Grocery store businesses are not capital-intensive ventures and thrive well even during economic lows. This is because they aim at meeting the basic needs of consumers. When people do not have enough time to wait for getting an item online, these grocery stores are their ultimate destinations. Let us see some of the grocery stores in Jaipur and how they manage to remain profitable.
Grocery Stores In Jaipur
How do grocery stores in Jaipur or any other location manage to remain profitable?
Though opening a grocery store is not capital intensive like other business ventures, making profits needs some efficient practices. Here are some best practices which grocery stores in Jaipur or other cities, follow to encourage customers to buy more:
i. Ensuring a pleasurable store visit for customers:
Customers would love to revisit your store if they find it enticing and aesthetically pleasing. Besides ensuring proper lighting and fans at your store, product placement is crucial. For example, showcasing the products with discounts and offers at the entry point can excite customers to pay a visit, and then they might end up buying something. Shelves must be stacked neatly and organised systematically so the customers don't find it cumbersome to navigate. Playing soothing background music can add to the experience.
ii. Strategic pairing of the displayed products:
To trigger maximum purchase, keep the low-priced and high-priced items together. This will make the customer buy more items. Try using curated displays for dinner ideas such as pasta, tomato sauce, and some drinks as an accompaniment, so people don't have to invest time in creating the combo.
iii. Creating a favourable space to shop more:
Customers might visit your store with a shorter list but if there are bigger shopping baskets placed throughout the store, they would not hesitate to take more items when they find something that is not on their shopping list. Usually, those using a larger shopping basket tend to add more things to it, till it gets filled.
iv. Try to reduce spoilage of perishable items:
Cheese, and fresh produce, are some profitable items but they easily get spoiled. To avoid this, invest in some good frozen storage or use inventory management software to lower the chances of spoilage.
v. Ensure a safe shopping experience for customers:
Getting loyal customers is not easy and requires putting special efforts to get them. Introducing simple practices such as senior shopping hours for people over 60 years old or those having any pre-existing medical conditions can win their hearts and make them visit the store repeatedly. Offering a doorstep delivery service is another idea.
Similarly, the store staff needs to put on their masks and place sanitiser bottles at various points in the store. Such practices make customers believe that the store puts efforts to keep them safe, which will make them rely on it.
vi. Focusing on the right product at the right place and the right time:
Products that are for a certain event or season, such as valentine's day, Diwali, Holi, and others, need to be shuffled and placed at the front so that customers can get them quickly without having to search for them. Since there will be more purchases, the profit margin will be higher.
Once the event is over, regular items can be placed at the front, so they don't find the products unnecessary. Similarly, altering the store layout helps customers notice sections that they might have missed out on previously. So reshuffling the products is important to trigger the purchase of the right products at the right time.
vii. Using tools for efficient functioning:
Time is money and any human error may lead to investing a lot of time in correcting it. For example, maintaining the record of daily transactions manually, can not just be exhausting but is prone to error. This makes it important to make the best use of technology to automate the process. Hence, most stores started using apps such as OKCredit to ease the process of managing transactions and keeping a track of all payments.
How do apps like OKCredit help grocery store businesses?
The app works on a smartphone, PC, or laptop, offering a convenient experience. People in any location can use it conveniently as it supports multiple local languages, with the default one being English. The simple and user-friendly interface and the centralised system for accessing all the store-related data save time and help store owners to focus more on profit-making.
Today, buyers look for the right products at the best prices that can be fulfilled through efficient channels. By following the simple techniques mentioned above, one can easily remain profitable in the business. On top of that, technology can be leveraged for profit-making by identification of opportunities and formulating strategies to match the customer needs. Since such shops cater to the basic needs of people, there is the least probability of incurring a loss in the business. So, those having a passion for a business and can arrange the basic capital requirements, can get started with a small grocery store and gradually grow into a bigger one over time.
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Q. Do grocery stores mandatorily need an FSSAI license for commencement?
Ans. Yes, it is mandatory to get an FSSAI license before opening your grocery store business.
Q. Is it possible to always be profitable in a grocery store business?
Ans. With the application of the right strategies, grocery stores can always remain profitable. When customers find that it has all the products they need, most of the time, they will rely on it for their future needs too.
Q. What is the best way of making the grocery store more enticing for consumers?
Ans. Having a stock of all the basic commodities and then getting new stocks as per the needs of the going events such as any festivals or occasions, offering free home delivery, discounts on special occasions, and membership offers are some ways of attracting customers.
Q. When does a grocery store GST registration?
Ans. This is needed when the turnover of the outlet is over 20 lakhs. The GSTIN number is 15-digits.
Q. Which is the best software for managing grocery store business?
Ans. OKCredit is the best software app that helps run grocery store businesses efficiently by eliminating the need for human intervention for maintaining records of daily transactions. The user-friendly app stores all the data in a centralised way, ensuring ease of accessibility at any place and time.