In a fast-changing and technology-driven business world, the retail industry has progressed a lot, and we have seen plenty of changes, which don’t only affect our society, but individuals as well. Nowadays, there is an abundance of retail giants, who tend to establish their business across the globe, while using sophisticated means of communication to attract customers.
These days, you don’t have to go to a physical store to purchase some products, since people have embraced online shopping with their open hands. In this article, we are going to name some of the functions of retailers, and help you get familiar with them.
Buying
In this case, a retailer buys an assortment of goods from various wholesalers after evaluating customer demand. He needs to choose the highest-quality mechanize from each wholesaler and to bring products under its roof. This way, the retailer is performing a double function; he buys and assembles the goods.
Storage
A retailer is obligated to maintain a steady stock of goods and displays them in his store, or shop.
Selling
Selling is another function of the retailer, where he sells a small amount of mechanizing, depending on the demand of customers. However, he can utilize different methods to increase his sales, and eventually profit.
Grading and packaging
The retailer is obligated to grade the merchandise, which is not previously classified by the wholesalers and manufacturers. He can either pack goods in smaller packages or offer it in bundles. However, this all depends on customers, and how they prefer buying products.
Risks
Being in a retailer business, a lot of companies bear a risk of loss due to theft, fire, price fluctuation, and spoilage. However, he can’t always predict the demand of the market; therefore, in some cases, the loss is inevitable. Additionally, retailers always to have to keep certain goods in stock to anticipate the demands of consumers.
Transport
In a lot of cases, retailers need to move goods from manufacturing facilities and wholesalers to their stores.
Financing
Some retailers provide credit to customers, as well as a chance to return and change goods. On top of that, customers can explore home delivery also. Nowadays, online shopping has become very popular, and for that reason, a lot of retailers want to accommodate their customers by enabling them home delivery.
Promotions
Let’s be honest; we all love sales, especially when we get to save a lot of money. However, retailers use this opportunity to attract new clients and keep long-term customers. A retailer may use shop decorations, window display, and so on, to persuade clients to purchase merchandise.
Valuable information
A retailer is obligated to inform customer about new products, as well as the use of old ones. They should suggest the ways you should use products, but also help you select the best merchandise that matches your needs. Retailers should also provide market information to manufacturers and wholesalers.
Communication
Retailers directly communicate with customers, where they can gather valuable information regarding the tastes and preferences of the clients. In this case, they can pass feedback to the manufacturers, and further improve their services.
Now that you know what kind of obligations retailer has, you as a customer further seek your right if in some case your feel violated. There have been cases, where retailer misleads the customers by displaying discounted prices, by when you hit the register, the price is entirely different for specific products.
Usually, the law protects customers, but when you are familiar with the retailer’s obligations, you don’t always have to rely on the law to meet your rights.
