Ways to be a Winner in Indian Retail

by

Mark StepenThe Indian organized retail market is getting crowded, with hordes of global retail majors making a beeline to establish a foothold in this vibrant industry. It’s a cut-throat competition, where only the fittest would survive. Retail companies need to constantly re-invent and re-package themselves with innovative business plans and strategies to be in the competition. Only out-of-the-box ideas, keeping up with the latest retail trends, would enable it to have a say in the dynamic Indian retail industry. Improving the supply chain management, with a profound understanding of the traditional and rural sector, would go a long way to help you become a winner in the Indian retail market.The mere availability of a product can be a positive factor in retailing. In a country like India, with myriads of problems regarding transport and communication, a robust and professional supply chain management can prove to be highly rewarding. Retailers should develop a well-oiled supply system and tactics that can override the prolonging issues like inadequate infrastructure, shifting distribution patterns, and shorter-time-to-market concerns.The future of retail India lies in its villages, as it accounts for 70% of the population and contributes almost half of the country’s GDP. The sheer size and the untapped potential make it a focal point for organized retailers, both domestic and foreign. Retail companies venturing into this market should keep in mind the price sensitivity, loyalty, credit and delivery services etc. to establish a firm toehold in the rural retail in India

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Traditional retailers in the unorganized sector still dominate the Indian retail industry

. These outlets comprising of convenience stores, street-side vendors, kiranas etc. act as huge impediment for organized retailers, as they have developed very close relationship with the consumers. Retailers have to take into account shopping patterns, like home delivery, credit facilities, product pricing and other value-added services to attract customers. They should devise ways and means to co-exist with the traditional retailers, without hurting their business interests.

Taking these few pointers into consideration can surely make you a winner in the Indian retail industry.

Mark Stepen is a Consultant with a wide range of experience in the

Indian Retail Industry

, specialized in Retail Brand Management, Supply Chain Management, Franchising, Visual Merchandising, Mall Management and other niche areas.

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