In the retail industry, market cannibalization happens when a new product reduces sales of an existing product from the same company, resulting in a decrease in overall profit and revenue. This frequently happens when too comparable items are introduced, or when the same customer base is targeted, leading to internal competition instead of drawing in […]
Have you ever wondered how to start a franchise business? But, before understanding the steps involved in starting a franchise business, let’s learn why you should invest in a franchise. Franchising provides a safe and structured pathway toward success for new and experienced businessmen. Starting a franchise business allows businessmen to work with renowned brands
Retail analytics emerges as a vital asset for organizations of any scale. Its benefits range from determining client preferences and guaranteeing precise inventory management to improving the quality of service. Thus, the importance of investing in capable retail analytics solutions cannot be emphasized, as they act as catalysts for growth and the maintenance of a
“Where to open my retail store?” This question haunts retailers worldwide. Retail expansion requires significant capital investments. Thus, the onus is on the retailer to achieve profitability to pay back the investments. Resulting in retailers adopting strategies to reduce the break-even time. But, this is predicated on the identification of a profitable location. Poor location
Sun Tzu famously said, “Know your enemy and know yourself and never fear the result of a hundred battles.” Competition mapping is the starting point to accurately develop a comprehensive expansion strategy for a retail business. Competitor analysis also known as competition mapping is the strategic process of analyzing and evaluating your competitors’ strengths, weaknesses,
Your BD team might scout what seems like the perfect location, but beneath the surface lie hidden dangers. In the realm of site selection criteria, retail expansion plans require a nuanced understanding of various factors to ensure success. Inadequate insight into site selection strategy can derail even the most meticulously crafted expansion plans. In this
