The word shopping is aware to people across all the sections of the society since ages. However, with the evolvement of information technology, the concept of shopping has gone under sea change and it has become a hobby. So, with the change in consumer behavior and to accommodate their requirements, shopping malls and retail stores are the perfect buying destinations. This is how the presence of retail industry comes to fore and it is one of the fastest changing and contributor of economic growth. In the process of retailing, the interface happens between consumer and who facilitates the business activities.
There are several leading players in the retail sectors with the focus on profitable growth. Thus, competition in the market in order to have major chunk of share, every retailer vies for. Moreover, expansion in the market is another area which needs attention. In this respect, understanding customers’ sentiment in context to buying requirements further aggravates to the list of concerns. In this respect, it becomes incumbent to review the existing business models so as to identify the bottlenecks. As per the issues, it requires accommodating different business strategy to achieve the desired growth. Let’s have a list of concern areas or challenges which need to be addressed are:
- Inventory management
- High operating costs
- Capital investment and management
- Complex nature of regulatory framework
- Acquisition and retention of talent
- Marginal revenue growth
- Low retail productivity
- Supply chain flaws, etc.
These are a few of the challenges and the priority differs from one retailer to other. Again, the strategy also differs for departmental store, shopping mall, and hyper market. To deal with these concerns, Guires has been providing consultancy services through its data analytics. We have experts to conduct the in-depth evaluation of the business as per the requirement of retail industry. After assessing the detail, we provide customized solutions in terms of:
- Growth opportunities
- Accurate paint of customer requirements
- Identification of key cost
- Improve in profitability
- Making accurate business decisions
- Financial insights and analysis
- Management of investor relation
- Rationalization of cost
- Improve in productivity, etc.
In addition to facilitate consultancy services in this regard, we also serve the retailers for technological infusion, outsourcing activities, enterprise services. Advertising the products and services through digital medium is also one of the features of our services. For additional information, consult us.