The Retail Industry In India Is One Of The Fastest Growing Retail Industries In The World And Accounts For 10 Per Cent Of Country’s GDP.
The retail industry is witnessing a revolution as many new format markets like hypermarkets, supermarkets, and departmental stores have made their way in the market. The total retail industry is estimated at 9 lakh crore indicating a huge potential market opportunity that is lying in the waiting for the consumer-savvy organized retailer.
Retail strategy is a holistic marketing plan for a product or a service to reach and influence the consumers. It can make or break your brand.
The retail strategy includes everything like what retail channels a product or service will be available, what should be the price or sales incentive to be given etc. The right strategy can yield success and assist struggling businesses.
Importance of retail strategy
A retail strategy is clear and definite plan to tap the market and build a long-term relationship with consumers.
A retail strategy is significant for the existence of the retails organization. Every aspect of retail business such as merchandising, sales, and finance and operations services must attract their individual operating strategies to support the main business strategy.
How to Strategise
Always conduct research to ensure there is a market for your business. Invest in strategic research to know about the market scenario, similar retail merchants, tenanting equation etc.
“2017 witnessed large-scale mall closures and nearly 5 million sq. ft. of retail space was wiped out. These malls can technically be considered ‘dead’ and the developers are now looking at opportunities to convert the retail spaces into offices, mixed-use, hospitals, etc.
In most cases, developers did not invest in strategic research of the tenanting equation, adequate leasing expertise and the right mall management partners.” says Anuj Puri, Chairman - ANAROCK Property Consultants.
“The speed of evolution in Indian retail has been so fast that the majority of mall developers and retailers have been unable to keep pace with the rapid change in trends," says Anuj Kejriwal, CEO & Managing Director, ANAROCK Retail.
Most successful new retail strategies evolve over time, especially during the early days. Retailers have a unique ability to experiment, try out many strategies with modest investments, and wait until the one that hit.
They need to keep up with the emerging trends and technologies. Adapting different trends and experiments are doable not only to refine the strategy but to tweak it, keeping it fresh and ahead of the competition.
Create attractive storefront
Your storefront is the face you share with the world, so make sure it’s attractive. Creating an attractive storefront is necessary for the retail industry, for real, virtual or both. Your storefront must tell a compelling, attractive story. If you need to spend a little to beautify any part of your storefront, it will be money well-spent.
The market in which the retail organization chooses to compete is determined. Advertise at least a little bit to let people know about you and your services. You can advertise your retail business by making commercials and sending out flyers etc.
Encourage your customers to advertise for you by word of mouth. Choose from a wide variety of advertising, such as sending out emails if your business is local or has a much-targeted audience. In the end, the result should be evaluated to measure and evaluate that the strategy is working and any necessary changes should be effective.