A source of large positive contribution to the economy and a means to providing customers with an easy access to a wide range of products, Retail is an indispensable part of any marketspace.
The word retail comes from the Old French word tailler, which means “to cut off, clip, pare, divide” in terms of tailoring. Recorded as early as 1433 to mean “sell in small quantities”, retail has since then come to be referred as a resale of goods or services directly to consumers or end-users.
Considering the extreme importance of this concept in business, let us see how the retail market has evolved over the years:
The Past:
Ancient Times: The archaeological evidence for trade dates back to more than 10,000 years. Believed to have emerged in Turkey, evidence of primitive shops and trade centers has been found in ancient Babylonia, Assyria, Phoenicia and Egypt, and even Greece and Rome.
Medieval Times: England and Europe saw relatively few permanent shops; instead customers would walk into tradesman’s workshops and discussed purchasing options with them. It was in the 13th century that a small number of shops started emerging. Known as “rude booths”, these shops had owners that “bawled as loudly as the itinerants.” Other than the major cities, most consumer purchases were made in markets or fairs.
The 17th century: Markets and fairs were substituted by permanent shops as the main retail outlet. Provincial shopkeepers sold general merchandise similar to contemporary convenience stores. While these typical retail stores had no counter, display cases, chairs, mirrors, changing-rooms, etc., the availability of an opportunity for the customer to browse products, touch and feel them were part of the retail innovations from the late 17th and early 18th centuries.
The 18th and 19th century: Grand shopping arcades began to come up all over Europe. These shopping arcades were the forerunners to the modern shopping mall. In large cities, the department store emerged, permanently reshaping shopping habits and redefining the concepts of service and luxury.
The 20th century: Retail innovations such as chain stores, mail-order, multi-level marketing (pyramid selling or network marketing, party plans) and B2C e-commerce (cyber-peddling) were brought about. These times also witnessed a trend towards larger stores, with concepts like “mega-stores” and “warehouse stores”.
The Present:
The large retail stores are under increasing pressure from online sales models. There have been substantial reductions in store size. In recent years, due to fierce competition, increasing rent, decline in sales volume and business debt, there has been an evident business disruption called the retail apocalypse, leading to many brick and mortar retailers to sharply reduce their number of stores, or go out of business entirely.
The Future:
The ideation of Centareum, the lifeline for brick and mortar stores has been done. The blockchain powered proximity-based marketing platform is ready to bring about a revolution in the world of retail, as a fitting reply to the retail apocalypse. Are you ready for it? Visit our website https://centareum.io/ OR join our telegram group https://t.me/Centareum to know more.
