Retail business expansion strategy & hidden techniques

In this communiqué, YRC reaches out to retail brands and businesses with expansion goals in mind. Some of the strategies discussed ahead are novel while some are quickly gaining ground. What is important is to evaluate the effectiveness of a strategy based on the business objectives in question. With more than ten years of experience in delivering retail business consulting services ( https://www.yourretailcoach.in/set-up-retail-store/ ), YRC stresses that evolution and innovation could hop on the same ship.

UVP across the customer shopping journey

Value proposition need not be one or two things. There is a possibility of creating value propositions at different points in the customer shopping journey. For example, giving customers digital bills is a novel technique that is not yet a popular practice in the retail industry. Providing hyper-personalised benefits could be yet another smart move. Having worked on numerous small and big retail expansion projects, YRC has observed that these small initiatives go a long way in building customer advocacy to attract new customers.

Collaboration with smaller stores

Market penetration strategy is also a type of business expansion. The challenge is working out an effective model to succeed at it. One way to go about it is by own store expansion. Another is collaborating with smaller retail outlets in other localities to expand the distribution network. The O2O strategy would be an apt example here with which eCommerce brands establish their physical store-oriented presence.

Social Expansion

Social is a great way to attract new customers in distant localities. This is particularly useful to brick-and-mortar stores ( https://www.yourretailcoach.in/digital-retail/brick-mortar/ ) with markets confined by proximity. But going social not merely means ordinary social presence but active efforts to gain leads and create conversions. YRC's team of retail consultants recommends having a dedicated employee or team to manage and execute social campaigns or outsourcing.

Flawless Operations Planning

It is possible to get flawless with retail operations. The answer is the use of SOPs ( https://www.yourretailcoach.in/standard-operating-procedures-consulting/ ). Standard Operating Procedures is not a hidden strategy though. There hardly is exception to professionally-managed organisations not using SOPs. SOPs add planned certainty to business operations. It further provides the replicate operations in new areas or stores with greater confidence.

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.