Viable business ideas in retail

Viable business ideas in retail
Panagiotis Koutoudis
by Panagiotis Koutoudis

The retail industry is a tough industry to survive in. It is forever changing, updating and competing and now, more than ever, customers are more demanding. If you have a viable business idea and it is for the retail industry, take a look at how to make that idea survive.

  • One of the main keys to surviving in the retail industry is keeping things fresh. If you have a retail business idea, you need to make sure that it has room to expand. For example, fashion retail businesses will change the layout of their stores and websites every month so customers get a fresh look.

  • Viable business ideas in retail


  • Remember that experience is just as important as pricing. As a start-up business in the retail industry you may be worried about competing with larger companies that can offer the same products for much less. However, many customers will return to stores based upon their experience. For example, if parents take a child into a toy store and the child can join in on a ‘story time’ event, the experience will be remembered fondly and the brand will be linked with that good experience.

  • Always communicate with customers. It is easy to wonder how small businesses survive when larger retailers can offer more. The fact is that many small business owners get to know their customers on a personal level and develop long term working relationships, even friendships. With this comes a level of loyalty that bigger retailers just cannot compete with.

  • “It is easy to wonder how small businesses survive when larger retailers can offer more.”

  • Support all of this by offering products and services online. This means that your customers get the best of both worlds; a personalised service with convenience. Not to mention the fact that online shopping is becoming more and more popular as the digital world becomes bigger and better.