Characteristics of Business Model in Retail

The goal is to define the essence, basic characteristics and relationships of retail, as well as the basic aspects of the business model in retail. To fulfill the article’s objective, secondary data was gathered for an overview of different authors’ opinions on the subject, which were then compared and evaluated. The potential contribution of the article’s approach lies in the fact that it explains the fundamental changes in retail, which also strengthens the importance of the supply and demand side in the consumer market. Turbulent changes occur in the environment in which retail units carry out their economic activities. These changes are reflected in the value proposition by speed and adaptation of the product and business models to the customer’s requirements. In the conclusion, some suggestions resulting from the characteristics of the retail trade and the business model in the retail trade are presented. To fulfill its mission, retail must make the best use of its capabilities supported by digital solutions.