In the last press release, YRC outlined the key steps to starting a grocery business in the Middle East/MENA region, covering countries like the UAE, Qatar...
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#๐ ๐๐๐ซ๐ค๐๐ญ ๐๐๐ฌ๐๐๐ซ๐๐ก
Market research is one of the primary actions to be done after the initial conceptualisation of the business idea and vision. A good market research helps check whether suitable market conditions exist or not and the shape and form in which they exist for the business to come into existence and sail smoothly. Some of the typical areas of examination and assessment in a market research are:
ยท Gaps in the market
ยท Gaps in customer needs and expectations, customer journey
ยท Effectiveness of intended value propositions
ยท Target segments, groups of buyer personas
ยท Target market size
ยท Competitors and intensity of competition
ยท Barriers to market entry, growth and expansion, and exit
ยท Pricing strategies
ยท Brand positioning
ยท Present and future risks, challenges, and opportunities
ยท Ease of doing business, regulatory environment
#๐ ๐๐ซ๐จ๐๐๐ซ๐ฒ ๐๐ญ๐จ๐ซ๐ ๐๐ฎ๐ฌ๐ข๐ง๐๐ฌ๐ฌ ๐๐จ๐๐๐ฅ ๐๐๐ฏ๐๐ฅ๐จ๐ฉ๐ฆ๐๐ง๐ญ
Given the state of intense competition in the retail grocery sector in cities like Dubai, Abu Dhabi, Riyadh, Muscat, Doha, Kuwait City, and Cairo, new-age grocers will have to try to achieve unique brand positioning by going beyond core or standard offerings. This will involve pulling the strings with non-core elements like online shopping, home delivery, membership and loyalty perks, dynamic pricing, hyper-localisation, and enhanced servicescape to deliver superior customer experience. Today, business models in retail businesses are plaited with these outer-level value-based propositions for achieving brand distinction.
#๐ ๐๐ซ๐จ๐๐๐ซ๐ฒ ๐๐ก๐จ๐ฉ ๐๐จ๐๐๐ญ๐ข๐จ๐ง๐๐ฅ ๐๐ง๐๐ฅ๐ฒ๐ฌ๐ข๐ฌ ๐๐ง๐ ๐๐ซ๐จ๐๐๐ซ๐ฒ ๐๐ญ๐จ๐ซ๐ ๐๐๐ฒ๐จ๐ฎ๐ญ ๐๐ฅ๐๐ง๐ง๐ข๐ง๐
Busy and populated residential and commercial areas have the ability to easily attract footfall and possible conversions therefrom. However, real estate space in such locations comes with premium charges. Such locations eventually also become competitive as other players also see the same benefits of having a store there. A smart approach is to choose average locations and empower them with effective marketing tactics like hyper-localisation, omnichannel capabilities and dark store expansion. However, this does not obliterate the need for location analysis.
How the floor plan of a grocery store is conceived can offer edges on many fronts but one sensitive area where it leaves a significant impact is the quality of in-store and overall customer experience delivered.
#๐ ๐ ๐ข๐ง๐๐ง๐๐ข๐๐ฅ & ๐๐จ๐ฆ๐ฆ๐๐ซ๐๐ข๐๐ฅ ๐๐ฌ๐ฌ๐๐ฌ๐ฌ๐ฆ๐๐ง๐ญ๐ฌ
Some important grounds to be covered under financial and commercial assessments of grocery store business planning are (assessments/forecasts of) initial/setup capital investments, operational expenses, demand-sales forecasting, cash flow, financial ratios, ROI and break-even analysis, estimated profit and loss statements, working capital, and other variables of financial management relevant to the business model and business plan in question. However, these assessments and projections alone are not enough to improve grocery store profitability. A more realistic component for measuring profitability is margin analysis across product mix over time.
๐๐ฏ๐ผ๐๐ ๐ฌ๐ผ๐๐ฟ ๐ฅ๐ฒ๐๐ฎ๐ถ๐น ๐๐ผ๐ฎ๐ฐ๐ต:
YourRetailCoach (YRC) is a retail and eCommerce consulting brand with 10+ years of experience in developing curated business solutions for startups and existing enterprises. With a scaling international presence, YRC has served 500+ clients in more than 25 verticals. In grocery business consulting, YRC offers expert planning and implementation services and solutions for business setup and growth and expansion missions.
Get advise for E-commerce retail business : http://www.yourretailcoach.ae/contact-us/
How to Start a Grocery Business: Getting the Beginning Right (Part One) - https://www.einpresswire.com/article/719722357/how-to-start-a-grocery-business-getting-the-beginning-right-part-one-yourretailcoach-dubai
Dr Rupal K Shah
Mind-A-Mend Consultancy Private Limited
+91 9860-426-700
consult@mindamend.net
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