OPPORTUNITIES AND CHALLENGES FOR INDIAN RETAIL STORES AND THEIR MARKETING STRATEGIES

Abstract

Purpose: Recognize consumer needs, seek out new business opportunities, create the best marketing plan, cut costs, and keep an eye on the competition. Because of retailers, consumers have access to a vast array of goods and services from around the globe, and the retail sector boosts employment and the country’s economy. As the study’s title suggests, the goal is to look into the Opportunities and Challenges for Indian retail stores and their Marketing strategy.

Design/Methodology/Approach: The secondary data for this paper was gathered from a range of sources about the opportunities and challenges of retail stores and their marketing strategies, including research papers, journal articles, and literature reviews. These sources were found by searching for relevant keywords in the Google Scholar search engine, finding relevant websites, and gathering additional information from reports on the opportunities and challenges of retail stores in India.

Findings: Price wars among competitors can erode profit margins and negatively impact the industry. Retail stores need to find ways to differentiate themselves beyond just price, such as by offering superior customer service or unique product selections. Retailers can analyse sales data to identify trends, such as which products are selling well and at what times of the year. Understanding the age, gender, and preferences of customers can help tailor marketing and product offerings.

Finding out if there is excess stock, understocking, or slow-moving items is crucial for efficient inventory management. Collecting and analysing customer feedback can reveal areas for improvement in customer service or product quality.

Originality/Value: A research-based case study on analysis of the opportunities and challenges for Indian retail store and their marketing strategy.