Retailer is the individual who connect the producer with the target customers. A retailer is a person or store that sells products of different varieties under one roof. A retail store will have different but small quantity of products, which they purchase from the wholesalers and sell them at a certain price.
Retail outlets are of various types, all these types vary because of its various products for example there are specialty retail stores, which sell the product of a certain industry. For example kitchen retailers, these stores specifically sell the products related to the kitchen. The products of a kitchen retail store consist of cabinets, stoves, appliances and many such things required for a kitchen.
Function of a retail store:
A retail business is a very vast business and thus works on various things. The main functions of a retail store are mentioned below:
- Buying and selling of goods:
The retail stores do the two main functions. They buy goods and they sell goods. A kitchen retail store would buy the kitchen products from the certain wholesalers and will then sell them in their stores.
- Act as a storage unit for its customers:
A retail store will buy goods and kind off stores them for its customers. The retail store acts as a medium between the big seller and small individual buyer. They form a connection between these two.
- Bear the big risks:
The retail stores have to bear the risk too. For example if a retail store has bought some fitted kitchen models and suddenly the fashion trends change, thus the store has to sell the old model with lower price. The store even has to bear the damage, if the goods get stole, burned or anything the store has to bear it.
- Make the product accepted:
One function of the retail store is to make people buy the goods, the store has to hire sales persons to help customers get what they want and help them in their purchasing decision.
- Delivery of the goods:
The retail store is also responsible for delivering the goods that people have brought. The retail stores even help in fixation of certain products such as a refrigerator, the store employee will even help you fix it in your house.
- Flow of information:
As said above the retail store connect the customer and the wholesaler, they know what the customers want and desire and can pass this information to the wholesalers so the wholesalers would produce what the customer’s needs are.