REASONS WHY IS RETAILING CRUCIAL TO THE ECONOMY

Most of our disposable income is spent in retail business. So it means that most of our money is
spent in buying our household items like rice, fish, meat and groceries in a retail outlets.
Retailing provides employment to millions of individuals. Retailing provide so many jobs for our
economy depending on the specialty or skills of the person. Retailing add value to products,
creating the utilities of place, place, time, possession, and information. Imagine the convenience
of getting practically all things the things your family in one shopping place. Retailers can
provide customized services and pay personalized attention to the customers for achieving a
higher level of satisfaction with the delivery of product or service. Retailing accounts for a
significant portion of the total marketing costs of products. Economics is useful to manage the
finances of a store. Management plays an important role in managing your staff and inventory
and similarly, right marketing helps you to penetrate in the market. In a retail outlets the products
are cheaper. Retailing holds many for enterprising individuals in all types of retail businesses.
Example are mall, there are many stores found inside and it is more convenient for the
customers/consumers to buy what they need. Retail establishments improve and enhance the
economic activities of the immediate community where they are located, and indirectly, of the
communities where their suppliers are located. Retailing through its attendant marketing
activities like aggressive promotions, distribution, and logistics management create awareness,
consumer information, and education, and ultimately, increase consumption. Retailer increases
the value of the product by creating a place, time, and utility in the distribution of goods.
Retailers buy products in bulk and break them in small quantities and sell them in small packs. In
this way, he creates form utilities. Goods manufactured in one corner of the world are consumed
in other parts of the world. he buys products from manufacturers and sells them in the local
market thereby creating place utility. The retailer buys products in advance and place them in his
store and sell them to the consumers whenever the need arises. By creating these three utility
value of goods is increased. The retailer makes sure the regular production and consumption of
goods.