If you want to own some retail business first understand some common and growing retail platforms in india for start up retailers.
The retail industry provides an exciting way of life for the more people who earn their livelihood in this sector of the Indian economy. Retailers provide the goods and services that you and I need–from food, auto parts, apparel, home furnishings, appliances and electronics to advice, home improvement and skilled labor.
Retailing is one of the fastest-growing segments of the economy. The entrepreneurs behind these ventures risk their capital, invest their time and make a living by offering consumers something they need or want.
Types of Retailers
To give you an overview of the competitive marketplace, we’ll take a look at the various faces and configurations of selling to the consumer. Keep in mind that all these enterprises began as a simple concept and grew to various proportions through popularity and perseverance. At this point in your exploration, anything is possible for you, too.
* Store retailing. The retail scene is a dazzling array of independent shops, department stores, discount and off-price enterprises, convenience stores, clubs, national and regional chains, category-killer stores, conventional supermarkets, and other large-scale enterprises that seem to dominate the retail sector.
Store retailers operate fixed point-of-sale locations designed to attract a high volume of walk-in customers. In general, stores have extensive merchandise displays and use mass-media advertising to attract customers. They typically sell merchandise to the general public for personal or household consumption, but some also serve business and institutional clients. These include establishments such as office supply stores, computer and software stores, building materials dealers, and plumbing and electrical supply stores.
K Raheja’s Shoppers Stop is a good example of stores retailing. Other examples are Lifestyle and Westside.
* Specialty retailing. They offer the consumer a warmer atmosphere, and perhaps a broader and deeper selection of merchandise.The retail chains, which deal in specific categories and provide deep assortment in them are specialty stores. Examples are RPG’s Music World, Mumbai’s bookstore Crossword, etc.
* Non store retailing.
These businesses are primarily engaged in the retail sale of products through television, electronic shopping, paper and electronic catalogs, door-to-door solicitation, in-home demonstration, portable stalls, vending machines, and mail order. With the exception of vending, these businesses do not ordinarily maintain stock for sale on the premises. There are many advantages to this type of retailing–one being that buying, maintenance and protection of a large inventory is not necessary as you contract with others to handle these matters.
* Online Retail -The internet has changed the retail landscape, connecting companies, markets and individual consumers. Regardless of the type of retail business you want to start, you cannot ignore the Internet. Don’t let it discourage you, either. Each type of retailing has strengths and weaknesses, so you decide which approaches you want to use in your business.A lot of such retailers are booming in the industry, as this method provides convenience and a wide variety for customer. But it does not provide a feel of the product and is sometimes not authentic. Examples are Amazon.com, Ebay.com, etc.
* Vending machines. Automatic merchandising–or vending machine retailing– This business is highly appealing because of the low start up cost, low working capital and low overhead. This is a cash business, with you collecting the money when you replenish supplies.
* Discount stores: These are the stores or factory outlets that provide discount on the MRP items. They focus on mass selling and reaching economies of scale or selling the stock left after the season is over.
Knowing which of these types of retail format you will feel more comfortable in starting is the best way to begin. You may not want to buy into a franchise, but then again, you might. In order to know which of these options best suits you, you have to know yourself and your abilities pretty well first.If you do choose to buy into a franchise, you should be fully aware of what that company is about, and how you can best add your own personal touch to it.
Starting a retail business from an established idea (as in a clothing outlet), is a sure fire way to start because as there are clothing outlets on almost every street corner. Think about what would make a good addition to the marketplace, or think like a consumer and learn what should be changed to make even better.It gets pretty tricky when you try to open a retail outlet that hasn’t already been on the market before. If you plan to begin your very own retail concept, you must spend an extra amount of time on your business plan if you are to convince the loan officer, and your potential customers that you are providing a service that they will indeed need.
It is very difficult to offer a product that hasn’t been on the market yet or if you are planning on starting a business that is selling something which is not generally available. For this type of venture, you will need to thoroughly assess your potential market first.
It’s not easy to start a retail business, but it doesn’t have to be too difficult either.The dream of starting a retail business can easily become a reality. It may take a lot of initial work as you start your own business, but with the right planning anyone can achieve their goals.
