Small Retail as a format is very challenging and is filled of competition. Small Retailers do not have the luxury that is enjoyed by many large format retail players, and they need to strive very hard to stay afloat.
Small Retailers have to ensure that they are closing as many sales a possible in the shortest possible time, by liquidating their stock and earn their profits as quickly as possible,
Many small retailers come and go in the market as they do not have a strategy or differentiator for themselves and end up opening a shop which is not unique and has no key USP.
They get misguided by their peers or get influenced by some friends or relatives and open an outlet in a category that is probably doing well for someone else.
Small retail businesses mostly ignore the fact that they also need to invest in their brand and do some kind of marketing to attract foot falls into their store, and once they attract the traffic, they need to ensure that are able to meet the expectations of the customers and retain them.
Some small retailers are really smart, and they know their customers in and out, without the aid of any modern CRM tool and have won the hearts and loyalty of their customers for a very long time.
Small Retailers can be successful if they follow a few basic steps and engaging with a Retail Business Management Consultant in their city / town and planning their venture before they actually launch the store.
A good retail business management consultant can help an aspiring retailer in the following areas:
Are you a Small Business Retailer, facing challenges in your market? Send us a message with your challenges, and we will be happy to connect with you and give you a solution to scale your business.