Retail franchise sector is boosting due to rapid participation of domestic and global brands, revenue generated from offline and online retail is estimated to grow around 7 to 8% by 2021. Metros, tier 1, tier 2 and tier 3 cities in India are developing steadily, people are focusing mainly on starting own business. As a small business owner, you might face lots of problems to successful run retail business because of stiff competition. However, every entrepreneur or business owner willing to grow and expand, here are few strategies that should be taken into consideration:
Conduct market research: It is necessary as consumption pattern may change at any point of time. Most companies conduct market research to know what customers think about products or services. Companies are concentrating on online surveys and questionnaires to collect valuable information from customers. All research should be done on basis of demographic profile of customers.
Segment your area of business: In this stiff competition, you need to emphasize on specific segment of market to beat competitors. Retail franchise is so vast, but drastic changes in technology have increased competition as well. Thus in order to enhance business a proper strategy would be required to divide target market into different sections.
E-commerce: Retail franchise business is high competitive due to emerging E-commerce platform. Mobile technology is contributing largely towards growth and development, people these spend time on online shopping. Small scale retailers face problems while moving in major metros so they are using online platform to reach customers on global and national platform.
Locations: Stores should be opened in locations such as malls, entertainment venues. Small and medium size enterprises need to focus on product diversification so that consumers in new markets can be satisfied. Location is most significant things that play crucial role in success of retail franchise business.