How to Start a Grocery Business: Getting the Beginning Right (Part Two) - YourRetailCoach Dubai
How to Start a Grocery Business: Getting the Beginning Right (Part Two)
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...
PUNE, MAHARASHTRA, INDIA, June 14, 2024 /EINPresswire.com/ -- In the previous press release, retail and eCommerce consulting enterprise, YourRetailCoach (YRC) highlighted some of the first-things-first of starting a grocery business, focusing on the Middle East/MENA region comprising countries like the UAE, Qatar, Saudi Arabia, and Egypt. In this communiqu茅, YRC highlights the next level of considerations i.e. the first four key planning areas for successfully establishing a grocery business in the region.
Get advise for E-commerce retail business : http://www.yourretailcoach.ae/contact-us/
#饾煆 饾悓饾悮饾惈饾悿饾悶饾惌 饾悜饾悶饾惉饾悶饾悮饾惈饾悳饾悺
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:
路 Gaps in the market
路 Gaps in customer needs and expectations, customer journey
路 Effectiveness of intended value propositions
路 Target segments, groups of buyer personas
路 Target market size
路 Competitors and intensity of competition
路 Barriers to market entry, growth and expansion, and exit
路 Pricing strategies
路 Brand positioning
路 Present and future risks, challenges, and opportunities
路 Ease of doing business, regulatory environment
#饾煇 饾悊饾惈饾惃饾悳饾悶饾惈饾惒 饾悞饾惌饾惃饾惈饾悶 饾悂饾惍饾惉饾悽饾惂饾悶饾惉饾惉 饾悓饾惃饾悵饾悶饾惀 饾悆饾悶饾惎饾悶饾惀饾惃饾惄饾惁饾悶饾惂饾惌
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.
#饾煈 饾悊饾惈饾惃饾悳饾悶饾惈饾惒 饾悞饾悺饾惃饾惄 饾悑饾惃饾悳饾悮饾惌饾悽饾惃饾惂饾悮饾惀 饾悁饾惂饾悮饾惀饾惒饾惉饾悽饾惉 饾悮饾惂饾悵 饾悊饾惈饾惃饾悳饾悶饾惈饾惒 饾悞饾惌饾惃饾惈饾悶 饾悑饾悮饾惒饾惃饾惍饾惌 饾悘饾惀饾悮饾惂饾惂饾悽饾惂饾悹
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.
#饾煉 饾悈饾悽饾惂饾悮饾惂饾悳饾悽饾悮饾惀 & 饾悅饾惃饾惁饾惁饾悶饾惈饾悳饾悽饾悮饾惀 饾悁饾惉饾惉饾悶饾惉饾惉饾惁饾悶饾惂饾惌饾惉
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.
饾棓饾棷饾椉饾槀饾榿 饾棳饾椉饾槀饾椏 饾棩饾棽饾榿饾棶饾椂饾椆 饾棖饾椉饾棶饾棸饾椀:
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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