The retail businesses are the business where the finished goods and services are delivered to the customer for his or her use in exchange for money.
A retail store could be an online shopping website, grocery store, departmental stores (brick and mortar store). The retail business involves the stocking of the product, displaying the product on the store or online platform, and providing the description of the product to the customers.
They do various things like free carry bag facility, membership discount free gift wrapping, or personal shops consultation; similarly, on online platforms, there is instant customer service chatbox, a catalog containing the description, photos, phone support, e-support, etc; all this is done to easy the purchase of product while improving the customer shopping experience and increasing the sales.
More and more rising entrepreneurs are interested in taking this up because they are the most profitable retail businesses. There are lots of advantages if you go to the retail business idea.
Retail store ideas have the flexibility of operations and are quick to changes. That’s why retailers have more control over the changing customer demand; they can easily adjust to the specific customer need. Another advantage is that it offers personal interaction that many other marketing firms don’t provide.
Personal interaction helps in building a long-lasting relationship between the customers and the product, thus retailing provides a long-lasting pool of serious customers.
At present, India ranked as the fifth-largest global destination in the retail business. Retail space includes both the traditional way of retail business ideas and online retailing business ideas.
Retailing business ideas has acquired a behemoth share of the Indian market. It has rooted itself to the ground so well that the retail industry has accounted for over 10% of the country’s Gross Domestic Product.
The advent of many behemoth online unique retail stores has set the wheel in motion. It has been forecasted that online retail store ideas will grow at the rate of 31% year on year.
1. Male Grooming Business
Urbanization, increased disposal income, the standard of living, western influence, fashion consciousness has accorded to increased ballooning of male grooming retail business ideas.
According to TechSci Research, the compound annual growth rate will rise up by 17% by the end of 2020. Small retail business ideas like starting a male growing business are the best retail business to start given the scope and potential.
This retail business idea proves successful when the customers experience the services, that is, the traditional model of retailing.
2. Health & Fitness Centers
With the mindfully aware and conscious legion of the populace, it has led to the growth of fitness centers across the breadth of the country.
In the previous year 2019, there are around 128.3million users of this business and the revenue generated from fitness and fitness ally services accounted for USD 164 Million. Statistics evince that it is the most profitable retail business to start.
3. Consignment Business
This is a small retail business idea that involved the purchases made by the consignee from Consignor to resell it in the market. Simply put, selling second-hand products. If you want to do this business, first decide upon the product in which you want to deal.
Commonly consignment business storehouses products like furniture, clothing, musical instrument, fridge, shoes, antiques, athletic equipment, etc. This offers the availability of second-hand products to the lower-income groups at affordable prices.
According to the Association of Retail Professionals, the rate of growth is 7% annually for new consignment retail store ideas.
4. Antique Retail Store
You can put antique findings and vintage products on display at a physical retail store or on an online platform. If you are setting up a physical store then locate it at a place that receives major foreign footfall.
It is not that there are no buyers in the local market, there are collectors and hobbyists who don’t mind splurging out a bit on the antique items but to increase the sales, you can locate it near tourist destination location because antique products are highly demanded by high income yielding individuals.
Focus on the product that you are selling, it should be unique and distinct because basically it is a scarcity driven business and people like one of a kind product. It serves as the most profitable retail business to try your hand in.
5. Fashion Boutique
The trend keeps on changing, so are the demands of customers. Having a sound knowledge and art in fashion designing and keeping you familiar with the trend is the basic requirement.
You can set up an online store or a physical store or both or a mobile retail fashion boutique. It is a unique retail store idea to reach out to the wider population. This is the most profitable business to start.
6. Mobile Food Truck
These retail business ideas are poised toward an enormous growth rate. You can take your truck to any place depending on the crowd availability. This way you reach out to wider customers and make huge money. These small retail business ideas are growing rapidly.
7. Children-Oriented Store
This is the best retail business to start. Gradually, many child-oriented retail business stores, with all the children related products availability like clothing or toys, are coming up in the market because of the huge demand.
With urbanization, modernization, high disposable income, and a higher standard of living contributed towards its growth. Parents spend a large share of their income on children.
You can also start with small retail business ideas from a local store or online store.
8. Cosmetic & Skincare Products
It is an overrated statement the users of skincare and cosmetic product are only females. The growth rate of men grooming industry evinces that it is not true.
It is a regular consumable item of daily life. Mushrooming of the salon, therapists, and spas are regular buyers of these products. You can also take advantage of this by starting these small retail business ideas.
If you have skills and knowledge then you can also make your own organic skin product and sell it on your local store or online store. The demand for organic skin care products is quite high.
9. Grocery Store
Set up a physical store or an online store, as you like. Online grocery stores are fast-growing considering the present day scenario. Anything and everything that saves energy and time is the demand of people.
Free delivery services have made the business all the more attractive. Widely known online grocery stores like Bigbasket, Grofers are making a huge sum of money from this business.
It is the most profitable retail business to start. As you don’t have to rent a physical space, don’t need to employ labor. These expenses are eliminated. You can think of establishing one.
10. Diagnostic Centre
Having the required knowledge of science is all that you need. This is a recession-proof business in the medical industry. Spike and growth rate of diagnostic centers breed upon basic consideration of ‘Health matters the most’.
It is rational to think that financial constraints are a hurdle in receiving quality medical treatment but this problem has been solved to some extend by health insurance companies plus the government initiatives have propelled the diagnostics centers’ growth. This is among the most profitable retail businesses.
These are some of the retail store ideas to fill up your bank accounts. According to prediction reports, traditional retailing business ideas will acquire 75% of market share, organized retail business idea will have an 18% share and 7% will be of e-commerce retail business idea.