Question

Explain the main features of retail trading in the world.

Answer 1

Global retail trading consists of a combination of classic and new formats. Traditional retail consists of tiny, family-owned stores and street sellers, which are common in many parts of the world and provide individualised services. On the other hand, modern retail includes large-scale supermarkets, shopping malls, and internet retailers that offer a diverse range of products under one roof or platform. Rapid technical improvements in the global retail sector, such as e-commerce and mobile purchasing, have increased consumer convenience. In addition, there is a growing movement towards sustainability and ethical consumerism, which is affecting product lines and retail business methods.