A Contemporary Approach to Retail Growth and Expansion: YRC Insights

Retail faces tough odds-shifting consumer needs, competition, and complexity-but some brands still find a way to grow and thrive.

Evolving consumer behaviour and expectations, the rising intensity of cross-channel competition, economic headwinds, increasing complexities in operations, and infrastructural gaps are some of the top-tier factors that have made scale and development a nearly implausible mission in retail. However, despite the ups and downs, some retailers manage to find a way out.

In this press release, the retail expansion specialists of YourRetailCoach (YRC) highlight a contemporary approach to dealing with retail scale and development with an accent on the Middle East region.

Get advise for E-commerce retail business : https://www.yourretailcoach.ae/contact-us/

Omnichannel Integration

Omnichannel has emerged as one of the most potent retail growth strategies. In a very simple language, omnichannel ( https://www.yourretailcoach.ae/services/omnichannel-retail-consulting/ ) is the coalescing of offline and online shopping tracks so that customers can use either of the tracks as per their convenience and priorities. It makes the shopping journey more liberating for customers leading to a more satisfying brand experience.

In omnichannel, data, predilections, and communications pertaining to customers and their shopping journeys are processed in a unified manner cutting across the IT systems of both physical stores and their eCommerce platforms. This centralised approach to dealing with data and communications allows retail brands and businesses to come up with better personalisation measures and streamline shopping journeys.

What omnichannel effectively achieves is that it gives customers the benefit of both online and offline shopping in a single purchase journey. Omnichannel retail brands and businesses find it easier to attract customers in today's world.

Market Development

Today, retailers cannot afford to confine themselves to one location. Accessing new market locations should be a priority of their business planning ( https://www.yourretailcoach.ae/services/business-plan-development/ ). Most retailers adopt the eCommerce route to achieve this objective. For example, a supermarket store will try to cater to new localities by offering home delivery services. It exposes them to competition but also gives them an avenue to expand their market share. Retailers must not forget that many competitors from other localities might be already infringing on their local market share as competition is hardly visible in eCommerce.

Get advise for E-commerce retail business : https://www.yourretailcoach.ae/contact-us/

Market Penetration and Merchandising Innovation

Market penetration is an undermined growth strategy. After finding a stable market position, many retail enterprises often ignore or undermine the need to go deep and extract more out of their markets. For example, if a customer makes purchases worth USD 500 every month, is there a possibility that their purchases could reach USD 700 in the same cycle? Most retailers do not venture into such possibilities and this is where the opportunity lies for those who do. Various market penetration tactics include competitive pricing, promotional pricing, local sourcing, adding fresh produce, niche merchandising (e.g. health conscious), making changes in store layout and planogram, staff training, building a stronger digital presence, etc. As an experienced retail consulting agency ( https://www.yourretailcoach.ae/services/business-strategy-consulting/ ), YRC recommends considering the use of pop-up stores for testing new markets and products towards the bigger goal of retail store expansion.

Partnerships and Collaborations

Partnership or collaboration need not always be about two business empires - one digging the oil out and refining it and another taking care of the retail distribution part. Retail consulting partners of YRC maintain that the essence of partnership or collaboration is two entities coming together to solve each other's problems. A food delivery aggregator brand partnering with people looking for gig roles and side income is also a form of business collaboration. A friend helping another friend with managing digital marketing campaigns is also a form of partnership or collaboration. Employment is also a remote form of collaboration. In retail expansion, it is the vision and essence of finding a solution that holds more value than sticking to any conventional definition of partnership or collaboration.

Rupal Nikhil Agarwal
YourRetailCoach
+91 98604 26700
consult@mindamend.net

To converse directly with a retail advisory professional, please visit YRC's official website: https://www.yourretailcoach.ae/

This release was published on openPR.