The most challenging aspect of starting your own business is getting it off the ground. Extreme dangers and a great deal of unknown information are inherent in the situation. Only 50% of enterprises have survived in the past five years, so congratulate yourself and the team for being in the business. It’s high time you up your business game!
Are you the Business owner, who wants to know how to expand a retail firm in India and is finding ways to improve an established retail business in India? This is for you. Let’s examine the 5 best strategies for expanding a flourishing retail business in India.
1. Adding a new location
Being present in a new location to expand your retail business is undoubtedly one of the most obvious ways to expand your business. This must be a deliberate choice, as creating a new site entails a significant amount of work and frequently a considerable investment.
Keep in mind that growing your business requires more than merely duplicating your current store. Even though you wish to build on a winning model, a new location will bring in a new clientele. What worked in one city or community may not apply to another.
To maintain consistency across all of your sites with your operations and retail logistics make sure you maintain the same processes, rules, channels for communication, multi-location POS, payroll, customer service, etc. This makes it simple to compare many locations or measure crucial KPIs from one store to another store. By streamlining processes, onboarding and training of the personnel should be well-organized.
A proven method to grow your business is to open in a new location considering a few key KPIs
2. Sell on New Channels
Retailers now are fortunate to have access to no. of sales channels than ever before to market their goods. Diversifying your company into a new sales channel is a safer and less expensive option to expand.
- Your own e-commerce business is the best place, to begin with. Setting up a simple e-business is simpler than ever before now.
- Third-party online markets are even simpler. They earn a commission from each transaction, similar to a consignment shop, but if you don’t have the time or resources to open your own, selling on platforms like Amazon or eBay makes it simple to get started without making a big investment.
- Last but not least, social media has become a fast-growing sales channel, particularly if you already have a massive fan base and a well-established brand presence on Facebook, Instagram, or Pinterest.
You can sell directly on the social networking platform itself or connect your e-commerce store to posts there. Additional services that further simplify the purchasing procedure and relieve almost all of the strain from the seller have made this process even simpler.
3. Expand Your Product Line
Expanding what you sell is another fantastic way to grow your retail business. It is advisable to roll out new goods or services as long as the expansion is consistent with your existing brand image.
When you do decide to expand your product line, keep in mind to test each new addition and compare its performance to that of your current offerings. To make this simple, utilize a retail POS system.
You can easily evaluate the performance of each new product thanks to detailed product reports, which also give you the information you need to decide what is best for your company.
4. Set up Pop-Up Shops
The Pop-up store is an efficient way to increase brand identification and educate customers about your store. They are a simple and inexpensive way to expand your business. They also have several other outstanding advantages for the expansion of retail:
- Pop-ups promote the brand presence and educate customers
- They’re a simple approach to attract some media attention.
- A new product can be tested to evaluate how well it sells.
- They enable you to move inventory slowly to free up much-needed warehouse space.
A pop-up shop is an initial step toward an aggressive retail expansion, so don’t underestimate the power of pop-ups
5. Partner with Businesses
Partnering with another established company for a new product/ service launch is the safest way for business expansion. This entitles you to bypass the majority of the initial outlay. The collaborating company already has the infrastructure and resources in place to reach your target market.
Eg: Find a nearby company that offers apparel to young adults if you sell children’s clothing and are considering doing the same in the outlet of the collaborating company. Request them to stock a few of your test products and monitor their performance.
sparkle★minds is helping businesses like yours with their business expansion for more than 22+ years. Connect with us now to learn more about how we can help your business.
