Monday, 11 December 2017
A retailer or a shop is a business that presents a selection of goods and offers to trade or sell them to customers for money or other goods. Shopping is an activity in which a customer browses the available goods or services presented by one or more retailers with the intent to purchase a suitable selection of them. In some contexts it may be considered a leisure activity as well as an economic one.
In modern days customer focus is more transferred towards online shopping; worldwide people order products from different regions and online retailers deliver their products to their homes, offices or wherever they want. The B2C (business to consumer) process has made it easy for consumers to select any product online from a retailer's website and have it delivered to the consumer relatively quickly. The consumer does not need to consume his energy by going out to the stores and saves his time and cost of travelling.
The shopping experience may vary, based on a variety of factors including how the customer is treated, convenience, the type of goods being purchased, and mood.
The shopping experience can also be influenced by other shoppers. For example, research from a field experiment found that male and female shoppers who were accidentally touched from behind by other shoppers left a store earlier than people who had not been touched and evaluated brands more negatively, resulting in the Accidental Interpersonal Touch effect.
A larger commercial zone can be found in many cities, more formally called a central business district, but more commonly called "downtown" in the United States, or in Arab cities, souks. Shopping hubs, or shopping centers, are collections of stores; that is a grouping of several businesses.
Typical examples include shopping malls, town squares, flea markets and bazaars.
A shopping hub or centre, is a collection of retail, entertainment and service stores designed to serve products and services to the surrounding region. Traditionally, shopping hubs were called bazaars or marketplaces which were generally an assortment of stalls lining streets selling a large variety of goods.The modern shopping centre is now different from its antecedents, the stores are commonly in individual buildings or compressed into one large structure (Mall).The first modern shopping mall was The Country Club Plaza in Kansas City which opened in 1922, from there the first enclosed mall was designed by Victor Gruen and opened in 1956 as Southdale Centre in Edina, Minnesota, a suburb of Minneapolis. Malls peaked in America in the 1980s-1990s when many larger malls (more than 37,000 sq m in size) were built, attracting consumers from within a 32 km radius with their luxurious department stores.There are different types of malls around the world, the Superregional malls are very large malls that contain at least five department stores and 300 shops, this mall can appeal to a broad radius (up to a 160-km). A regional mall can contain at least two department stores or "anchor stores".The smaller malls are often called open-air strip centres or mini-marts and are typically attached to a grocery store or supermarket. The smaller malls are less likely to include the same features of a large mall such as an indoor concourse, but are beginning to evolve to become enclosed to comply with all weather and customer preferences.
A group of women window shopping in Toronto, Ontario, Canada in 1937
Marketplaces dating back to the Middle Ages, expanded as shopping centres, such as the New Exchange, opened in 1609 by Robert Cecil in the Strand. Shops started to become important as places for Londoners to meet and socialise and became popular destinations alongside the theatre. Restoration London also saw the growth of luxury buildings as advertisements for social position with speculative architects like Nicholas Barbon and Lionel Cranfield.
Bernard Mandeville's work The Fable of the Bees, which justified conspicuous consumption..
The next stage in shopping was the transition from 'single-function' shops selling one type of good, to the department store where a large variety of goods were sold. As economic growth, fueled by the Industrial Revolution at the turn of the 19th-century, steadily expanded, the affluent bourgeois middle-class grew in size and wealth. This urbanized social group was the catalyst for the emergence of the retail revolution of the period. The first reliably dated department store to be established, was Harding, Howell & Co, which opened in 1796 on Pall Mall, London.
This venture was described as being a public retail establishment offering a wide range of consumer goods in different departments. This pioneering shop was closed down in 1820 when the business partnership was dissolved. Department stores were established on a large scale from the 1840s and 50s, in France, the United Kingdom and the US..
The pricing technique used by most retailers is cost-plus pricing. This involves adding a markup amount (or percentage) to the retailers' cost. Another common technique is manufacturers suggested list pricing. This simply involves charging the amount suggested by the manufacturer and usually printed on the product by the manufacturer.
In Western countries, retail prices can be referred to as psychological prices or odd prices: a little less than a round number, In Chinese societies, prices are generally either a round number or sometimes some lucky number. This creates price points.
Often, prices are fixed and price discrimination can lead to a bargaining situation often called haggling, a negotiation about the price. Economists see this as determining how the transaction's total economic surplus will be divided between consumers and producers. Neither party has a clear advantage because the threat of no sale exists, in which case the surplus would vanish for both.