Retail Basics
Business activities that add value to products sold to consumers.
What is retailing?
When independent firms perform two or more roles in the supply chain.
What is vertical integration?
This retailer created the “five and dime” store.
Who is Frank Woolworth?
A massive store with a large layout and low prices.
What is a big box store?
By the 2020s, this became essential to retail operations.
What is AI?
A group of firms that make and deliver goods and services to consumers.
What is the supply chain?
When a manufacturer undertakes retailing and wholesaling activities.
What is forward integration?
This retail era featured stores selling everything from tools to textiles.
What is the department store era?
Brick-and-mortar stores still own over this percentage of retail.
What is over 75%?
AI helps retailers adjust prices in real time using this.
What is dynamic pricing?
Selling products in smaller quantities to consumers is called this.
What is breaking bulk?
Designing private-label merchandise is an example of this.
What is backward integration?
The year Walmart, Target, and Kmart opened.
What is 1962?
Allowing customers to shop online, in-store, or both.
What is omnichannel retailing?
True or False: E-commerce will be over 50% of global retail sales by 2025.
What is false?
This value-adding activity ensures products are available when customers want them.
What is holding inventory?
True or False: Vertical integration only happens when a manufacturer buys a delivery truck.
What is false?
This company launched in 1995 as an online bookseller.
What is Amazon?
Retailers using omnichannel strategies retain about this much more customers.
What is 90% more?
This AI function helps retailers prevent stock shortages.
What is predictive inventory planning?
Retail employs approximately this many Americans.
What is approximately 32 million?
A consumer buying directly from a wholesaler is an example of this.
What is NOT integration?
This era focused on small, family-owned neighborhood stores.
What is the mom-and-pop era?
Retail contributes approximately this percentage to U.S. GDP annually.
What is 5.8%
Name ONE way AI improves the customer experience.
What is recommendation?