FUNCTIONS OF RETAILER

1. 14-Assortment

1.1. Retailer offers opportunity and facility to select product of choice conveniently by assortment of merchandise. It requires large space, appropriate designing, layout and management of personnel. This function is unique to retailing.

2. 16-Inventory management

2.1. Since retailer has to satisfy large number of customer who buy small quantity of products and frequently, stock of various products is to be maintained in a reasonable quantity. Thus inventory management is critical since it increases the cost.

3. 17-Channel of communication

3.1. communication-The retailer provide the channel of communication between the producer and customer. The feedback is communicated to the producer who changes the product as per needs of the customer.

4. 18-Value addition

4.1. Retail plays a vital role in bringing balance between demand and supply in terms of quantity as well as quality, nature, size, etc. to provide greater satisfaction to the consumer

5. 19-Accurate Forecasting

5.1. Rather than relying on the gut feel of a few individuals, retailer normally update forecasts based on early sales data, track and estimate forecast accuracy, test products and implement a blend of bottom-up and top-down forecasting

6. 20-Supply Chain Speed

6.1. One of the function of retailers is to improve supply chain responsiveness so as to reduce stock outs on hot sellers(popular items that sell out) and also to reduce markdowns because less merchandise needs to be ordered initially

7. 11-Information

7.1. Retailers provide knowledge to consumers about new products and uses of old products. They advise and guide consumers in better choice of goods. They also provide market information to wholesalers and manufacturers

8. 13-Service orientation-

8.1. Since retailer has no control over the quality and nature of products, his interface with customer is predominantly service oriented.

9. 12-Economy

9.1. Retailing is one of the largest sector in the economy in respect to contribution towards gross domestic product, creating employment, outsourcing various other marketing functions like promotion and advertisement, transportation, production etc

10. 15-Variety of goods

10.1. goods-procuring products from producers in a large quantity and by making variety available to consumers in nearby located store. These variety of products are available to customer in one store

11. 1-Producer Retailers relation

11.1. Retailer serves the producer/manufacturer in facilitating the distribution. He conveys the message of producer and promotes products by passing information to the consumer particularly in those cases where brand image and loyalty is not significant

12. 2-Retailer and consumer relationship

12.1. Retailer is key to the availability and accessibility of the products to the consumer. Retailer offers the finished products to the customer at a proper place and proper time

13. 3-Buying

13.1. A retailer buys a wide variety of goods from different wholesalers after estimating customer demand. He selects the best merchandise from each wholesaler and brings all the goods under one roof. In this way, he performs the twin functions of buying and assembling of goods.

14. 4-Storage

14.1. A retailer maintains a ready stock of goods and displays them in his shop.

15. 5-Selling

15.1. Retailer sells goods in small quantities according to the demand and choice of consumers. He employs efficient methods of selling to increase his sales turnover.

16. 6-Grading and Packing

16.1. The retailer grades the goods which are not graded by manufacturers and wholesalers. He packs goods in small lots for the convenience of consumers.

17. 7-Risk-bearing

17.1. A retailer always keeps stock of goods in anticipation of demand. He bears the risk of loss due to fire, theft, spoilage, price fluctuations, less demand, changes in consumer purchase trends etc

18. 8-Transportation

18.1. Retailers often carry goods from wholesalers and manufacturers to their shops

19. 9-Financing

19.1. Some retailers grant credit to customers and provide the facility of return or exchange of goods. In some cases, home delivery and after sale service are provided by retailers.

20. 10-Sales promotion

20.1. A retailer displays goods and he carries out publicity through shop decoration, window display, etc. He maintains direct and personal contacts with consumers. He persuades consumers to buy goods through personal selling