What is Retail? | How Retailers Make Money | Retail Dogma

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What is retail? Why is it so important for the economy?
Retailing is the final step in distribution of merchandise, where retailers sell merchandise directly to the end consumer in small quantities.
Retail is one of the most vital sectors of the economy. It supports 1 in 4 U.S. jobs and contributes 7.7% to the U.S. GDP
How Does The Business Model Work?
The business model of retailing involves buying merchandise in large quantities from wholesalers (or manufacturers) at low price and selling it in small quantities to the general public at higher price. The difference in price is called gross profit.
In order to deliver such a service, retailers perform a lot of activities through different functions in the business
These include:
Product Sourcing
Marketing & Branding
Store Operations
Merchandising
And Sales
They also rent different stores, offices and warehouse locations.
Retailers spend part of the gross profit they earned from selling the merchandise at the stores on running such functions and paying those rents, and at the end they generate a smaller pre-tax profit
Learn More: www.retaildogma.com/what-is-r...
Read Also: How do retail stores make money? www.retaildogma.com/how-do-re...
Download the Retail Business Model Canvas template for your business
www.retaildogma.com/retail-bu...
ABOUT US:
Retail Dogma is an online platform that teaches retail & ecommerce; from the very basic knowledge for beginners, to the most actionable, technical, advanced knowledge. All the materials are prepared by professional retailers with more than 14 years of experience.
We cover everything, from buying products, pricing, merchandising, managing sales, managing inventory, managing cash flow to managing financials.
Visit our website and start reading through our free retail management guides and articles, and download our free templates and cheat sheets that will help you while starting a retail or ecommerce business.
📕 Learn Retail & Ecommerce Management www.retaildogma.com/
FREE DOWNLOADS:
- Retail Math Formulas Cheat Sheet
- Retail Business Plan Template
- Shrinkage Action Plan
- Fashion Boutique Opening Checklist
- Store Signages & Posters
⬇️ Downloads: www.retaildogma.com/downloads/
USEFUL LINKS:
📊 Retail Benchmarks: www.retaildogma.com/retail-be...
➗ Retail Math Formulas Cheat Sheet: www.retaildogma.com/retail-ma...
🎓 Retail Management Courses www.retaildogma.com/academy/
🛠️ Business Tools www.retaildogma.com/business-...

[@RetailDogma]

Find free articles, in-depth guides, calculators, templates & more www.retaildogma.com/

[@shamf9672]

High asf. Idk how I got here but happy I did

[@RetailDogma]

and we're happy you're here! :)

[@mustafashaheen8229]

Thank you very much for this introduction. Salute from Egypt 🇪🇬 with love

[@RetailDogma]

Thank you for watching, Mustafa! :)

[@ozarktreasurehunters5408]

I can see success taking its toll do not escape the origin keep it fun

[@HaunterKill690]

WOW! This is extremly helping for my project on retailing thanks!

[@RetailDogma]

You're very welcome! Thank you for watching :)

[@Unknowledgeable1]

0:38 1:12 1:23 - retailers need a lot of employees it seems... manpower... --> cost cutting potential? 2:20 customers value the convenience that retailers bring them

[@RetailConcepts]

Good

[@ashuetrx]

Wow it was interesting that 7.7 percent of GDP is from retail

[@syedjoynulali1020]

👍👍

[@idrinkrawmilk554]

So a retail is buying a bunch of stuff from a manufacturer and then selling each one to the public with a higher price?

[@RetailDogma]

The business model is buying at wholesale price and selling at (higher) retail price, yes. But what's more important is knowing what to buy, in what quantities and variations, and be able to turn this in a reasonable time to get a good return on what you've invested in inventory.

[@mjidilahamza9317]

Yeah But the public cant buy from manufacturer like retail because public cant buy high quantities, so yeah..

[@ar7603]

Amazing video 😂

[@RetailDogma]

Thanks Abhishek! :)

[@wokkeredmi2193]

is a supermarket a retailer?

[@RetailDogma]

Yes, a supermarket is a retailer.

[@geethikak4449]

What is consumer goods industry

[@RetailDogma]

Consumer goods are final goods that are bought by individuals & households for their own consumption.

[@AP-lw4rw]

I SWEAR! THIS CHANNEL IS A GIFT OF GOD. ANYONE WORKING IN RETIAL SHOULD RESEARCH THEIR BUSINESS AND STUMBLE UPON THIS CHANNEL. YOU OUGHT TO KNOW WHO'S MAKING, TAKING, AND GIVING MONEY IN A BUSINESS AND HOW THE WHOLE PROCESS WORKS. MOST IMPORTANTLY, YOU MUST BE ABLE TO CONNECT YOUR POSITION TO THE WHOLE PROCESS AND LOOK FORWARD TO GETTING MORE MONEY BY SEEING HOW YOU CAN AFFECT THE PROCESS IN YOUR POSITION. WHAT A GREAT CHANNEL! IT'S A SHAME THAT THIS CHANNEL HAS SUCH LOW SUBSCRIBERS. NO WONDER RETAIL WORKERS ARE FUCKING LAZY JUNKIES.

[@RetailDogma]

Thanks for the great feedback! You nailed down what we're trying to deliver through this channel: To help retailers see the big picture and connect all the dots.

[@AP-lw4rw]

@@RetailDogma I'm so glad I finally found a point of relatability somewhere! Looking forward to learn from this channel.

[@upsc_motivation3463]

Done