Predicted to generate US$ 1.3 trillion by 2020, the Indian retail sector is one of the fastest growing in the world. The sector is expected to register a CAGR of 16.7% over 2015-20. The significant growth is not just limited to top cities and metros but also in Tier-II and Tier-III cities. Vigorous economic growth, evolving demographic profile, growing disposable incomes, urbanization and shifting consumer preference are few of the factors that are driving retail growth in India. Consumer expenditure is also expected to reach USD 3.6 trillion by 2020. So for companies in the retail sector, the future definitely looks promising. Particularly for food and grocery which is the highest earning division under retail. Other top-performing divisions include apparel, jewellery, consumer durables and IT, pharmacy, furniture and furnishing, footwear and others. The future might look extremely favourable for companies in the retail sector but there are several challenges dotting the horizon. Challenges which retail companies have to tackle in order to attain their potential.
- The traditional distribution system – You have sales staff who have been assigned to visit retailer stores and collect orders. This process may have proved effective for your business. But how do you drive efficiency and ensure that your sales staff are visiting the stores as required or capturing the right details?
- Get the right customer feedback – You may go on launching new products based on market research and trends. But how do you know which of your products have found favour with the target customer base? A customer unhappy with one of your products may avoid buying any from your other ranges. The right distribution management can offer these key insights that can be used to build a successful line of products.
- Replenish stock on time – Stores are less likely today to reach out proactively to you to get stocks refilled. Instead, they expect you to keep a track of your goods and refill them before they run out of stock. This could be a major pain point as many stores are likely to turn to your competitors. How do you ensure that your sales staff get the figures right?
- Improve the efficiency of your sales staff – Tracking the work activity of your sales staff can be difficult as they are on-field. How do you plan and schedule routes for your sales staff when you lack precise details about the location of your sales staff?
Rain plus Move is an easy-to-use retail sales management software for brand owners, distributors and retailers to handle sales and help it grow greatly. Watch our video now to know how Rain plus Move can be an asset for your company. Click here.