Despite economic slowdown, Indian retail industry is accelerating at a tremendous pace. However, retail sector in India is ready to take up the challenges from global retail players. An understanding of Indian consumers’ psyche will give the retailers an edge over international competitors. With the advent of year 2010, big and small retailers are devising newer strategies and considering innovative ideas and possibilities to garb maximum share of retail pie. The article highlights that the year 2010 can be a successful year for entrepreneurs who are ready to take the right initiative. Some of the key strategies for a retail success are as follows:
A successful retailer is one who understands his customer. The best and the most important success mantra for any retailer today is to follow the phrase ‘Consumer is king’. To make your consumers happy, make following pointers a part of your retail strategy:
Worth of consumer satisfaction: Keep your consumers happy and satisfied with your products and deals. Only satisfied consumers will repeat their visit to your store.
Priceless consumer loyalty: There is no substitute for success than consumer loyalty. Loyal consumers are the backbone of every successful retail business and can be brought in by rendering quality products.
Long term association: It is advisable for retailers to keep their consumers engaged for long time. It can be done by providing them with better service and better shopping experience.
Restructuring retail strategies: Retailers can restructure their retail strategies from time-to-time depending upon the need and requirements of the consumers. Even during special occasions like festivals, the look of the store can be moulded to give consumers the feel of the festivity.
Stand out from competitors: Retail has become highly competitive today. If you want to keep your consumers intact, offer them something which is unique and different from your competitors.
An ultimate shopping destination: Lot of measures can be taken to make your store a shopping destination. Your store should make your consumers feel special.
Attract new consumers: Besides keeping your old consumers intact, try in making some special efforts to attract new consumers as well.
New business concepts: Retailers who have already established businesses can try their luck in new business concepts, as consumers always like new and unique business ideas.
After sales service: The most significant tool to keep your consumers intact is to provide them the sales services. This service will help the consumers build more trust on the retailers.
Attend grievances well: The retailers should take criticism or grievances of the consumers in positive manner and should take steps to nullify them.
Grow but consolidation is also essential: Growth or expansion is always a welcome but consolidation of the exiting business is also essential.
Organise events and shows: The best method to attract consumers is to organise events on regular intervals. Inviting celebrities for such shows will add value to the retail business.
Special discounts: Consumers who are associated for a long duration can be given special discounts for their long time association.
For all the existing or upcoming retailers out there, the above information will definitely add to your knowledge and the year 2010 will turn out to be a benchmark in your retail career. So what are you waiting for? Just go and try your luck to make it a success.