Retail - The process of selling products and/or services to customers to earn a profit., A retailer - A business or person that sells products and/or services to customers., Customers - People who purchase goods or services from a business., Merchandise (products) - Physical goods that are bought and sold, such as food, clothes, and household items., Services - Intangible (they can’t be physically owned by the customer) transactions, such as lawn mowing, hair care services and personal training., Multichannel Retailing - Opportunity to interact with multiple options (channels), but the options do not have to be connected to each other., Omnichannel Retailing - Opportunity to interact with multiple options (channels), and the options are connected to each other., Franchise - A license given to another person/company to offer the company’s products/services in specific area/location with the same customer experience. Examples: KFC, Pizza Hut, McDonald’s., Private Company - A company with limited number of shareholders (NO public stocks). Examples: Marc’s, Discount Drug Mart., Corporation - A business owned by shareholders through publicly traded stocks. Examples: Walmart, Kroger, Target., Independent company - A single store (or small), regional chain. Examples: “Mom-and-Pop” stores “Lviv International Foods” in Parma, In-N-Out Burger (primarily in the West and Southwest U.S.)., BOPIS - Buy Online Pick Up In Store, Retail Ecosystem - An interconnected retailing system to give customers the products and services they want—exactly when, where, and how they prefer to shop.,

Retail Industry Overview (Part 1)

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