The different factors that influence the retailing market range from the external forces like the economic, political and social understanding to internal factors in the internal management and the international organization of the retail business. To know and understand the market retail better, I would wish to understand the external factors better. This will entail learning the economic factors affecting the retailers and the buyers, the political and legislative factors, and how all this affect the social setting and thinking of the consumers.
The economic factors have some majorly fascinating facts that I honestly need to get in order to have a better understanding of the retail market. The fact that consumers prefer to buy home development items to going out to restaurants and visit sites is astonishing. The fact that some industries like the travel and tours will suffer while the do it yourself stores improve is unbelievable. I would like to understand in a deep way why the consumers in such climates choose to improve their homes at an expensive and high valued manner instead of buying the cheap and readily available fun and experiences.
The political factors are also intriguing, and that needs a deep and better understanding of the facts on the ground for any potential retailer or buyer. A retailer for example, needs to understand a product or regional quota imposed upon a product or a range of products. It is also advisable that every retailer understands the rate and level of taxation in order to calculate the profits or loses in advance. This will do any retailer a lot of good in terms of expansion. Retailers further need to understand the form of relationship between their governments if they are to be involved in cross border trade.
The social changes in the society further bring some influence in the retail business. A retailer needs to understand new trends in families, institutions and other ethical dynamics that may influence retail buying for success in business.
In conclusion, it would be necessary that all individuals with interest in retail business understand all the factors to be successful in their undertaking. Taking into this business without prior understanding may be fatal at the long run.