Retail is the sale of goods or services by a business to a consumer for personal use. A retail transaction usually handles small quantities of goods, unlike wholesale, which deals with purchasing goods on a larger scale. Retailers typically don’t manufacture their own items. A retailer is a person or business that purchases goods from a manufacturer or a wholesaler and sells these goods to consumers in small quantities with small profit margins. Thus, retailing is the distribution process of a retailer obtaining goods or services from a manufacturer and selling them to consumers. The total retail sales value in the UK was over £400 billion in 2020. This sector employs nearly 5 million Britons.
Following are the types of retailers that fall under the scope of work at Lanop:
- Independent Retailer: An independent retailer is someone who builds their business from the ground up.
- Existing Retail Business: An existing retail business is a business that is up-and-running for some time
- Franchise: A franchise is an existing business plan, including a trademarked name, an already determined set of products, and established business concepts.
- Dealership: A dealership is a cross between a franchise and an independent retailer. A retailer that works with a dealership has the license to sell a brand. Unlike a franchise, there are no fees to the licensor.
- Network Marketing: Network marketing, or multi-level marketing, is a business model where product selling depends on the people in the network. External salespeople are recruited to sell goods already acquired by the retailer.