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Retail life cycle theory explains how the existing retail formats develop and why the retail formats develop in this way. Many different factors, such as price cycle, market environment and macroeconomic fluctuations and so on, are attributed to the influence of retail life cycle, which makes the theory more convincing.
Retail refers to the activity of selling goods or services directly to consumers or end-users. [2] Some retailers may sell to business customers, and such sales are termed non-retail activity. In some jurisdictions or regions, legal definitions of retail specify that at least 80 percent of sales activity must be to end-users. [3]
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The retail format (also known as the retail formula) influences the consumer's store choice and addresses the consumer's expectations. At its most basic level, a retail format is a simple marketplace , that is; a location where goods and services are exchanged.
The history of retail encompasses the sale of goods and services to consumers across all cultures and time periods from ancient history to the present. [ 1 ] Commerce first took the form of bargaining between early human civilizations.
E-commerce markets are growing at noticeable rates. The online market is expected to grow by 56% in 2015–2020. In 2017, retail e-commerce sales worldwide amounted to 2.3 trillion US dollars and e-retail revenues are projected to grow to 4.891 trillion US dollars in 2021. [52] Traditional markets are only expected 2% growth during the same time.
Retail trade consists of the sale of goods or merchandise from a very fixed location [3] (such as a department store, boutique, or kiosk), online or by mail, in small or individual lots for direct consumption or use by the purchaser. [4]
Life-Cycle (e.g. Baby Boomer, Generation X, Millennial, Generation Z) Lifestyle (e.g. tech savvy, active) Behavioral (e.g. brand loyalty, usage rate) [75] Once a segment has been identified to target, a firm must ascertain whether the segment is beneficial for them to service. The DAMP acronym is used as criteria to gauge the viability of a ...