Retail industry is one of the youngest industries that has become an established name in the international market. The new methods of operating and doorstep delivery are the USPs of this industry.
Retail industry has now transformed into two sectors – ‘brick and mortar stores’ and ‘e-commerce’. As the times are changing, the retail industry is showing positive signs of growth. The leading players have turned into billion dollar businesses. With the help of retail industry, many big names have started expanding across multiple economies.
It is expanding 10X as compared to other industries. The extent of growth of the retail business is relied upon growing use of smartphone byindividuals.As people have started looking for better ways of living life, they have found retail industry to be the most reliable answer.
There has been an ascent in the retail business with more departmental stores, hypermarkets appearing across the world. The retail business is comprised of two sections – in-store and online store. Physical or in-store retail is the prevailing ‘direct to the world’ retail market.
The online business markets are making their way towards emerald heights. With the relaxation of laws for doing e-commerce business, many new startups have joined the bandwagon.
Business-to-customer (B2C) online business is currently the hottest market. A few retailers work an Omni channel model, which willdiffusein-store and online channels, so that they can work simultaneously.
With the expanding move of internet providers, cell phones, web-based business has arisen as a reliable form of business as well as service. The retail and web-based business market is driven by an expanding set of providers selling on the web and spike in purchasing power of customers.
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