What are the things to consider when going into a retail business?

Retail consultants Your Retail Coach ( https://www.yourretailcoach.ae/ ), in this release, reaches out to aspiring entrepreneurs and businesspersons who intend to make a foray into retailing business, highlighting four key considerations that must not be overlooked.

Value Proposition

Almost everywhere, retail startups encounter competition from both brick & mortar and eCommerce players existing in the target market ( https://www.yourretailcoach.ae/services/brick-mortar-physical-stores/ ). So, while discovering or developing value propositions, they need to go into the length and breadth of each channel. This includes evaluation of competitors' offerings, prevalent and changing consumer behaviour, unfulfilled gaps in the market or services or the consumption process, etc.

Value Chain

Mapping the value chain, identifying the key elements involved, and connecting the dots, are critical for the success and continued stability required for value creation and delivery. It could be the conduct of CRM or selection of suppliers or required IT infrastructure or any key element of the value chain and the interrelationship between them. When the value chain begins to falter, it does not take long to show up in footfall and sales.

Store Operations Planning

Professional retail operations management helps retail stores not just achieve operational efficiency but also cast a strong, positive influence on customers and value chain partners. In delivering retail consulting services ( https://www.yourretailcoach.ae/services/business-strategy-consulting/ ), YRC maintains that even if it is a small store, people do notice in simple and routine things how retail store operations are managed. With robust retail operations and retail management, stores can handle higher business volumes. Services in such stores are not easily affected.

Retail Recruitment Strategy and Retail Sales Training

Today, there is an increasing realisation among brick & mortar retailers that recruitment can provide them with strategic leverage. How the sales team on the floor represents the brand, talks to customers, responds to queries, and helps customers complete the shopping journey (even if they do not buy anything in the visit) carry strong repercussions on customer experience. The same goes for internal teams who will deal with value chain partners. And it is needless to say that the quality of hiring and training does affect the quality of business operations.

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YRC is a Management Consulting Firm with its presence across India & Dubai.

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