What is Retail?
Retail stands for the activity of buying goods in bulk from wholesalers and selling them to customers in very small quantities. The people doing the retail activities are known as Retailers. The volume of transactions done in retail activity is comparatively small. The capital requirement in retail activity is smaller as compared to wholesaling.
Key Takeaways from Retail:
- It involves buying goods in bulk but in small quantities from wholesalers and selling them to customers in small quantities.
- Retailers act as a mediator between wholesalers and customers.
- For the activity of retailing, huge capital is not required.
Difference between Wholesale And Retail
Manufacturers produce goods and services and customers/consumers buy goods and services for the fulfillment of their needs. But how do goods reach manufacturers to customers? There are people like wholesalers and retailers who perform different activities to make goods available to customers, the activities are known as Wholesale and Retail. Wholesale is a series of activities that includes buying goods in large quantities from manufacturers and selling them further to retailers. Retail stands for the activity of buying goods in bulk from wholesalers and selling them to customers in very small quantities.