Tuesday, January 7, 2020

Retail businesses and their impact on Pakistan Economy

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Retail businesses and their impact on Pakistan Economy

Retail business is in activity in which selling goods to consumer or end users. Retailer may sell their business to whole seller or supplier in which they can sell their goods to another business.  
In the developed countries the growth potential of Asian markets has big retailing to including their business markets of the countries like Pakistan where retail potential is expected to $42 billion. The sector of the economy is the retail industry that’s comprised of individuals and companies engaged in the selling of finished products to and user consumer.       
                                            
The impact of economic retailing can be assessed by contribution to US GDP that is 66 percent. In market of Pakistan there is constant clash between challenges and opportunities, but chances favor to the economy of relaying these companies that are trying to establish themselves.     
                                                                
Liberty and communication revolution has brought the global corporate culture in Pakistan, habits of people are changing rapidly with changing their lifestyle, ways of changing their living and buying behavior all things are changing.

The corporate sector benefaction activities and the interest that surround in Pakistan. The introduction of fast food chain stores, garments stores and international branded stores of different items is available everywhere.

There are several major problems in retail business.

Retailer have proved to be able to manage major challenges within the business. Retailer face customer demand with the seasonal tends as they can bear customer shopping behavior Retailers should experience brand loyalty to their customers. When promotions of new special offers to their customers they experience customer personalization. Retail managing its internal communication is not easy task. In retaining and engaging employees is one of tough challenges for the retailers.
We have discussed factor affecting retailing like social, technological, legal, competitive, economic and environmental etc. This tries to describe the segment in retailing have opportunity as well.
In retailing there is the nature never been changed experienced and seen better than now retailing includes all kinds must operates in policies methods and managerial strategies. The retailer has very familiar with the environmental factors.

Ethical, political, technological and competitive environment significantly influence the conduct of retail enterprise  and for each other the retailer has to be familiar with them to keep close attention on the likely changes which may be occur.

Conclusion:

Pakistan is huge traditional market in retail sector this sector forms new ways of formats store like hyper mart store, supermarket and many other special store or available for customers retailing is very challenging task day by day in future our environment dynamic changes gradually and customers choice of tends also changes. Retailer has to plans their new rates with customers needs that can also improve business day by day. Foreign take interest to inter in Pakistan markets. Retailers shows great potential to grow their business all over world. Economy of business face new challenges and opportunities to fulfill consumer’s demands there is great competition between new type of retailer markets to improve their markets share in existing markets.

Authors:

Students of BBA 2K19 batch, Shaheed Benazir Bhutto University, Shaheed Benazirabad

Ali Raza

Bhavesh Kumar

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