Retailers carry out a number of tasks for the consumer. They sell the products to the final consumers. A retailer will offer products of various brands to the customer to choose from and perform a number of functions to the wholesalers and consumers. They obtain profits by maintaining retail store operations effectively. Following are some functions performed by retailers.
The retailer is responsible for promoting the products to the consumers. Necessary advertising and promotional bundles must be made according to the demands of the manufacturer. According to the wishes of the distributors and the manufacturers, the retail store manager builds advertising campaigns in television and newspaper to increase the sales. By placing the products in an attractive manner, the retailer could attract more customers. Retailers even help manufacturers introduce new products to the market by helping them advertise.
Providing Credit Facilities
Retailers give products on credit for customers. Handling cash is a vital aspect of all retailers. Having an accounting system may help maintain proper records of the credit facilities they proved and to manage the bad debts and other risks they incur. They even go to the lengths of having exchange policies for certain products.
Warehousing and Storing Facilities
The retailer has to store the products that he receives from the suppliers and the distributors and sell it to the final consumer. An cloud accounting software could help him to follow up on the stocks received and to manage the sales of goods effectively. The retailers make sure that the consumer has access to all products even if there is a delay from the manufacturers or the distributors.
The retailers supply vital information to consumers as well as the manufacturers. A retailer acts as the middle-man when communicating information about the product to the consumer and when giving details about customer preferences to the manufacturer. Both parties depend heavily on them. When new products are launched, the manufacturers depend immensely on the retailers to provide the necessary information about the new product to its consumers.
A retailer bares many risks. He stores goods predicting a demand from the consumer. If the demand drops, the retailer is supposed to bare the loss. The products have the risk of being damaged due to various other reasons such as exposure to extreme climatic conditions and the perishability of the goods itself. The retailer bears all of this to cater the choice of the customer and the needs of the manufacturer.
Above are only some of the many functions performed by retailers. They provide an immense service to the consumers, manufacturers and distributors.