Which of the following is a function of a retailer?
Answer Details
The function of a retailer is to provide sales services. This means that retailers are businesses that sell goods or products directly to consumers for their personal use. Retailers can operate through physical stores or online platforms, and they usually offer a range of products from different brands or manufacturers.
Retailers play a crucial role in the supply chain by connecting producers or manufacturers with end consumers. They buy products in bulk from suppliers and then sell them to individual customers at a higher price, adding their profit margin. This allows customers to access a wide range of products conveniently and at a competitive price.
While some retailers may offer banking, hoarding, or storage services, these are not their primary functions. Banking services are typically provided by financial institutions such as banks and credit unions. Hoarding services refer to the practice of accumulating and storing goods or commodities, which is not a core function of retailers. Finally, storage services are typically provided by logistics companies or warehousing businesses, which specialize in storing and managing inventory for different industries.