The retail industry is expanding into newer arenas with innovative products to make life more comfortable. The concept of retailing is very simple yet effective. However, before understanding how the retail industry works, it is important to learn concepts like what are markets, supply chains and goods. Market can be defined as a system or a place where two parties i.e. the seller and the buyer exchanged goods for money. These goods are generally tangible items that are of some use to the buyer. Retailing is a similar transaction where the seller provides the buyer (end user) with goods in small quantities to fulfill individual needs. The goods exchanged are normally meant for direct consumption. The buyer is known as the end user in the supply chain as he will consume the product. Manufacturers produce these goods and sell it to wholesalers in large quantities. Wholesalers in exchange divide these goods and supply to retailers who sell single pieces to the common consumer. A traditional market place is usually held at a central location in a city where traders offer a variety of goods to the buyers. The end users browse through the merchandise and then make an informed decision to buy items they need. We now have department stores, discount stores, supermarkets, hypermarkets, convenience stores, high end boutiques, malls, and specialty stores that offer an infinite range of everyday products at varying price ranges. This trend also gave rise to online shopping, a convenient method to purchase goods in the comforts of your home. From the latest fashion to appliances and real estate, there is no limit to what you can purchase off the internet. | 
