The retail business is known as selling products directly or services provided to the consumers for earning a decent profit. This kind of business sector is profitable and remains in the limelight of commerce and marketing in India. The credit for its rapid and immense growth goes to many factors such as overall population, increase in globalization, rising household incomes, growing abundance in people, massive demand for goods and services, and initiatives taken by the government to give thrust to retail business. In the past few years, the retail market was not considered as an organized sector, but now we have seen a lot of changes in the retail industry due to establishment of shopping malls and entry of big players in the market.
To successfully run the retail business, a retailer needs to provide better quality products, improved supply chain, availability of various brands and products. Today, one-third of new businesses launched each year worldwide are from retail operations. Retailing mainly involves in buying services or products from a wholesaler, importer, manufacturer, agent, or other big retailers, and selling directly to the customers. The retailer then charges for the goods sold or services that covers the expenses of products and making a profit on it.
In this article, most profitable and Best Retail Business in India are discussed:
List of profitable and best retail business in India:
Apparel store- People nowadays have become more conscious about their lifestyle, and wants to look presentable every time. So, it is not a hefty deal to spend a lot of money on buying clothes. This has led to the fact that the garments industry has seen rapid growth in the last few years. Opening an apparel store seems like a great idea when you think of starting up a retail business. The best part of opening an apparel store, you have various items to stock such as kid’s wear, ladies casual apparel, winter collections, range of undergarments, men’s wear, party dresses, formal clothes etc.
Grocery store- You can open up a grocery store and sells items like spices, beverages, shampoos, food items, kitchen supplies etc. A grocery store is much needed for every locality. Setting up a grocery store in a lively marketplace is essential for your business to be more productive. Also, it is vital to obtain products from wholesalers at low prices and sell them at competitive rates. Since people mostly choose to buy groceries in bulk for a month, even a small drop in prices that you offer creates a significant impact on your customers. Giving attractive discounts on purchasing groceries in the majority also works great for departmental shops.
Books and stationery store- This sector will never face a fall down in retail industries. Because students will never stop purchasing books and stationery for their requirement, this is one of the best retail business in India to start with, and it does not require any specialized knowledge which creates a great opportunity for those who are not highly qualified and wish to invest in the retailing field. You can sell several items like notebooks, school books, magazines, storybooks, pencils, pens, colours, paints, other stationery items and educational DVD’s. If you collaborate with different kinds of schools and supply their books, then your business can earn a considerable profit.
Medical store- This is the most profitable retail business in India. For those who are licensed, pharmacist and willing to start their retail enterprise can opt for this idea. A medical store deals with drugs and medical equipment. Since this retail business requires a person having specialized knowledge in drugs and chemicals, only licensed and qualified pharmacist can choose this option.
Cosmetic store- Women can’t resist buying cosmetics even if they have enough of it, and nowadays men are equally conscious about their faces and inclined towards buying personal care products that are being sold in the market. This has led to the fact that cosmetics business has seen rapid growth in the past few years. There are various brands and products available in the market to start this retail business. Almost every woman has a keen interest in this field and can make themselves dignified entrepreneur by opening up a retail cosmetic shop. One can also set up its brand by selling products online.
Jewellery store- We all know that women love buying pieces of jewellery for every occasion. Wearing imitation, antique, gold, silver, diamond jewellery gives a traditional touch to every woman’s beauty, this is why fashion jewellery is trending nowadays. Opening up a Jewellery hub can be a smart idea; you need to collect fashionable items in abundance like rings, necklaces, pendants, hair accessories, bangles, etc. You can even a stock collection of antique pieces, traditional wear and stylish accessories to enhance popular souvenir.
Mobile phones and accessories showroom– Nowadays, Mobile phones have become an essential part of our life. From communicating with people to make our task more manageable, mobile phone companies have seen a drastic change in their business. In India, the high population has led to the production of various mobile phones brand.So, the demand of the buyer is never-ending, which makes it a lucrative retail business idea.
Gift shop- We love giving gifts and receiving the same from our beloved ones. Be it any occasion or festivals; we show gratitude and respect towards our relatives, friends, and colleagues by giving gifts to them. One can open up a gift shop and stock items like soft toys, greeting cards, perfumes, photo frames, showpieces, personalize stuff or handmade products.
Ice-cream parlour- Do you wish to make some easy cash with minimum investment and a good income? Opening an ice- cream parlour in a residential area, a busy market or near a school can be a smart idea to suit your needs. Ice-cream seems to be a perfect sweet tooth for every occasion, you only require little training, and you can become master in preparing flavourful ice-cream. You can also take franchise of popular ice-cream brands, and establish you own dessert parlour.
Kitchen tools and Essential households shop- Kitchen is a vital part of any house, and it needs many things to organize. A standard kitchen does not only give an opulent look but is also convenient to store foods safely. This business requires a decent investment and spacious area to stock and showcase kitchen items and other essential household items in their shop. Buy items from a wholesaler who will provide you with a cheaper rate and then get started.
So, above are the list of retail business ideas you can start up with and make you would be able to make your impression in retail industries. Now you have enough ideas to start your own retail business according to your requirement.