Buying and Promo MWF 9;40

Understanding the retail enviroment where buying occurs

Retailing

The selling of goods and services

Retail buying

Sourcing

Process of retail buying (decision making in areas such as)

• Forecasting the wants and needs of consumers

• Planning merchandise assorments to satisfy consumers wants/needs

• Selecting vendors from whom to purchase merch

• Negotiating contracts with vendors

• Pricing merch

• Keeping sales and inventory records

• Recording merchandise

Pure play

Only selling online

Challenges of online retailing

Frustrating online search

loss of privacy

can't touch product

returns

less impulse purchase when in the store

Showrooming vs Reverse showrooming

Going to the product in person then shopping online for it

vs

Researching online then buying today

Omnichanel