Grocery stores are a vital part of developing societies as they cater to all the essential household requirements. Despite a boom in online shopping, people rely on the nearby kirana stores for quick access to various products. Since farming and cultivation are among the most important industries in our country, starting a grocery marketplace is a profitable venture. This is the reason we can find numerous such stores in various cities. In this article, we will check out various grocery stores in Kanpur.
Importance of grocery stores
Marketplaces with grocery stores form the centre of any community, as they are the main source of occupation, sustenance, and income for many people. They are the driving factors in our economy and do not get affected when there are highs or lows in the financial situations of the country.
Grocery Stores In Kanpur
What things do businessmen need to keep in mind before starting their grocery stores in Kanpur or any other city?
Here are some general points to include in your checklist while starting a grocery store:
i. Getting GST registration for the store:
Those having less than 20 lakh annual turnover need to complete GST registration for their grocery stores. This will provide them with a 15-digit GST number. Businesses do not prefer non-GST firms as there may be a lack of all transactions being documented, which can result in violation of tax rules.
ii. Completing legal formalities:
Get the food licence, complete the registration for shop and establishment, and also all other related formalities. The licence authority office needs to be visited to finish these legal requirements and to obtain the store licence for setting up your grocery store.
iii. Choosing a location:
The store location is an important factor when it comes to getting a good number of customers every day. A busy market complex in the town centre with good footfall is an ideal location for setting up your grocery shop.
iv. Working on the aesthetic appeal of your store:
Customers are typically attracted to stores that look aesthetically pleasing, rather than untidy ones. So make sure that the grocery items are stacked neatly, and there is enough lighting in the store, so the price tags and other information on products are clearly visible.
v. Try to source products that customers usually look for:
When customers get the products they are looking for, they would be keen to revisit the store. So it is better to understand customers’ needs and buying patterns in and around your location.
vi. Study the competition in your locality:
Check if there are similar grocery stores in your location, as they can offer tough competition to your business. In case there are some, try to check the reviews of the customers regarding their services and accordingly try to make improvements to attract maximum consumers.
vii. Network with good vendors and hire staff for sales:
This can balance your inventory perfectly, such as returning unused packed inventory, when not sold. Similarly, sales staff needs to be hired based on the store size and needs. There has to be enough staff to efficiently handle customers and vendors. They should be motivated and well-trained for better performance.
This is needed to get maximum customers to your store. Advertising through banners, flyers, ads in newspapers, hoardings, and pamphlets. Word-of-mouth publicity can help more people know about your shop. Further, the quality of services experienced by customers can turn them into loyal, satisfied consumers, who can bring in even more people through positive references.
ix. Set the right product price:
Right product prices affect the grocery store's revenue and profit margin. It is always recommended never to offer very low prices as there may be a need for purchasing high inventory upfront. Rather than lowering prices, focus on good service and convenience for better outcomes.
x. Keep the option of an online store open:
Besides the physical grocery store, an option to buy products online can be helpful as it can attract tech-savvy groups who prefer the online shopping mode. For this, you need to have a website with online payment options to take orders online and deliver the goods to the doorstep of customers. If you have a smaller business, you can even try to get listed with the bigger stores to open online shopping options for your consumers.
How to manage your business smartly?
Following old and inefficient techniques of operating a business can result in losses. Smart management of your grocery stores, which is mandatory, can be done through the use of apps such as OKCredit. It helps in managing all your transactions and tracking all payments through the use of the app on smartphones, PCs, or laptops. This eliminates the chances of losing data as the digital ledger is safe and can be accessed anytime by the store authorities. Manual efforts are no more required as the software does it all and eases up lives. Keeping in mind the diversity of languages in various Indian cities, the OkCredit app is available in multiple languages. Thus, a store owner need not worry if they don’t know much English to avail the advantages of such technology.
Most grocery stores in Kanpur have started using online payment modes like UPI, Phonepe, and others. This makes cashless transactions swift and secure. Similarly, bigger stores are gradually opting to manage their business smartly through the use of apps like OkCredit to ensure maximum beneficial outcomes with the least effort.
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Q. Can anyone start a grocery store?
Ans. Yes, anyone with basic capital requirements can start a grocery store because this is not a capital-intensive venture. You just need to do some research and keep the basics in mind before entering into the venture.
Q. What is the secret to a successful grocery store?
Ans. There are various parameters that can help a grocery store succeed. These include its positioning, pricing of the products, regular restocking of products as per consumer requirements, the aesthetically pleasing look of the store, and a digital touch, such as the option for online payment.
Q. Do apps like OkCredit actually benefit grocery stores?
Ans. Yes, such apps eliminate the need for manual intervention in maintaining ledgers on an everyday basis. This helps in accessing the transaction records in a hassle-free manner and keeping errors at bay.
Q. Are all grocery stores in Kanpur fully digitised?
Ans. Not all grocery stores in Kanpur are fully digitised, but the majority of them use digital payment modes to enable cashless transactions for customers. This helps them perform everyday business seamlessly and also makes the lives of their customers easy.
Q. Are grocery store businesses profitable?
Ans. Yes, because they are open to providing basic essential goods to customers, so even if the economy is down, the grocery store business goes really well. Most of the profitable grocery stores work smartly by using tools like the OkCredit app for smooth functioning.
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