Retailindustry is one of the youngest industries that has become an established namein the international market. The new methods of operating and doorstep deliveryare the USPs of this industry.
Retailindustry has now transformed into two sectors – ‘brick and mortar stores’ and‘e-commerce’. As the times are changing, the retail industry is showingpositive signs of growth. The leading players have turned into billion dollarbusinesses. With the help of retail industry, many big names have started expandingacross multiple economies.
Itis expanding 10X as compared to other industries. The extent of growth of theretail business is relied upon growing use of smartphone by individuals. Aspeople have started looking for better ways of living life, they have foundretail industry to be the most reliable answer.
Therehas been an ascent in the retail business with more departmental stores,hypermarkets appearing across the world. The retail business is comprised oftwo sections – in-store and online store. Physical or in-store retail is theprevailing ‘direct to the world’ retail market.
Theonline business markets are making their way towards emerald heights. With therelaxation of laws for doing e-commerce business, many new startups have joinedthe bandwagon.
Business-to-customer(B2C) online business is currently the hottest market. A few retailers work anOmni channel model, which will diffuse in-store and online channels, so thatthey can work simultaneously.
Withthe expanding move of internet providers, cell phones, web-based business hasarisen as a reliable form of business as well as service. The retail and web-basedbusiness market is driven by an expanding set of providers selling on the weband spike in purchasing power of customers.
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