Let’s face it; we are currently living through uncertain times. Political uncertainty, technological uncertainty, environmental certainty, and so much more.
Disruption is the buzzword of today, and it has struck fear even in the minds of seasoned businesspersons.
If you are a standalone retail shop owner in India, you are inevitably subject to all the above-mentioned factors and are bound to feel anxious about the future.
That being said, do not worry or feel bogged down by uncertainty. Remember the popular phrase –
“Change is the only constant.”
By taking a closer look at what is happening around, you can prepare yourself for the future by improvising and adapting as per what is expected to come.
Some of the developments that have taken place include the introduction of GST that has changed the tax structure for most entrepreneurs. However, you need not worry about it as gst software can help simplify the registration as well as GST filing process for you. Let us look at similar changes in the business landscape and what you can do about them.
- The rise of e-commerce
Increasingly, Indians are intuitively shopping online whenever they need a new product. Impulse shopping based on online ads is becoming the norm, and this is directly eating into the business of retail stores.
Online merchants can now display greater products, provide more robust and accurate information on products, and transact seamlessly in just a single click.
How you can respond :
Although e-commerce sites may eat into your market share, brick-and-mortar stores are not going anyway primarily due to these factors in your favour –
- Loyal customer base who choose to buy local
- The innate need for a human touch
- The nature of certain products that can only be bought after we have felt them
You must capitalise on these strengths by providing superior customer service that shows your customer-first approach to business.
Besides this, you can look at home deliveries as an option so customers can order from your store right from the comfort of their homes.
You can tie up with any of the third-party apps and services available that now only supply you with additional manpower, but also ensure a greater reach on their sites in exchange of a small fee.
- Digital marketing takes over
Traditional forms of advertisements and marketing are proving to be increasingly less and less effective.
With the rising amount of time millennials and even other generations choose to spend on social media, digital marketing seems to show the way forward.
How you can respond :
If you are stuck with traditional marketing that involves ads in local newspapers or distributing flyers to get noticed, the time is ripe to make a few changes :
- Start building an online presence by building a simple website. It is easier than it seems and does not require too much programming knowledge
- Build a social media presence on sites such as Instagram, Facebook, etc
- Consider advertising on social media to draw traffic to your website
- For the right price, taking the help of digital marketing professionals can be beneficial to your business in the long run
While you may feel apprehensive at first, do not forget that not adapting to change is a decision that will impact your business negatively.
- Deluge of data
All business decisions are now being taken with the help of this one thing – data. The words data science, data analytics, machine learning echo throughout boardrooms across industries, and data does carry the ability to make or break a business.
While it is easier for e-commerce giants to collect and study large amounts of data given their advanced technological capabilities, standalone retail shops find it much harder to do so.
How you can respond :
- Harness the power of data by using analytics softwares that simplify the process for you
- Make use of consumer survey forms to gain a deeper insight into what the new age consumer really desires
- Have a heart-to-heart chat with your loyal customers as to what they like most about your shop and what can be done better
Data does not always have to come from online sources. What is needed is for you to observe consumer behaviour patterns and improvise accordingly to serve them better.
It is imperative that you learn from the latest developments around you and be flexible enough to adapt to the changing situation.
Not only that, but you can also make use of gst calculator India to provide you with clarity on calculating your tax liabilities and ease the process even further.
While some of the steps that you may have to take could seem risky at the beginning, especially if you’ve been in business for long, keep in mind that change is required to stay afloat is a rapidly evolving world.
That being said, you need not fret, just go with the flow, and you will continue to achieve success in your venture!
Elizabeth is a renowned leader in the space of Health and Mental Wellness topics. Her work has appeared on more than a dozen influential sites and blogs. Her articles both focus on providing valuable information and an entertaining read that her readers enjoy. More about her work on – ELIZABETHMARKS.me