Retail refers to the process of selling consumer goods or services to customers through multiple channels of distribution to earn a profit.
Key characteristics of retail include:
1. Direct interaction with end consumers
2. Small quantity sales
3. Higher price per unit compared to wholesale
4. Various formats: brick-and-mortar stores, online shops, vending machines, etc.
Common types of retail businesses:
- Department stores
- Supermarkets
- Specialty stores
- Convenience stores
- E-commerce platforms