Retail is a commercial activity that involves selling a product to the end consumer.
It can be carried out through a brick-and-mortar store, i.e., in a traditional store, through a pure-player online sales site or merchant applications, or via both physical and online methods, as done by businesses using a click-and-mortar model.
In retail, goods are sold in the state in which they were purchased. Similarly, services, even if they’re provided to the end consumer, are not part of retail trade.
By definition, retail is different from wholesale and B2B activity. It targets a private customer base.
However, a sales outlet can have a mixed activity, i.e., combine both retail and wholesale sales. This is notably the case for certain stores and DIY or home-improvement businesses, in which retailers sell their goods and products to both individual buyers and other professional customers.
In terms of marketing, to be successful in business and in retail in general, regardless of the chosen distribution channel, it’s recommended to focus on four main areas, commonly referred to as the 4Ps:
- Product: choose the right product, both trendy and without the market being saturated by the competition.
- Price: offer the product at the right price so that it remains attractive to consumers while allowing you to generate enough margin.
- Place: select the right location to be seen by as many customers as possible, both in a physical store and on the internet.
- Promotion: generate awareness of the product to incite a maximum number of purchases.
