Define the concept of Retailing. Explain the four key factors responsible for rapid growth of retail sector.

Retailing refers to the process of selling goods or services directly to consumers. It encompasses various activities such as identifying customer needs, providing product information, handling customer queries, and facilitating transactions. Retailing can take place in physical stores, online platforms, or through direct selling.

The four key factors responsible for the rapid growth of the retail sector are:

1. Technological Advancements: The advent of e-commerce and digital technologies has revolutionized the retail sector. Online shopping platforms, mobile apps, and digital payment systems have made shopping more convenient and accessible for consumers, leading to increased sales and growth in the retail sector.

2. Changing Consumer Behavior: The modern consumer is more informed, tech-savvy, and demands a seamless shopping experience. Retailers have responded by offering a wide range of products, personalized services, and multiple shopping channels, which has contributed to the growth of the sector.

3. Globalization: The integration of world economies has opened up new markets for retailers. They can now source products from different parts of the world and cater to a global customer base. This has led to an expansion in the retail sector.

4. Government Policies: Favorable government policies such as liberalization of trade, ease of doing business, and incentives for retail businesses have also played a significant role in the growth of the retail sector.