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Retail Trade Meaning and Service Video Lecture | Business Studies (BST) Class 11 - Commerce

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FAQs on Retail Trade Meaning and Service Video Lecture - Business Studies (BST) Class 11 - Commerce

1. What is the meaning of retail trade?
Ans. Retail trade refers to the sale of goods or services to the final consumers for personal or household use. It involves the process of buying goods from wholesalers or manufacturers and selling them directly to the end customers.
2. What is the difference between retail trade and service commerce?
Ans. Retail trade primarily deals with the sale of physical goods, such as clothing, electronics, or groceries, whereas service commerce focuses on providing intangible services, such as haircuts, legal advice, or healthcare. While retail trade involves selling products, service commerce involves providing specialized services.
3. What are the key characteristics of retail trade?
Ans. Some key characteristics of retail trade include the physical presence of a store or outlet, selling goods in smaller quantities, direct interaction with customers, offering a wide range of products, and providing after-sales services. Retailers also play a crucial role in marketing and promoting products to attract customers.
4. What are the challenges faced by the retail trade industry?
Ans. The retail trade industry faces several challenges, including increasing competition from e-commerce platforms, changing consumer preferences and shopping habits, rising operational costs, inventory management issues, and the need to adapt to emerging technologies. Additionally, economic fluctuations and external factors like pandemics can significantly impact the retail sector.
5. How can retail trade businesses stay competitive in today's market?
Ans. To stay competitive, retail trade businesses can focus on enhancing customer experience through personalized services, creating omni-channel retail strategies that integrate both online and offline sales channels, implementing efficient inventory management systems, leveraging data analytics for targeted marketing, and continuously adapting to evolving consumer demands. Additionally, providing excellent customer service and maintaining a strong online presence can also contribute to staying competitive in the market.
37 videos|146 docs|44 tests
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