What Are the Duties of a Retail Merchant?
Retail is an acronym for the sale of consumer products or services directly to consumers at a retail establishment. Retailers meet demand identified by a supply chain established by distributors. The key drivers of retail sales are demand generated by supply, competition and price. Retailers who successfully penetrate the market and capture a significant share of the total market will command a competitive advantage over other retailers and providers of similar products and services. Retail stores carry a variety of merchandise including electronics, clothing, books, jewelry, health and beauty, tools, sporting goods, financial products and services and more.
Distribution is an important factor in supply chains running through retail establishments. A successful distribution network allows retailers to provide a wide range of goods at competitive prices to their customers. Distribution enables retailers to serve their customers in a convenient and profitable manner. Distribution includes salespeople who bring the goods to the customer, as well as the equipment necessary to carry out this service. This chain of command provides the basis for retailers to increase their sales and improve their bottom line.
Retail marketing involves the development of a marketing plan and the creation of a unique retailing design to appeal to consumers. A successful marketing plan includes the identification of target consumers, the promotion of new goods and services, and the improvement of existing goods and services. Retail marketing involves the planning, development and implementation of retailing strategies that benefit retailers.
Major activities in the retailing industry to include retail development, retail sales, retail pricing, retail accounting and retail distribution. Developing and implementing effective retail development strategy focuses on improving the supply chain and increasing retail sales volume. Successful retail sales strategy is essential to maximize profits and maintain customer loyalty.
In terms of discount store operations, there is a close relationship between discount store sales and overall retail sales. Discount store operators must offer products to consumers at prices that are lower than those offered by other retailers. The discount store business model is a success when the manufacturer or retailer offers lower prices to dealers and wholesalers. Off-price retailers offer higher mark-up prices to retailers who need to purchase stock in order to meet their requirements for replenishment. Other off-price retailers work with suppliers who offer lower prices to them in order to take advantage of the competition between wholesalers and manufacturers.
In order to be successful at retail, it is essential to understand the dynamics of competition between different types of retailers. There are many department stores that provide competitive pricing to attract customers, while department stores often offer higher mark-up prices to customers in order to make their products attractive. In addition, many off-price retailers work with suppliers who offer lower prices to them in order to take advantage of the competition between wholesalers and manufacturers. Each type of retailer has its own unique set of incentives to gain and employ in order to become successful.