Retail trade:
- A trader who purchase goods in small quantity from wholesaler or in some cases from producer and sells them directly to the customers is called retailer and the trade is called retail trade.
- The retailer comes in direct contact with customers. So, he understands their needs, preferences and mind sets better. He can also provide them personalized services, help to solve their complaints quickly via. wholesalers and hence works as a link between wholesaler and customers.
Services that retailers provide to wholesalers and producers:
1. Information about market:
Retailer is always in direct contact with customers. He understands their demands, preferences and mindsets. So, he can share customer’s views with wholesalers and producers and provide them rich information about the features that customers seek in a product.
2. Helps in advertising:
Producers and wholesalers can print advertisement displays boards, pamphlets, posters, etc. and ask the retailers to put these in their shops. This way retailers help in advertising the products.
3. Increase creditability:
Good retailers tend to buy goods and promote good products, provide good service for those products and make customers happy. This also increases the creditability of retailers i.e. customers, wholesalers and producers all find them trustworthy. This overall enhances the product experience for customers and the sale increases.
