Retail Industry

Written by Norene Anderson
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About two-thirds of the U.S. economy is driven by the retail industry that makes up the bulk of total consumer spending. In years past, when retail buying was mentioned it meant going to the local store and purchasing whatever item you were in the market for. The retailer was, in many cases, a small business owner servicing the local neighborhood.

Shopping Is a Way of Life

With the increase in communication, advertisement, and income levels came the building of great malls for shopping at every kind of store imaginable. You can drive down any street of any city and see retail shopping in action. This is just a way of living for the general population. You stop in for your cup of coffee or you buy that dress that you just can't pass up.

However, there is a new trend in retail sales and that is with online purchasing. It is estimated that within four years, online retail sales will top $117 billion. Not only does the retail industry benefit from online shopping, the research that is available on the Internet is influential in helping many customers know which products to purchase in stores. This saves the consumer many hours of going from store to store looking for the best item to meet their need.

The Retail Industry Is Growing

It is expected that online shoppers will spend an average of $779 within the next five years. With the number of shoppers expected to reach 151 million, which is 67 percent of the total online population, the retail industry must be ready to handle the volume of in-home shoppers. More and more shoppers are turning to online purchasing for home and personal care, home improvement, and even groceries.

If you are already in the retail business or if you are thinking about starting a business, there is no need to be overwhelmed with all the management details and planning a strategy for success. There are software programs and training available that will handle all you need to have a profitable business venture.

You can learn how to improve cash flow and manage your inventory. If you have difficulty understanding the basics of retail financing, then you can get all the help you need with training that is offered. There is no need for balance sheets, ratios, and financial projections to be words that you trip over trying to find your way around the retail industry when there are great teaching tools available to guide you every step of the way.

Find the Tools to Guide You

If you are looking to achieve the right balance between merchandise and cash, then projection and planning are vital. With a good inventory management system in place you can easily avoid having too much inventory on hand. There is excellent software to manage your cash flow to show where every dollar is received and spent.

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