The retail industry is observing a big boom in this decade. The experts are expecting a bigger growth in the future. The expansion rate is 15% and currently, it comprises 10% of India’s GDP. The current mark India’s retail industry is going to touch is INR 50 Lakh Crores by the end of 2018.
The figures are enough to explain the colossal growth of the industry. It also depicts the right time to invest in a prospective retail business and become a part of the boon of consumerism. The attractive economy is literally becoming a global destination for many marvelous retail brands. They want to invest and operate in the Indian market and uplift the life and stature of the Indian population. The factors such as the rise in the working population, increased disposable income household income, affluence, enhanced lifestyle, demand, and government aids for businesses are contributing largely to the boom of this industry. If you are thinking of launching your own business, this is the right time to invest and enter the promising platform to create a remarkable future.
Best retail business ideas
If you are searching for upcoming business ideas in India to work with, here is the list of emerging trends to follow.
- Organic food
The recent upsurge of the health and wellness concern among the Indian population can be utilized to build your own organic store. The shop can contain organic food items such as fresh vegetables, fruits, semi-fabricated essentials, etc. The items are a little costlier than the conventional items available in the market. You can make a good margin by availing these items from a certified supplier. You can also increase your prospect by reaching out to the local restaurants to use organic food for the preparation of delicacies.
- Snacks bar
The current trend shows that the youth is ditching the pubs and bars to hit the local snacks bars to avail fresh juice, mock-tails, sweets, fresh beverages, meals, snacks, dishes, etc. The requirement of such stores is increasing in the localities. This type of business does not require a high amount of investment. With good cooking staff and simple knowledge regarding trending healthy beverages, you can roll your business with a good profit at the initial stage.
People are becoming fonder of accessories along with the apparels. The new fashion trends showcased in the TV serials, movies, advertisements and other entertainment mediums are being adopted by the adult population very quickly. Accessories like bags, belts, purses, wallets, jewelry, sunglasses, etc are promising products to add to your business plan. People, especially women, are always in search of good deals for such items. Take the chance to open a lucrative business.
- Kitchen essentials
The new kitchen designs and trends demand a lot of kitchen accessories. With the increase in income and affluence, a homeowner always wants to reinvent the kitchen items to make the daily chore of preparing food more convenient. Utilize the demand and start your own innovative kitchen accessories.
- Gift shop
The trend of gift giving is also witnessing a huge upsurge. People are becoming socially aware and more interactive. They now like to gift their relatives and friends a memorable item. Whether it is a festive season or a birthday, a promotion celebration or an anniversary, it is a social protocol to give a gift. Open a gift shop with innovative gift items that can be personalized. Photo frames, mugs, t-shirts, handmade items and other experiential gifts will be ideal ones to adorn your store. This is one of the best upcoming business ideas in India you can go with.
- Cosmetics and other wellness items
The need for cosmetics will never go down. You can customize the plan and add a consultation kiosk where you can avail your customers with beauty tips, beauty products, and other specific needs.
- Gadget shop
Go with the flow and open a gadget shop for the enthusiasts. This business idea will need a proper urban location and a prospective market to cater your needs.
The upcoming business ideas in India mentioned above is just the tip of an iceberg. There are so many new ideas emerging. Find out your own specialization where you can make a difference. Build your own retail entrepreneurship kingdom and cater the products everyone wants.