Shopping

From Academic Kids

In personal life, shopping can be a major recreational activity. It is all too human to become absorbed in the details of selection, purchase, and display behavior.

Shopping is buying things, sometimes as a recreational activity. A cheap version of the latter is window shopping (just looking, not buying).

Just as sport can become a major consumer activity, shopping can be a major psychological interest for some people. The type of shopping can be a market differentiator, whether for clothes, perfume, shoes, hats, and so forth.

When shopping, a consumer can simply ask the store attendant for service and advice before purchase of the product or service.

Kinds of shops

A large shop is called a superstore or megastore. A shop with many different kinds of articles is called a department store.

Many shops are part of a chain: a number of similar shops with the same name selling the same products in different locations. The shops may be owned by one company, or there may be a franchising company that has franchising agreements with the shop owners (see also restaurant chain).

Some shops sell second-hand goods. Often the public can also sell goods to such shops. In other cases, especially in the case of a nonprofit shop, the public donates goods to the shop to be sold (see also thrift store). In give-away shops goods can be taken for free.

For details on the various types of retail stores see:

Retail pricing

The pricing technique used by most retailers is cost-plus pricing. This involves adding a markup amount (or percentage) to the retailers cost. Another common technique is manufacturers suggested list pricing. This simply involves charging the amount suggested by the manufacturer and usually printed on the product by the manufacturer.

In Western countries, retail prices are often so-called psychological prices or odd prices: a little less than a round number, e.g. $ 6.95. In Chinese societies, prices are generally either a round number or sometimes some lucky number. This creates price points.

Often prices are fixed and displayed on signs or labels. Alternatively, there can be price discrimination for a variety of reasons. The retailer charges higher prices to some customers and lower prices to others. For example, a customer may have to pay more if the seller determines that he or she is willing to. The retailer may conclude this due to the customer's wealth, carelessness, lack of knowledge, or eagerness to buy. Price discrimination can lead to a bargaining situation often called haggling — an argument about the price. Economists see this as determining how the transaction's total surplus will be divided into consumer and producer surplus. Neither party has a clear advantage, because the threat of no sale exists, whence the surplus vanishes for both.

See also

Missing image
Card_visa_happy_shoppers.jpg
Visa's "Happy Shoppers" credit card design

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