traffic, so they’re often located in city centres or suburban areas. No report on the U.S. retail industry would be complete without a mention of December 2007, which marked the official beginning of the most massive global retail recession since the Great Depression.

Another part to this is that when selling via wholesale, you will be shipping your goods internationally as one large container, as opposed to sending hundreds of individual retail packages. For a small business looking to grow, this can be a cheaper way of selling internationally. This can drive interest for your product and can make you attractive to retail stores who can see that there is a solid audience for your goods and are more likely to want to stock your product. The choice of retail vs wholesale, or even a bit of both is a big decision. Read this article to discover the options available to reach your customers and help decide what is the best business model for your business. Pay attention to these trends and shifts in consumer behavior to rely on online shopping.

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