Retail Domain
Retail Industry – Domain Knowledge
Looking for knowledge and key business information on the Retail industry?
TechnoFunc brings to you retail industry overview, business model, value chain, competitive landscape, and latest trends. Retail is the sale of goods and services from individuals or businesses to the end-user. The retail industry provides consumers with goods and services for their everyday needs. This industry is comprised of a variety of stakeholders. Modern retail players offer the flexibility to buy products from around the world to the consumers. Retailing can be done in either fixed locations or online. Retailing includes subordinated services, such as delivery. This sector has its own dynamics and challenges and retail industry players adopt unique strategies to overcome these global challenges in order to offer customers the right products at the right time for the right price. This section is designed to help learners understand key concepts, terminology, issues, and challenges associated with the retail industry, and technologies deployed to meet some of those challenges. It will identify the main sectors of the retail industry and its business drivers, business model, competitive environment, technological advances and the current trends.
Learn the various dynamics and challenges in the domain of Retail Industry. Quickly enhance your business acumen and talk like an expert and impress your stakeholders in your next meeting!
Fast Moving Consumer Goods
FMCG or consumer packaged goods (CPG) are products that are sold quickly and at relatively low cost, examples include non-durable goods such as soft drinks, toiletries, and grocery items. They generally sell in large quantities, so the cumulative profit on such products can be substantial and these industries often operate on thin margins.
Challenges in Consumer Goods Industry
There are tens of thousands of general consumer products manufacturers in the United States. They compete to develop the best products at the most affordable price for the greatest number of consumers. Challenges for these organizations include meeting the changing demands of customers, maneuvering through a consolidating market, and executing strategies to grow profitably.
Business Dynamics of Consumer Industry
The consumer goods industry is impacted by many dynamics like economic considerations, product considerations, price considerations that impact consumer buying choices. Advertisements, branding, marketing, variety of goods, and technology are the main drivers. Manufactures, retailers, warehousing, and logistics are all part of the supply chain for the consumer goods industry.
