What is Ritel (Retail) Broker? Definition and Example
What is Ritel (Retail) Broker?Retail broker is someone or a group of people working as an intermediary between a company and a retail supplier. Every company needs numerous stuffs, starting from day-to-day needs to the big inventories, such as heavy machinery and vehicles. Instead of dealing with all the buying of the inventories on their own, most companies will use the help of a broker. The broker in this case will be called a retail broker. The broker is going to be the person responsible bridging the company in need to the retail supplier.
When a company uses a service of retail brokers, they will handle basically everything necessary for agreement, including all paper works and the contracts as well. In return, the company will have to pay fees to the broker. The broker can also include a deal of particular amount of money or particular percentage of the deal to be given to the broker.
Ritel (Retail) Broker DefinitionWhen it comes to definition, a retail broker can be defined as an individual acting as a middleman between a buyer (normally a company) and a seller (a supplier). The job is to make sure that the buyer can get anything they want and need from the supplier. Moreover, he job is also to maintain the purchasing process from seller to buyers. The broker will be in charge of the entire process, starting from negotiation to after-delivery of the stuff.
What Does a Ritel (Retail) Broker Do? ExampleThe job of a retail broker can be divided into three big parts. Each of them represents the timeline of a purchasing order. They are responsible in finding a supplier, negotiating and establishing paperwork, as well as keeping an eye on the delivery.
Here is one example of retail broker usage. A company needs to get new inventories as soon as possible in form of several brand new pick-up trucks. The representative of company then contacts a retail broker. The broker is given a full responsibility of purchasing new trucks. The broker starts doing his job by finding a vehicle supplier.
He contacts several of them and choosing the one giving most benefits to the company. Then, the selected supplier will be brought by broker to meet the representative of company. They will be given contacts by broker and they will negotiate. After everything is done, the broker then keeping an eye on delivery process to make sure everything is done according to the contract.