Social functions of trade: review

Abstract

The purpose of this article is to summarize the social functions of trade and examine the impact of digitalization on their implementation. The study utilized publications uploaded to the SciSpace system and indexed by the Elibrary Scientific Electronic Library. Based on the articles studied, the social functions mentioned in different contexts in research focusing on other aspects of trade are summarized, and the results of studies on the influence of digitalization on the social functions of trade are reviewed. It is shown that, in addition to its basic function of meeting consumer demand, trade performs a number of other social functions, namely: serving as an indicator of social status, meeting sociocommunicative needs, organizing leisure, transmitting cultural values and bridging cultural differences, creating jobs and opportunities for self-realization in entrepreneurial activities, contributing to the development of production and other related industries, supporting the development of urban areas, and contributing to the budget through taxes. Given these functions, trade influences the quality of life and well-being of society. The conclusion is drawn that the composition of trade's social functions is universal across its various forms and formats.