Retailing is a method of selling commodities in which the vendor purchases products from manufacturers or manufactures them themselves and sells them directly to customers. A retailer is anyone who buys products from one company and resells them now to customers at a profit.
The products are available for purchase at a single location. A brick-and-mortar shop, a catalogue, an e-commerce website on the internet, or a smartphone may all be used as a single point of purchase.
The retail sector is the following link in the supply chain. Retailers usually purchase vast amounts of products from retailers and market limited quantities to customers for final use rather than resale.
Since a merchant buys goods from one entity and sells them to another, he is referred to as a reseller.
According to the 2012 United States Economic Census for retail commerce, there are more than 1 million retail outlets in the United States, which produce a total of $4 trillion in annual revenue and recruit about 15 million people.
Examples of Retailing Companies
1. Costco Wholesale Corporation
Costco Wholesale Corporation (China Off-Shore Trading Company) is a membership-only warehouse supermarket chain. It has a presence in nine different countries. Its headquarters are located in Issaquah, Washington.
Costco's revenue in 2018 was projected to be 14,160 crores USD. W Craig Jelinek founded Costco on January 1, 2012. According to information gathered in March 2019, Costco has 770 locations.
2. Wal-Mart Stores, Inc.
Without including Wal-Mart Outlets, Inc., the list of department store references will be incomplete. Walmart is a retailer that owns and runs hypermarkets, convenience stores, and discount department stores. Wal-headquarters Mart's are in Bentonville, Arkansas.
The firm was created by Sam Walton in the year 1962 and incorporated on October 31, 1969. It is the world's most profitable corporation. Under the brand Wal-Mart, Wal-Mart stores can be found all around the country.
However, in a few countries, the organization trades under different names, such as Best Price in India, Seiyu Stores in Japan, ASDA stores in the United Kingdom, and Bodega Aurrera stores in Mexico.
3. Kroger Co.
Bernard Kroger founded the Kroger Co. or Kroger in Cincinnati, Ohio, in 1883. This American retail business is the largest grocery chain in the United States on a gross sales basis. It is the country's second-largest general retailer and seventeenth-largest corporation.
Kroger's headquarters are in Cincinnati, Ohio. Kroger's gross sales in the first quarter of 2019 were $12,116 crores USD. There are 3017 shops all around the world.
Kroger's primary industry is grocery markets, which account for 94 per cent of the company's gross revenue, with processing plants and jewellery stores contributing the remainder. It is the first organization in the world with a three-tier delivery structure.
4. Walgreens Boots Alliance Inc.
Walgreens is the second-largest retail chain in the United States. It was founded in 1901 and currently operates 9560 stores. Walgreens is headquartered in Deerfield, Illinois, in the United States. Walgreens is known for its fitness and nutrition merchandise, prescription filling, photo services, and health records, among other things.
Boots UK, Duane Reade, Drugstore.com, Happy Harrys, Take Care Health System, and other branches operate stores all around the country.
5. Amazon Inc.
Amazon Inc. is the leading online retailer in the world. Jeff Bezos created the company on July 5, 1994. Amazon's offices are in Seattle, Washington, in the United States. E-commerce, artificial intelligence, and cloud computing are Amazon's main areas of focus.
Amazon's e-commerce website and smartphone offer substantial discounts on a variety of items. It is the most significant revenue-generating internet organization in the world.
There is only a handful of the world's most well-known retailers.
In the next segment, you'll hear about a few interesting retail companies started by successful individuals.
6. Grain & Vine
The Grain & Vine is an online and brick-and-mortar retailer of wine and spirits. Grain & Vine's mission is to offer customers a new way to shop for drinks. Grain & Vine's shops are very spacious and easy to navigate.
Drinks from all around the world are selected and shown. Grain & Vine currently employs ten people and operates two brick-and-mortar locations in New York City and an online store.
Grain & Vine is an excellent example of an omnichannel retailer since they sell drinks in-store, online, and smartphone applications like Minibar, Postmates, and Drizly.
They ensure that all of their distribution networks are well interconnected so that goods and inventory can be synced and sold across all platforms.
7. Collingwood Olive Oil
Alex Yuen and Cheryl Mcmenemy, husband and wife, established the Collingwood olive oil retail company in Ontario, Canada. In 2014, they opened a convenience store.
They sell the freshest pure olive oil and a particular variety of natural balsamic vinegar in their shop. The USP of Collingwood Olive Oil's company is to have exceptional customer service.
They allow consumers to sample their products before purchasing them. Furthermore, they ensure that their workers are well-trained and have a thorough understanding of the goods they offer.
Because of their outstanding product quality and consumer service, Collingwood Olive Oil has received several awards, including Metroland's readers pick, Innovative company of the year, and so on.
8. Dresden
Dresden is well-known for its eyewear stores. It offers eco-friendly and tailored eyewear. Dresden's goods are manufactured from surplus plastic and recycled fishing nets, and they are then sold at a fair price.
Dresden places a premium on having exceptional consumer service. They don't market ready-made items like most eyewear stores, instead of allowing customers to make their frames. They have the option of selecting the frame type and paint.
This implies that a substance would be developed specifically for them.
9. Christmas Elves
In the last three years, this store has expanded by leaps and bounds. As the name implies, the shop sells Christmas trees, decorations, lighting, costumes, and various other products. Jason McIntyre, a software architect, founded the shop.
He quit his job to open this shop because he enjoys the holiday season. The shop owner uses sales statistics to get a clear picture of how many units are being sold to place an order accordingly.
10. MyDIY
MyDIY is a home improvement chain with a multichannel presence. MyDIY will provide you with all of the materials and supplies you'll need for decorating, power tools, and workwear, among other things. Alan Grant established the store as a result of his passion for DIY.
Since its inception, he claims that his company has expanded at 30% every year. Intelligent inventory control, he argues, is the secret to his success.
A few examples of recent retail companies from which you can draw inspiration if you want to try your hand at retail.
Conclusion:
In this article we have explored the meaning of the terms retailing, marketing and marketing communications which have been illustrated using real world examples and cases in retailing.
If you'd like further advice on retail business and marketing, do contact us.
