Restaurants were only allowed to offer take-out. The goods that are manufactured elsewhere are made available at the nearest place to the shopper by supply chain management. The COVID-19 pandemic hit the retail industry very hard. Kimberly Amadeo has 20 years of experience in economic analysis and business strategy. Food and beverage stores are next, at $746 billion. Accessed July 6, 2020. "Annual Retail Trade Survey: 2018," Download "Sales (1992-2018)." Accessed July 6, 2020. Retail sales as an indicator for economic growth Historically, retail sales have been an indication of economic activity in an economy. Let's stay in touch :), Your email address will not be published. "Impact of Online Shopping on Shopping Malls," Page 41. So retail is big; very big. "2019 U.S. Online Retail Forecast," Pages 3-4. As the retail sector is linked to the significant portion of the economy, its contribution to GDP is substantial. It's easier to compare prices online. They must also be in a location that serves the highest-earning 20%. The shift to online was not the only reason why they failed. Importance of the Retail Industry to the U.S. Economy In 2018, the U.S. retail industry generated $5.3 trillion in sales. "J.C. Penney Company, Inc." Accessed July 6, 2020. Second, retailing employs a large part of the U.S. working population—over 15 million people. It comprises organised and unorganised sectors, Indian retail industry is one of the fastest growing industries in India, especially over the last few years. Retail is how producers of goods and services get their products to the consumer. In fact, the retail store starts giving business from day one as opposed to other sectors. Currently what the world is saying right now is forging of e-commerce with the traditional stores and both of it has its own distinct advantages. Importance of Retailing - Why Retail is Important? Retailing plays a vital role in the U.S. economy for two main reasons. Sale to Ultimate Customer: Goods or service in a retail transaction are sold to final customer for consumption. All of this mergers has not only benefited customers but also has benefited the economy of the US. However, to compete with the online business and to provide a meaningful experience to the customers, the traditional stores have to be upgraded. The Effect of Presidential Economic Policy on the Economy, The Retail Industry and Its Impact on the Economy, Importance of the Retail Industry to the U.S. Economy, Number of the Day Shows Record Store Closings, Holiday Sales Set to Reach New Record, NRF Predicts, Cyber Monday to Be Biggest Shopping Day of Year, Consumer Spending Increases 40.6% in Q3 2020, Jobs Report and the Monthly Employment Growth Statistics, Want to Save More? The services do not go unnoticed in the eyes of the customer and the remember next time before choosing their retailer. This benefits exclusively for the shoppers. CB Insights. The Changing Trends Of Retailing Essay 1027 Words | 5 Pages. By 2030, it is expected to reach $1.3 trillion.. For example, the merger of Amazon and whole foods has helped everyone in the US. Different Retail Strategies to Boost Sales, Ethics in Retail: Importance and Ethical Practice towards consumers, Retail Assortment Planning: Factors Affecting and the Importance. Social and Economic Significance of Retailing. The most common examples of retailing are traditional brick-and-mortar stores. This season includes Cyber Monday, the biggest day of the year for online sales.. The retail store can specialize in providing services only to specialized customers. Your email address will not be published. Most stores that did stay open instituted policies to allow social distancing. For example, an Apple store will be present in multiple parts of the same city in order to serve the customers of that city. Retailing contributes to the economy: The importance of retail sector is reflected in its contribution to the growth of an economy.
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