Some hard-learned lessons are too good to be shared. Your Retail Coach and its supermarket consultants tend to think and act differently in this matter. This retail and eCommerce consultancy brand has been consistently sharing their experience and expertise with the media and the business community. In this release, YRC unveils four cardinal and contemporary insights for its audience on starting a supermarket or how to set up a supermarket.
Every business springs from an idea. It is the power of this idea that shapes everything else for that business. For a supermarket business, this idea could be delivering something of unique value, catering to a particular market segment, solving a long-standing problem, making an unprecedented innovation, or anything else that the owner believes makes the business idea highly sustainable and economically prosperous. Creating brand distinguishability is one thing and the undeniability of an idea is another. Today, it has become extremely challenging to draw footfall into supermarkets and departmental stores. Supermarket businesses need to be backed with this power of undeniability – an idea or a product or service not easy enough for customers to ignore.
Busting the discounted pricing strategy
Discounted pricing strategy works only in price-sensitive markets. Customers do go to supermarkets that do not offer any discounts. But then it is compensated with other values and offerings. It could be in the form of being located in a prime location, availability of parking facility, free loading and delivery for bulk purchases, superlative customer experience, exclusive membership benefits, majestic architecture, premium products, use of high-end and sophisticated automation tools, etc. All these values need not come together in one package. Supermarket retailers need to understand what constitutes this ‘value’ to their targeted niche segment.
Significance of Location
Given the sky-rocketing price of commercial real estate properties, location alone is capable of altering business ideas and business models ( https://www.yourretailcoach.in/business-model-development/ ). Without deep pockets or investors, it has become inconceivable for any small businessman to even think of starting a supermarket or departmental store in a good location. But this constraint could also be utilised as a vantage point. Instead of investing heavily and incurring high rental expenditure by choosing a prime location, it is also possible to choose an average location and pass on the benefit of saved investment and rentals to create competitive advantages to create high-value offerings.
Robust operational planning
Experienced supermarket and grocery store consultants would agree that planned operations are important to achieve the planned profitability levels. How routine business processes and operations are planned and executed carries a strong bearing on the profitability of a supermarket business. When the operational framework is a planning masterpiece, every small task and activity contributes to the accomplishment of business goals and objectives that also include profitability. But when processes and operations are not properly planned and established in alignment with the business goals and objectives, there are bound to be gaps between what was required to be done and what was intended to be achieved. And the answers to robust operational planning are SOPs ( https://www.yourretailcoach.in/standard-operating-procedures-consulting/ ) and digitisation. If the SOPs cannot be developed internally, then the option of availing the services of any proficient retail grocery consultants is always there.
For more information on starting a supermarket and supermarket business consulting services, you may visit YRC’s website: https://www.yourretailcoach.in/contact/