August 14, 2012
Business, Business Growth, Business Profile, Industry, Industry growth, Retail Business, Retail Sector
Business Tips, Indian Retail Sector, Retail Business tips
No other sector in India has enjoyed such tremendous growth and success in the recent years as witnessed by the retail sector. And the best thing is that there is still scope for more development and investment. No wonder foreign brands from all over the world are clamoring to set up base here. For people who are interested in being a part of a successful growth story, nothing can be more profitable than setting up a retail business. Given in the following sections are some tips that would help one succeed in the retail line.
Tips To Succeed In Retail Business
- If one loves meeting new people, loves talking and listening to people, make friends easily, then nothing can be better than the retail field. In a retail business, one can come across thousands of customers on a good day. All these people have different demands, different temperaments, personalities, and so on. For building a successful retail business, one should have the patience and skills to handle all kinds of people.
- Know about the products and be ready to handle all kinds of queries from the customers. Though it is not possible for a person to know about everything, it is always better to find out about what one doesn’t. It is always possible that one may get the same query from another customer, so it is best to be prepared.
- One should always maintain a professional and uninterrupted logistic network at all times. This ensures that the customers’ requirement is always met effectively. Since customer is the king, he/she should never leave unsatisfied with your service. Keep track of significant factors like the market demand, what all is selling in the market, what has the potential to capture a buyers’ imagination, etc.
- Always welcome the customers with a smile, irrespective of whether it is the end or start of the day, whether one is having a bad day or not, whether one feels like it or not. As far as possible, ensure that each and every customer gets individual attention. At the same time, one could make a sale. E.g. if a customer is buying a mobile, one could suggest some cool mobile accessories to go with it. But remember never to push. The whole plan could backfire and one could lose some valuable customers.
- Lastly, make an effort to be unique from the competitors next door. Whether it’s a great ambience, smart presentation or display, a helping staff, range of products, great deals or some other aspect of the retail business, create a USP for your brand.
Owing to its tremendous untapped potential and growth rate, Retail is the best way to go if a booming business combined with a steady growth is what one is looking for.
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April 26, 2012
Business, Business Profile, Industry, Retail Sector
Apparel industry, Indian Retail Industry, Organized Sector, Retail Industry
Indian retail industry comprises of two broad classifications
1. Organized Sector
2. Unorganized Sector
Organized sector refers to those traders who are licensed for trading activities and registered to pay taxes to the government. Although the organized sector of Indian retail industry is still in its infancy, recently it has shown huge signs of advancement and greater participation.
On the contrary, the unorganized sector consists of conventional Kirana shops, General stores, corner shops among various other small retail outlets. They are unauthorized small shops but remain to be the centrifugal force of Indian retail industry.
Stats reveal India’s retail density to be the highest in the world. Moreover, there are more retail outlets per person in India than in any other country. However the retail space per capita happens to be the lowest in the world.
Apparel industry occupies a prominent position in the Indian retail industry. Comprising of both organized and unorganized sectors, the industry witnesses boom around the festive seasons.
India, the second highest populous country in the world, has huge demands of apparels all round the year and an equally robust apparel industry to maintain the necessary equilibrium between demand and supply. Bargaining and Indian retail industry, the two are inseparable. Seldom one comes across a retail shop where the prices are fixed.
Apparel retail industry is no exception to bargaining. In fact apparel retailers try to entice the customers with alluring deals that include discounts, sales, gift vouchers and free coupons among many others. Recently, with the advent of global brands into the Indian retail industry, the industry has started targeting the elite & brand conscious section that too along with the traditional middle class customers.
To keep pace with the changing times, the retail industry has undergone transformations to survive and be able to compete with global brands entering the Indian markets. However a drawback associated with the industry is that a large potion of it is unorganized and in the hands of unlicensed retailers. This leads to the loss of revenues to the government along with complications in quality control.
The variety available in the Indian retail industry is one distinguishing factor. It has something in store for everyone. Different prices and varying styles accommodate the needs of all classes. The cultural and social assimilation makes Indian retail industry unique.
March 17, 2011
Indian Retail Sector, Retail Sector
India is rapidly becoming the preferred retail destination of the globe. International assessments show, that India has evolved as the frontrunner offering bright retail prospects. Nonetheless, the visage of the Indian retail industry is changing where it is experiencing a retail boom.
The Following Factors have contributed to the altering façade of Indian retail sector-
- The ever increasing accessibility of international brands
- Growing number of malls and hypermarkets
- Easy accessibility of retail space
- Increased Foreign Direct Investment converting India into a ‘mall country’
- Importance shifting from realistic pricing to convenience, efficiency and ambience
- Increase in disposable income of the people, enhanced lifestyles, escalating international exposure and increasing awareness among the customers is a prime factor for this paradigm shift
- India has a large congregation of middle class and young population, which is considered to be a chief prospective customer group
- Tourist expenditure in India is escalating, which has also encouraged the retail boom
Important sectors where retail sector is developing at a rapid pace-
- Food and grocery offer the most promising opportunities in the retail sector
- Also there is vast potential for Indian retailers in the jewellery, apparel and consumer durables segment
- Indian retailers are also racing ahead to create a position for themselves in the business of books, gifts and music
It has to be acknowledged that the Indian retail sector is going through a golden phase. Opportunities look good in diverse segments, with enormous potential. But it is also to be noted that there are diverse factors like service tax on rentals, difficulty in generating funds for additional expansion, etc. that make the growth in the Indian retail sector extremely challenging.