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Understand the contribution which the retail sector makes to the economy of the United Kingdom 5. When the customers have a choice of which shop to buy from, their loyalty does not remain permanent to a single shop.Study of customer’s place of purchase is important for selection of location, keeping appropriate merchandise, and selecting a distributor in close proximity.It pertains to what items and how many units of items the customer purchases. A consumer is a user of a product or a service whereas a customer is a buyer of the product or service. Still, it is necessary to identify composition and origin of the customers.The needs, tastes, and preferences of the consumer for whom the products are purchased drives the buying behavior of the customer. Before understanding the concept of retail, let us first go through few terminologies.Jack owned two laptops which he sold to Mike. Knowledge outcomes … Customers purchase required and perishable products quickly but when it comes to investing in consumer durables, (s)he tries to gather more information about the product.Understanding consumer behavior is critical for a retail business in order to create and develop effective marketing strategies and employ four Ps of marketing mix (Product, Price, Place, and Promotion) to generate high revenue in the long run.Here are some factors which directly influence consumer buying behavior −In a well-performing market, customers don’t mind spending on comfort and luxuries. Understanding the business of retail 1. They can use this information while interacting with the manufacturer on how to upgrade the product.Identifying one’s need is the stimulating factor in buying decision. Understand the range of retail occupations 3. Understanding retail consumer deals with understanding their buying behavior in retail stores. Warby founders started their business because they recognized that eyeglasses that almost always sold in offline retail outlets were marked up 10-20 times from manufacture to sale. When customers buy with family members or friends, the chances are more that their choice is altered or biased under peer pressure for the purpose of trying something new. Customers devote time for analyzing alternative products or services. The customer purchases a product depending upon the following −This category is important for producers, distributors, and retailers. Retail involves the sale of goods from a single point (malls, markets, department stores etc) directly to the consumer in small quantities for his end use. Understand how retail outlets differ in size and type 2. It involves factors such as −The more the customer visits a retail shop, the more (s)he is exposed to the sales promotion methods. An example of retail.The store from where Tim purchased the handset must have shown him several options for him to select one according to his budget and need.From where do you think the store owner (also called the retailer) purchased all the handsets?Here the manufacturers and the wholesalers come into the picture.The retailers purchase goods in bulk quantities (huge numbers) to be sold to the end-users either directly from the manufacturers or through a wholesaler.The end user goes to the retailer to buy the goods (products) in small quantities to satisfy his needs and demands. Even if all the products they want are available at a shop, they prefer to visit various shops and compare them in terms of prices. Also, if a mother in a supermarket is buying Nestlé Milo for her toddler son then she is a customer and her son is a consumer. (Dunne and Lusch, 2005: 4). Understanding Retailing "Retailing is the final stage in the progression of merchandise from producer to consumer". For example, a professional earning handsome pay package would not hesitate to buy an iPhone6 but a taxi driver in India would buy a low-cost mobile.Here is how the personal elements change buying behavior −Wise retail managers set their marketing policies such that the four Ps are appealing to both the genders.Psychological factors are a major influence in customer’s buying behavior. Buying behavior differs in people depending on the various cultures they are brought up in and different demographics they come from.Social status is nothing but a position of the customer in the society. Understanding Retail Destinations is a web-based application that offers unrivaled global coverage of the market practices and costs associated with occupying retail space in major markets worldwide. Retailers are business organisations that sell goods and services to customers for their personal or household use. Understand how customer concerns influence the products and services offered by retailers 1. Dominating people in the family can alter the choice or decision making of a submissive customer.Consumers with high income has high self-respect and expects everything best when it comes to buying products or availing services.

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