Tag: Retail franchise

Different ways to expand retail franchise business

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.  

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Indian retail franchise segment is about to become billion dollar industry

Indian retail franchise segment is about to become billion dollar industry

The Indian retail market is growing rapidly over the past five years and is estimated to expand gradually towards organized retailed formats. The size of Indian retail industry was not much ten years earlier but industry has shown tremendous growth and achieve unexpected US $ 400 billion in consecutive years in 2014, 2015 and 2016. This unmatched growth can attributed to changing consumer spending pattern, people demand more international products and they want to experience new products. According to one of the US based management consulting firm, Indian retail industry is one the favourite segments for investment among market of other emerging economies.
Retail franchise business opportunities are getting diverse due to presence of global brands. Franchise business model is contributing efficiently to retail industry growth in India. Number of international corporations such as Wal Mart, Mark & Spencer and Carrefour has opened retail outlets in many of the Indian cities and are running smoothly as well generate revenue and provide employment to number of people. Thus expansion of retail industry has proven blessing for Indian economy because sector accounts for 23 percent of India’s gross domestic product. Indian market is continues to prosper, emerged as most lucrative investment propositions for global as well as local retailers.
Laws, rules and regulations are implemented by government to look after retail sector’s growth. Few challenges observed by government such as shortage of skilled professionals, lack of infrastructure, and industry status. All these troubles will be overcome in years to come. In coming years organized retail market is growing rapidly due to emergence of E-commerce platform. Consumer market in Indian landscape is growing robustly, consumption level is about to touch US $ 800 billion in future. At present companies operate in India are enjoying unmatched growth, generate huge revenues and offer employment to local people