Is opening a retail supermarket business worth it?

In this press communiqué, retail and eCommerce consultants, Your Retail Coach provides a learned perspective on starting a retail supermarket business ( https://www.yourretailcoach.in/industries/retail-grocery-supermarket-kirana-consultants/ ). The 10-year-old firm that provides supermarket business consulting services suggests not starting a supermarket business merely encouraged by statistics and general assumptions while highlighting some of the important considerations.

Is a supermarket required in the intended locality?
Businesses emerge from needs or gaps in markets. If people do not have or feel the need for a supermarket, then that business idea will never float. It could be possible owing to many good reasons. One such reason is tilting consumer behaviour to draw them towards a supermarket from their reliable, age-old grocery stores. The way forward is to conduct market research. If market research points otherwise, then the business idea may have to be dropped or improvised.

Is it possible to tackle the existing and near-future competition?
The presence of direct competitors is a big sign of market potential. But too much competition also makes things difficult for new businesses. The indications of market potential remain a source of encouragement for more competitors. This makes supermarket brand differentiation a challenging goal. The ideal approach to tackle this situation is finding robust and unique value propositions as a part of supermarket business model development ( https://www.yourretailcoach.in/supermarket-layout-grocery-store-layout-design-services/ ).

Can the business be done with the desired profitability?
Even if individual product/category margins are low, volume is the key to profitability in retail. That is one of the reasons for the success of supermarket chain brands. They provide competitively higher discounts to attract customers and then win the game on sales volume. With a single store and even average competition in the market, high profitability may have to be given a back seat in the early stages.

Is there an expertise or leverage for doing supermarket business?
Despite not being necessary, the presence of any real, convertible advantage proves helpful in business. It could be an active value chain role like distributorship or manufacturing. It could be the presence of strong business insights and acumen. It could be an existing grocery business. The crossover is easier when some kind of strong and relevant expertise is present.

YourRetailCoach
Pune, India-411016
Phone: +91-9860-426-700
Email: consult@mindamend.net
Empowering Retail & E-commerce businesses worldwide.

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

Get advise for Retail Business Consulting : https://www.yourretailcoach.in/contact/

This release was published on openPR.