The retail businesses are the business where the finished goods and services are delivered to the customer for his or her use in exchange of money. 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 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 chat box, 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 most profitable retail businesses. There are lots of advantages if you go for retail business idea. Retail store ideas have 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 forms don’t provide. Personal interaction helps in building a long lasting relation between the customers and the product, thus retailing provides a long lasting pool of serious customers.
At present, India ranked as fifth largest global destination in 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 Indian market. It has rooted itself to the ground so well that 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, standard of living, western influence, fashion consciousness has accorded to increased ballooning of male grooming retail business idea. According to the TechSci Research the compound annual growth rate will rise up by 17% by the end of 2020. Small retail business ideas like starting male growing business is a best retail business to start given the scope and potential. This retail business idea proves successful when the customers experience the services, that is, tradition mode of retailing.
2. Health and fitness centres
With the mindfully aware and conscious legion of populace, it has led to the growth of fitness centres across the breadth of the country. At present, in 2019, there are around 128.3million users of this business and the revenue generated from fitness and fitness ally services accounted for USD164million. Statistics evinces 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 consignee from Consignor to resell it in the market. Simply put, selling the second hand product. If you want to do this business, first decide upon the product in which you want to deal. Commonly consignment business store houses products like furniture, clothing, musical instrument, fridge, shoes, antiques, athletic equipments, etc. This offers availability of second hand products to lower income group at affordable prices. According to the Association of Retail Professionals, 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 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 antiques item 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 most profitable retail businesses to try your hand in.
5. Fashion Boutique
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 are the basic requirement. You can set up an online store or a physical store or both or a mobile retail fashion boutique. It is unique retail store ideas to reach out to wider population. This is the most profitable business to start.
6. Mobile food truck
These retail business ideas are poised toward enormous growth rate. You can take your truck to any place depending up 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 a 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 disposal income and 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 and skin care products
It is overrated statement the users of skin care and cosmetic product are only females. Growth rate of men grooming industry evinces that it is not true. It is a regular consumable item of daily life. Mushrooming of 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 product 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 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 medical industry. Spike and growth rate of diagnostic centre breed upon basic consideration of ‘Health matters the most’. It is rational to think that financial constraints are hurdle in receiving quality medical treatment but this problem has been solved to some extend by health insurance companies plus the government initiatives has propelled the diagnostics centres growth. This is among 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 18% share and 7% will be of e-commerce retail business idea.