Retail Management is the purchasing of finished goods from manufacturers and selling them to retail customers. Retails and wholesale trade is the largest industry in India contributing nearly 23% of the total Indian GDP. The Indian retail market is estimated to be US$ 500 billion and one of the top-five retail markets in the world by economic value.
The pandemic is rewriting the rules and this one just might be in your favor. If you are thinking of opening a retail business then this is the best time because it was recently reported that the national retail policy is aiming to ease the compliance burden and reduce the number of licenses needed to open a retail store. ” the First one is the ease of doing business” said joint secretary Anil Agarwal at the department for the promotion of industry and internal trade (DPIIT) while addressing industry leaders during a virtual retail summit.
“It has been said by so many people that if you want to open a retail store, in some cases it requires 24 licenses and in some cases 57 licenses. One of the basic efforts of the policy is to reduce the compliance burden, to make it easy to start a business, and to keep it operational.” continued Mr. Agarwal.
Consumer behavior is rapidly changing due to Covid-19. According to a survey, 60% of the buyers thought it would alter the way they shop due to the pandemic. While opening a new business with less hassle may be a blessing, all retailer stores have to also provide an e-commerce platform for their customers to ensure service to their customers. When running a business offline and online, you need to be certain of your inventory, different payment modes, updating stock without having to a mental tally of such things you can switch to a business management software like oneretail. You can constantly update your e-catalog for your customers and showcase the new additions in your store, keep track of payments, inventory, and bills through onetrail. oneretail’s discovery platform oneapp also showcases your store on their app for free of cost. Hence, making your store available to every customer available in the vicinity. oneretail is a true all-round business management app that will not only help you manage your business but also help it grow through oneapp. Customers can either place an order through oneapp directly or they can call your store directly to place an order, as oneapp also flashes the number of the store on the app.
Due to the pandemic, it is very important for the customers to not leave their homes for things like groceries, fruits, and vegetables. This is why there has been a massive hike in online shopping as most customers feel it’s much safer keeping the situation in mind. E-commerce is also helping the retail businesses recover the loss they have faced over the strict lockdown rules made in March 2020. Things are said not to be ‘back to normal’ unless there’s a vaccine for the pandemic which is why retail stores need to catch up with technology and grow their business during the pandemic.