{"id":2170,"date":"2019-12-12T05:51:19","date_gmt":"2019-12-12T05:51:19","guid":{"rendered":"https:\/\/blog.indifi.com\/?p=2170"},"modified":"2020-07-14T08:42:44","modified_gmt":"2020-07-14T08:42:44","slug":"how-to-run-a-successful-retail-business","status":"publish","type":"post","link":"https:\/\/www.indifi.com\/blog\/how-to-run-a-successful-retail-business\/","title":{"rendered":"How To Run A Successful Retail Business?"},"content":{"rendered":"\n<figure class=\"wp-block-image\"><img decoding=\"async\" loading=\"lazy\" width=\"500\" height=\"281\" src=\"https:\/\/blog.indifi.com\/wp-content\/uploads\/2019\/12\/How-To-Run-A-Successful-Retail-Business--500x281.jpg\" alt=\"\" class=\"wp-image-2171\"\/><figcaption><br><strong>How To Run A Successful Retail Business?<\/strong><br><\/figcaption><\/figure>\n\n\n\n<p>Similar to the notion that India lives in its villages, a majority of Indian middle-class people live by the neighborhood corner shops, which are called \u2018kirana stores.\u2019 These mom-and-pop-stores form the backbone of the retail trade here and dominate the grocery and fashion market. Running a retail business has now become more exciting than ever, with the sector becoming more organized amidst the changing business scenario.&nbsp;&nbsp;<\/p>\n\n\n\n<p class=\"has-text-color has-vivid-cyan-blue-color\">Also Read: <a href=\"https:\/\/blog.indifi.com\/wireless-pos-solutions-are-remodeling-indias-retail-market\/\">How Smart, Wireless POS Solutions Are Remodeling India&#8217;s Retail Market<\/a><\/p>\n\n\n\n<p>Retail business refers to obtaining goods from a wholesaler or manufacturer and selling it to the consumers for earning a profit. It could be an online store, department store, small retail store, supermarket or a franchise store.&nbsp;&nbsp;<br><\/p>\n\n\n\n<p>Driven by the transformation in the consumption pattern of Indians, the retail business industry of India has been reporting incredible growth in the ongoing decade. The country is the fifth largest preferred retail destination globally and the market size is expected to reach&nbsp;USD 1.1 trillion&nbsp;(Rs 76.87 lakh crore) by 2020.&nbsp;<\/p>\n\n\n\n<p class=\"has-text-color has-vivid-cyan-blue-color\">Also Read: <a href=\"https:\/\/blog.indifi.com\/indian-retail-market-technology-is-the-future\/\">Reformation Of The Indian Retail Market: Technology Is The Future<\/a><\/p>\n\n\n\n<p>In a nutshell, starting a retail business is considered to be a lucrative opportunity in the current circumstances. It can easily become a reality with moderate investments, provided you move with a strategic plan. Listed below are four tips to help you find success in your retail business.\u00a0<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_67_1 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.indifi.com\/blog\/how-to-run-a-successful-retail-business\/#Tips_To_Run_A_Successful_Retail_Business\" title=\"Tips To Run A Successful Retail Business? \">Tips To Run A Successful Retail Business? <\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.indifi.com\/blog\/how-to-run-a-successful-retail-business\/#Learn_well_plan_well\" title=\"Learn well, plan well\u00a0\">Learn well, plan well\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.indifi.com\/blog\/how-to-run-a-successful-retail-business\/#Aim_for_better_customer_experience\" title=\"Aim for better customer experience\">Aim for better customer experience<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.indifi.com\/blog\/how-to-run-a-successful-retail-business\/#Leverage_the_power_of_marketing\" title=\"Leverage the power of marketing\">Leverage the power of marketing<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.indifi.com\/blog\/how-to-run-a-successful-retail-business\/#Manage_your_money_wisely\" title=\"Manage your money wisely\u00a0\">Manage your money wisely\u00a0<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Tips_To_Run_A_Successful_Retail_Business\"><\/span>Tips To Run A Successful Retail Business?<br><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Learn_well_plan_well\"><\/span>Learn well, plan well\u00a0<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Lack of industry knowledge and lack of vision remains to be the top reasons for failure in the retail business. Your greatest competitive advantage lies in the knowledge you have about the specific industry you are working on. To thrive in the retail business, you should possess in-depth knowledge about the particular field. Keep on learning about the market segment, consumer interests, pricing tactics, target groups, etc. to make the right decision at every step.&nbsp;<\/p>\n\n\n\n<p class=\"has-text-color has-vivid-cyan-blue-color\">Also Read: <a href=\"https:\/\/blog.indifi.com\/big-data-and-ai-the-promise-of-better-transformation-for-retailers\/\">Big Data And AI: The Promise Of Better Transformation For Retailers<\/a><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Aim_for_better_customer_experience\"><\/span>Aim for better customer experience<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Another probable reason for failure in the retail business is the lack of focus on customer experience. The key to creating loyal customers is to ensure amazing customer experience, be it a brick-and-mortar store or an e-commerce venture. These loyal customers are most important to survive in the retail business and, most importantly, they facilitate word-of-mouth marketing.&nbsp;<br><\/p>\n\n\n\n<p>Customer retention is far easier and less expensive than finding a new one. The&nbsp;Harvard Business Review&nbsp;points out that acquiring a new customer is anywhere from five to 25 times more expensive than retaining an existing one. Therefore, devise thoughtful strategies to take your customer experience to the next level.&nbsp;<br><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Leverage_the_power_of_marketing\"><\/span>Leverage the power of marketing<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Many small-scale retailers consider marketing to be a time-consuming task or find it too expensive and, hence, fail to leverage its benefits. Having a proper marketing strategy in place for your retail business is absolutely essential in the current competitive environment. From traditional print advertising to modern digital marketing channels, there are numerous options to consider for attracting customers. However, the key is in choosing the right tools that maximize the ROI for your business.&nbsp; &nbsp;<\/p>\n\n\n\n<p class=\"has-text-color has-vivid-cyan-blue-color\">Also Read: <a href=\"https:\/\/blog.indifi.com\/how-customer-intelligence-is-shaping-retail-industry\/\">How Customer Intelligence Is Shaping The Future Of Retail Industry<\/a><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Manage_your_money_wisely\"><\/span>Manage your money wisely\u00a0<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>For any retailer, cash flow management should be one of the top priorities. The cash flow determines the financial health of your business. Optimizing your cash flow is important in multiple ways; to manage the daily expenses, meet customer demands, improve customer experience, grow your business and more.&nbsp;<\/p>\n\n\n\n<p class=\"has-text-color has-vivid-cyan-blue-color\">Also Read: <a href=\"https:\/\/blog.indifi.com\/technology-making-retail-stores-more-meaningful\/\">Role Of Technology In Making Retail Stores More Meaningful In The Ecommerce Age<\/a><\/p>\n\n\n\n<p>Learn about the best strategies to improve cash flow management and implement it wisely. For instance, have a comprehensive picture of where and how the money is spent so that you will be able to control it efficiently.&nbsp;<br><\/p>\n\n\n\n<p><strong>The bottom-line&nbsp;<\/strong><br><\/p>\n\n\n\n<p>The retail industry of India is experiencing unprecedented growth over the years and accounts for 10% of the nation\u2019s GDP. The rising number of middle-income households, rapid urbanization, the burgeoning millennial generation, changing consumption patterns are some of the factors that keep the future of the retail industry bright and promising.&nbsp;<br>To conclude, finding business success in the retail industry has become an attainable target now with a well-thought-out plan and forward-looking strategies.&nbsp;Collateral is one of the biggest problems for retail store businesses looking for loans. Our <a href=\"https:\/\/www.indifi.com\/small-business-loans-india-without-security\">unsecured loan solution<\/a> eliminates this barrier and allows you to achieve your business goals in a simple and hassle-free manner. With minimum documentation and eligibility requirements, your search for the best business loans for your retail shops ends at <a href=\"https:\/\/www.indifi.com\/\">Indifi<\/a>. Call us or send us an email to apply for an unsecured business loan and know more about our offerings.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Similar to the notion that India lives in its villages, a majority of Indian middle-class people live by the neighborhood corner shops, which are called \u2018kirana stores.\u2019 These mom-and-pop-stores form the backbone of the retail trade here and dominate the grocery and fashion market. Running a retail business has now become more exciting than ever, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":2171,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[141,185],"tags":[290,289,288,159,287,286,291],"_links":{"self":[{"href":"https:\/\/www.indifi.com\/blog\/wp-json\/wp\/v2\/posts\/2170"}],"collection":[{"href":"https:\/\/www.indifi.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.indifi.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.indifi.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.indifi.com\/blog\/wp-json\/wp\/v2\/comments?post=2170"}],"version-history":[{"count":2,"href":"https:\/\/www.indifi.com\/blog\/wp-json\/wp\/v2\/posts\/2170\/revisions"}],"predecessor-version":[{"id":3485,"href":"https:\/\/www.indifi.com\/blog\/wp-json\/wp\/v2\/posts\/2170\/revisions\/3485"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.indifi.com\/blog\/wp-json\/wp\/v2\/media\/2171"}],"wp:attachment":[{"href":"https:\/\/www.indifi.com\/blog\/wp-json\/wp\/v2\/media?parent=2170"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.indifi.com\/blog\/wp-json\/wp\/v2\/categories?post=2170"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.indifi.com\/blog\/wp-json\/wp\/v2\/tags?post=2170"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}