About
About
This Pathway will cover the foundation of retail business, its definition, models, distribution channels, the future of retail and examples.
A retail sale occurs when a business sells a product or service to an individual consumer for his or her own use. This Pathway will allow you to understand the foundation of retail to be able to better understand its different ramifications, market segments, technology needed, digital solutions and even customer service behaviours. E-commerce is probably creating the biggest revolution in retail industry, and this trend is likely to continue in the years to come. Retailers should leverage digital retail channels (E-commerce), which would enable them to spend less money on real estate while reaching out to more customers in tier II and tier III cities. It is projected that by 2021, traditional retail will hold a major share of 75%, organised retail share will reach 18% and E-commerce retail share will reach 7% of the total retail market.
After completing this Pathway, you will be able to:
- Define what retail is and its models
- Understand how distribution and delivery works for retail
- Outline a retail transaction flow