Retail involves the transaction of goods from the point of sale (market) to end consumers in small quantities to satisfy their needs.  For example, John purchased a mobile handset from a retail store. So here, John is the buyer and retail store is the point-of-sale.

The economic significance of the Retail sector

The retail sector contributes to 10% of India’s GDP. It has opened various avenues for people specialised in different areas such as Marketing, Finance, Information Technology, Human Resources, Supply Chain Management, Logistics, New Product Development, Business Analysis, Sales, etc. Retailing has also provided opportunities for entrepreneurship. For example, a business person can buy a franchise of a brand such as a food giant like McDonald’s and open its store at a marketplace like Mall or co-working space.