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Etymology The Apple Store retail location on the Magnificent Mile in Chicago The world s only Garmin retail location is located on the Magnificent Mile in Chicago Retail comes from the French word retailler which refers to cutting off clip and divide in terms of tailoring 1365 It first was recorded as a noun with the meaning of a sale in small quantities in 1433 French Its literal meaning for retail was to cut off shred paring Like the French the word retail in both Dutch and German detailhandel and Einzelhandel respectively also refers to the sale of small quantities of items Merchandising Variant s also merchandizing It is defined as sales promotion as a comprehensive function including market research development of new products coordination of manufacture and marketing and effective advertising and selling Retail pricing The pricing technique used by most retailers is cost plus pricing This involves adding a markup amount or percentage to the retailer s cost Another common technique is suggested retail 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 are often called psychological prices or odd prices Often prices are fixed and displayed on signs or labels Alternatively when prices are not clearly displayed there can be price discrimination where the sale price is dependent upon who the customer is For example a customer may have to pay more if the seller determines that he or she is willing and or able to Another example would be the practice of discounting for youths or students Transfer mechanism There are several ways in which consumers can receive goods from a retailer Counter service where goods are out of reach of buyers and must be obtained from the seller This type of retail is common for small expensive items e g jewelry and controlled items like medicine and liquor It was common before the 1900s in the United States and is more common in certain countries which Delivery commerce where goods are shipped directly to consumer s homes or workplaces Mail order from a printed catalog was invented in 1744 and was common in the late 1800s and early 1900s Ordering by telephone is now common either from a catalog newspaper television advertisement or a local restaurant menu for immediate service especially for pizza delivery Direct marketing including telemarketing and television shopping channels are also used to generate telephone orders Online shopping started gaining significant market share in developed countries in the 2000s Door to door sales where the salesperson sometimes travels with the goods for sale Self service where goods may be handled and examined prior to purchase has become more common since the 1920s Second hand retail See also Charity shop Some shops sell second hand goods In the case of a nonprofit shop the public donates goods to the shop to be sold In give away shops goods can be taken for free Another form is the pawnshop in which goods are sold that were used as collateral for loans There are also consignment shops which are where a person can place an item in a store and if it sells the person gives the shop owner a percentage of the sale price The advantage of selling an item this way is that the established shop gives the item exposure to more potential buyers Discount stores Discount stores offer a wide range of products although they mainly offer value goods such as housewares clothes kitchen wares gifts and healthcare products These are sold at reduced prices because many of them are either brand name or clearance products Sales techniques Behind the scenes at retail there is another factor at work Corporations and independent store owners alike are always trying to get the edge on their competitors One way to do this is to hire a merchandising solutions company to design custom store displays that will attract more customers in a certain demographic The nation s largest retailers spend millions every year on in store marketing programs that correspond to seasonal and promotional changes As products change so will a retail landscape Retailers can also use facing techniques to create the look of a perfectly stocked store even when it is not A destination store is one that customers will initiate a trip specifically to visit sometimes over a large area These stores are often used to anchor a shopping mall or plaza generating foot traffic which is capitalized upon by smaller retailers Customer service According to the book Discovery Based Retail customer service is the sum of acts and elements that allow consumers to receive what they need or desire from your retail establishment Bibliography Krafft Manfred Mantrala Murali K eds 2006 Retailing in the 21st century current and future trends New York Springer Verlag ISBN 3540283994 160 See also Point of sales Point of sales terminal List of department stores by country Retail concentration Retail design Retail Software solutions Retailing in India Specialist store Store manager Supermarket Tuangou Variety store Visual merchandising Wardrobing References Distribution Services Foreign Agricultural Service 2000 02 09 http www fas usda gov info factsheets China distribution html Retrieved 2006 04 04 160 Harper Douglas retail Online Etymology Dictionary http www etymonline com index php term retail Retrieved 2008 03 16 160 Philip H Mitchell 2008 Discovery Based Retail Bascom Hill Publishing Group ISBN 9780979846793 Wikibooks has a book on the topic of Marketing Look up retail in Wiktionary the free dictionary Categories Retailing BusinessHidden categories All articles with specifically marked weasel worded phrases Articles with specifically marked weasel worded phrases from March 2009
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