The retail industry takes many forms. However the forms most relevant to this blog are online shopping and self-service. Both types are exactly what their names suggest. Online shopping allows consumer to shop in the comfort of their home via the interent. They are able to collect desired merchandise and add it to a virtual cart. Consumers not only pay for their goods but also the transportation of them to their homes. Self-Service requires the consumer to go directly to the store where they can hand pick merchandise and pay at a counter. Enough about the consumer now about the company itself. Two factors go into determining the final price of the merchandise, the cost of the product and the profit determined by the retailer. Now within this simple system there is competitive pricing. Competitive pricing is when retailers guarantee good customer service to buyers so that they will prefer them over their competitors. Competitive pricing could also mean that one retail prices merchandise less than another so that buyers don't prefer the competitor. 

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    My name is Symone and I am a senior at Science Leadership Academy. This blog was created to show the connection between the popularity of the retail industry and the price being paid for it.


    May 2013