State the functions performed by the retailers
Functions performed by the retailers are:
Estimating the demand: The work of the retailers, whether big or small, is to make an estimate regarding the demand for various products.
Procurement of goods: Many retailers have to buy goods from various wholesalers as they deal in a variety of products. Retailers should purchase goods from those wholesalers who provide goods best suited to the consumers in terms of price and quality.
Transportation: Retailers should arrange proper transport in order to carry the goods from wholesaler’s place to their own place. If the retailers place an order with the salesmen of wholesalers, then it is the duty of the wholesalers to make the arrangements for the delivery of goods.
Selling: The most important function of retailers is to sell the products to ultimate consumers. In order to make them regular and potential buyers, retailers should deal with them in a polite and tactful manner. It is the duty of the retailers to satisfy the needs and preferences of various types of customers.
Risk-bearing: As retailers keep the goods in stock, they have to bear the risk of loss occurring due to fire, theft, deterioration of quality etc. Large retail stores usually protect themselves from theft or fire by getting insured. The losses that occur due to damage or deterioration of quality due to improper storage cannot be incurred.
Storing goods: Proper storage facilities should be there so that the products reach the consumers on time. The goods should be displayed on shelves or in show cases so that consumers can select the goods of their choice.