The Most Profitable Retail Businesses To Start In India
The most profitable retail business to start in India involves different segments such as food & beverages, automobile, agriculture, home & furnishing, education, apparel & clothing, and beauty & healthcare.
- Fabric Store: It is a traditional retail business and the most profitable retail business to start in India. It is easy to start and operate, as it allows you to keep stock of fabric in accordance with customer demand.
- Medical Retail Store: The Indian medical industry has an 18% growth rate. With an educational background in medicine, one can start a medicine shop and see it grow quite well. Hence, a medical retail store can also be the Most profitable retail business to start in India, with a high rate of return on investment.
- Perfume Store: One can start a perfume store at a minimal investment, with a focus on luxury brands as well as domestic brands.
- Wine Store: A wine store can serve as a highly lucrative retail opportunity as it serves as a luxury business. However, considerable investment is required to set up a wine store, such as a suitable location, specific licensing, etc.,
Some of the other ideas for the most profitable retail business to start in India are book stores, shoe laundries, cake shops, coffee shops, spa, craft stores, aquariums, crockery stores, florists, pet stores, auto parts store, etc.
What are the benefits of starting a business in the retail industry?
- Easy passage to market, making things simple to analyse
- Reduced costs
- Potential for rapid growth
- Widen your market/export ideas and reach.
- Customer intelligence
How To Open A Retail Store - Checklist
Under this list, we are going to cover a few important points that will help form the ‘how to open a retail store checklist’. These points range from legal to licensing, to digital requirements, and the use of social media platforms.
- Legal Requirements: Based on the retail business of your choice, you can structure your legal requirements accordingly.
- Opening A Retail Store Business Plan: A well-thought-out business plan, that covers market analysis, potential, and scalability is helpful in opening a retail store with a future. An ‘opening a retail store business plan’, can inspire confidence in potential investors and thereby help you in securing funds for your store.
- Brand Name: A lot of thought and attention should go into naming your brand, as it will be used and remembered in perpetuity related to all your retail businesses and activities. Simplicity, memorability, relatability, etc.
- Licensing: Depending on the type of retail business you wish to begin, you need to facilitate licensing requirements accordingly.
- Business Tools: To run your business, you may need several tools for various functions within your retail organization. They can be financial tools, marketing tools, operational tools, HR tools, etc. all of which contribute towards running your retail business successfully.
- Social Media: For maximum reach and convenience, it is easier to use social media platforms to connect with your target audience. Depending on the type of your retail business, certain platforms are better suited to serve your business needs.
- Other Retail Vendors: It also serves best to consult with other experienced vendors, for knowledge and understanding, before starting your own venture. Their experience can help you save and gain more in your business.
Retail Store Examples
Retail store examples provide us with real-life ideas on what kind of stores to start, as a retail entrepreneur. In the list below, there are a few retail store examples that will illustrate the different types of retail stores in business.
- Departmental Retail Stores: They are a common inclusion of retail store examples, as they sell different types of products and brands, within their retail space. Ideally, these stores act like dealers/distributors who sell different types or categories of products - shoes, clothes, apparel, accessories, toiletries, cosmetics, jewellery, cooking wares, household goods, etc. Some of the most popular or most visited department stores in India are Shoppers Stop, Lifestyle, Central, Pantaloons, Reliance, Max and Westside.
- Retail Supermarkets and Groceries: Although they sell different types of products in these retail stores, they are associated with the purchase of FMCG goods. Who hasn’t visited a supermarket? For some it is a weekly ritual, for others, it’s daily. But one this is for sure, visiting a supermarket or going grocery shopping has become a defining trait of every human being around the world. In some cases, large supermarkets not only sell food and beverages but also electronic products, as well as clothing, and furniture. Some of the popular retail supermarkets in India are Lulu Hypermarket, Big Bazaar, Maveli Stores, Foodworld, etc.
- Retail Niches: Retail store examples that specialize in niches, focuses on unique needs and a certain group of customers. These stores can be toy based stores, lingeries or inner-wear stores, sportswear stores, etc. Some of the common stores that fall under this category are Adidas, Nike, Reebok, Jockey, etc.
- Mobile Retailer: These types of stores use mobile devices for retail transactions to make direct purchases or specific purchases.
- Convenience Retailer: These types of retail stores are based on the convenience of location at a premium price for the convenience it provides. For example, a gasoline store that provides basic grocery items, along with auto care products.
- Retail Warehouses: As the name suggests these retail store examples are related to those stores that stock different types of goods and products, available at lower prices.
- Special-Priced Retailers: As the name suggests these retailers provide special prices, lower than wholesale retailers, for various products sold under premium or generic brands. Some of the common special priced retailers in India are Megamart, Vishal Retail, Discount stores, TGP Capital, etc are common retail store examples under these categories of stores.
- Online Retailers: Online retailers are known as e-commerce vendors. These retail store examples are based on creating an internet shopping experience, through the vendor website. Some of the popular e-commerce vendors in India are Myntra, Jabong, Flipkart, JustDial, etc. Products under different brands are available online for customers to view, select and place an order, without the expenses involved in running a physical business. The orders are then shipped to customers to, as per the addresses provided by them, at their workplace or home.
FAQs on starting business in retail industry
Most retailing involves buying merchandise or a service from a manufacturer/wholesaler/agent/importer/other retailers and selling it to the consumers for their personal use. The price mentioned for the goods or services that are sold to the customers covers the retailer's expenses and includes a profit as well.
This covers how you arrange a product in a store. It can sometimes be called a stock for easy understanding.
It is called employee theft. The five fingers of the hand take the merchandise and hide an item and not pay for it; i.e. steal it.
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