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Retail industry has seen its superlative acceleration in recent years. Apparently running a retail business is as simple as stocking and selling … Read More
Retail industry has seen its superlative acceleration in recent years. Apparently running a retail business is as simple as stocking and selling goods to consumers who need them every time. Wow, Phew and Alas! Stocking goods to sale might be simple and may ask for cash to have them at first place, but things get complicated as soon as you are supposed to tug your sleeves up for selling them to consumers. So, let’s see, what makes a retail business a ‘successful retail business’. Read Less
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In all this rapid technical commotion, every single industry of the world is experiencing continual flux. Centuries old businesses are dying their destined death and thousands of new business horizons are opening for entrepreneurs likewise. But, where to invest your dear capital, without running the risk of ending up regretting the loss of investment, time and energy, is a troubling question.
Retail industry has seen its superlative acceleration in recent years. Apparently running a retail business is as simple as stocking and selling goods to consumers who need them every time. Wow, Phew and Alas! Stocking goods to sale might be simple and may ask for cash to have them at first place, but things get complicated as soon as you are supposed to tug your sleeves up for selling them to consumers. So, let’s see, what makes a retail business a ‘successful retail business’.
Fear of Failure eventually leads to Failure:
Being self-employed (in terms of retail business owner) is really the best thing that one can have in this little life. But like all other best things in the world, it too is somehow challenging, or worse yet, impossible with given market competition and consumers’ unpredictable buying behaviors. I would ask you to DISAGREE with me here, and things will start becoming possible.
It’s true, retail industry isn’t any nickel and dime business. Solid and substantial start-up capital is seriously essential. But let me tell you another thing. Don’t walk on your idea so quickly, there must be some investors, or even better, grab any bank loan. You must ask yourself, ‘do people really need the things that you are going to put up in your product supermarket equipment which means freezers, chillers, cold storage equipment, display shelving, checkout counters, shopping trolleys, warehouse racking etc. If they do need, ‘do they have buying power’? And if ‘yes’, you are good to finance yourself up.
By now, you have done initial business planning and are mindful to the product demand, market competition, required start-up investment and your store location. It’s time to nip fears! Fortune favors brave people.
Success Lies in Understanding ‘Need, Want and Desires’:
3 simple and plain words! But in terms of marketing discipline, these 3 words represent highly intimidating, challenging and unpredictable consumer-product relation. So, understanding them is somehow important because it’s most rewarding in terms of brand establishment and user buying behavior identification.
Needs:
Products whose absence would entirely result in deprived life fall under needs category. Every human needs basic food, health, education and shelter. Products entertaining these basic human necessitates don’t really need ‘PUSH’ because consumers are already looking for them all the time.
Wants:
These are products which users prefer under their certain instincts. These consumer products are instrumental in satisfying life standards. For example everybody wants to look good, so products relating to daily life style fall under it.
Desires:
Products whose acquiring relates to consumers’ passions or wishes are called desires. To consumers, having these products at hand means showcasing high end life style. Normally such products cost much money.
Retail Design and Retail Equipment:
The next big thing in establishing successful retail business is generating buying environment where consumers enjoy shopping like anything.  Successful retailers have always crafted intelligent store design reinforced with high end supermarket equipment. 
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