#RetailMasterClass
My session revolved around how I identified my market, right at the idea stage of my first retail store. The idea and the prospective market, which needs to be tapped go hand-in-hand. A #startup idea in isolation without right target segment in mind, is bound to fail.
There are two observational research a #retailentrepreneur can undertake. The radius of one’s target market hinterland depends on the size of the store. For example a 10000 sq feet Hyper Market might cater to entire city, while a 1500 sq feet store caters to a small locality.
Hence at the idea stage, he needs to figure out his target market based on the size of the store he is creating. if it is of the size of 2000 sq ft the target market is not more than 1.5 kms from the store location. Once the market is well-defined he should do conduct research.
Research should be two pronged:
– Consumer Research
– Trade Research
Research of the consumers in the residential colonies falling in the radius, would give insights on consumer buying behaviour and their purchase pattern.
While the trade research – identifying the inventory mix other retail outlets in the given radius, by observation and dummy purchases, would give insights on the product demand. It would help the prospective entrepreneur to create market-fit initial store inventory!
