Wednesday Wisdom: Looking to Foray into Retail? Here are Entrepreneur India's 4 Tips for You
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Despite the explosion of e-commerce, the charm of retail is hard to ignore. If you are an entrepreneur looking to foray into retail, here are 4 tips from our contributor Nitin Mohan for you.
Know Your Customer
The beauty of retail lies in understanding the psyche of an individual shoppe. Feedbacks, random interactions with customers and online reviews are great ways to make your offering better.
Innovation is the mother of all great business ideas. Once you have identified your niche audience, bring in an iterative process to innovate products as per their demands.
Leveraging the modern means for reading consumer behavior. Understand the gross margin return on footage right along with the store set-up costs before investing in a new location.
Attention to Detail
Setting operations in a particular location is a big decision. Pay keen attention to the kind of customer base the area offers along with the taxations and lease negotiations before jumping to a decision.Here's the "news that entrepreneurs can use". Know what's trending in the Indian business world in 60 seconds.