In the realm of commerce, "retail" denotes the act of selling products or services directly to the ultimate consumer. This transaction typically occurs through a physical store, but it can encompass online sales through websites and various digital platforms as well. Retail plays a foundational role within the distribution chain, serving as the final stage preceding the delivery of a product or service to the end consumer.
Retail companies, or retailers, play a crucial role in commerce, as they are responsible for making a wide variety of products and services available to the public, from food and clothing to electronics and household goods. Retail is distinguished by certain key characteristics:
The retail sector holds significant economic importance across various regions worldwide and serves as a vital component of the global economy. Achieving success in retail hinges on effective marketing, logistics, and inventory management strategies. Retailers must proactively predict consumer demand and maintain operational efficiency to remain competitive within an ever-intensifying and digitally-driven marketplace.
The Sales Glossary is a compendium of all the most commonly used terminology in sales strategy. Many of the concepts listed here are used when implementing a CRM system or a digital sales funnel, no matter if they are legacy systems or an online CRM. See also our blog that deals with sales techniques, marketing and sales culture.