In the last press release, YRC outlined the key steps to starting a grocery business in the Middle East/MENA region, covering countries like the UAE, Qatar...

PUNE, MAHARASHTRA, INDIA, June 14, 2024 /EINPresswire.com/ -- In the previous press release, retail and eCommerce consulting enterprise, YourRetailCoach (YRC) highlighted some of the first-things-first of starting a grocery business, focusing on the Middle East/MENA region comprising countries like the UAE, Qatar, Saudi Arabia, and Egypt. In this communiqué, YRC highlights the next level of considerations i.e. the first four key planning areas for successfully establishing a grocery business in the region.

Get advise for E-commerce retail business : http://www.yourretailcoach.ae/contact-us/

#𝟏 𝐌𝐚𝐫𝐤𝐞𝐭 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡

Market research is one of the primary actions to be done after the initial conceptualisation of the business idea and vision. A good market research helps check whether suitable market conditions exist or not and the shape and form in which they exist for the business to come into existence and sail smoothly. Some of the typical areas of examination and assessment in a market research are:

· Gaps in the market
· Gaps in customer needs and expectations, customer journey
· Effectiveness of intended value propositions
· Target segments, groups of buyer personas
· Target market size
· Competitors and intensity of competition
· Barriers to market entry, growth and expansion, and exit
· Pricing strategies
· Brand positioning
· Present and future risks, challenges, and opportunities
· Ease of doing business, regulatory environment

#𝟐 𝐆𝐫𝐨𝐜𝐞𝐫𝐲 𝐒𝐭𝐨𝐫𝐞 𝐁𝐮𝐬𝐢𝐧𝐞𝐬𝐬 𝐌𝐨𝐝𝐞𝐥 𝐃𝐞𝐯𝐞𝐥𝐨𝐩𝐦𝐞𝐧𝐭

Given the state of intense competition in the retail grocery sector in cities like Dubai, Abu Dhabi, Riyadh, Muscat, Doha, Kuwait City, and Cairo, new-age grocers will have to try to achieve unique brand positioning by going beyond core or standard offerings. This will involve pulling the strings with non-core elements like online shopping, home delivery, membership and loyalty perks, dynamic pricing, hyper-localisation, and enhanced servicescape to deliver superior customer experience. Today, business models in retail businesses are plaited with these outer-level value-based propositions for achieving brand distinction.

#𝟑 𝐆𝐫𝐨𝐜𝐞𝐫𝐲 𝐒𝐡𝐨𝐩 𝐋𝐨𝐜𝐚𝐭𝐢𝐨𝐧𝐚𝐥 𝐀𝐧𝐚𝐥𝐲𝐬𝐢𝐬 𝐚𝐧𝐝 𝐆𝐫𝐨𝐜𝐞𝐫𝐲 𝐒𝐭𝐨𝐫𝐞 𝐋𝐚𝐲𝐨𝐮𝐭 𝐏𝐥𝐚𝐧𝐧𝐢𝐧𝐠

Busy and populated residential and commercial areas have the ability to easily attract footfall and possible conversions therefrom. However, real estate space in such locations comes with premium charges. Such locations eventually also become competitive as other players also see the same benefits of having a store there. A smart approach is to choose average locations and empower them with effective marketing tactics like hyper-localisation, omnichannel capabilities and dark store expansion. However, this does not obliterate the need for location analysis.

How the floor plan of a grocery store is conceived can offer edges on many fronts but one sensitive area where it leaves a significant impact is the quality of in-store and overall customer experience delivered.

#𝟒 𝐅𝐢𝐧𝐚𝐧𝐜𝐢𝐚𝐥 & 𝐂𝐨𝐦𝐦𝐞𝐫𝐜𝐢𝐚𝐥 𝐀𝐬𝐬𝐞𝐬𝐬𝐦𝐞𝐧𝐭𝐬

Some important grounds to be covered under financial and commercial assessments of grocery store business planning are (assessments/forecasts of) initial/setup capital investments, operational expenses, demand-sales forecasting, cash flow, financial ratios, ROI and break-even analysis, estimated profit and loss statements, working capital, and other variables of financial management relevant to the business model and business plan in question. However, these assessments and projections alone are not enough to improve grocery store profitability. A more realistic component for measuring profitability is margin analysis across product mix over time.

𝗔𝗯𝗼𝘂𝘁 𝗬𝗼𝘂𝗿 𝗥𝗲𝘁𝗮𝗶𝗹 𝗖𝗼𝗮𝗰𝗵:

YourRetailCoach (YRC) is a retail and eCommerce consulting brand with 10+ years of experience in developing curated business solutions for startups and existing enterprises. With a scaling international presence, YRC has served 500+ clients in more than 25 verticals. In grocery business consulting, YRC offers expert planning and implementation services and solutions for business setup and growth and expansion missions.

Get advise for E-commerce retail business : http://www.yourretailcoach.ae/contact-us/

How to Start a Grocery Business: Getting the Beginning Right (Part One) - https://www.einpresswire.com/article/719722357/how-to-start-a-grocery-business-getting-the-beginning-right-part-one-yourretailcoach-dubai

Dr Rupal K Shah
Mind-A-Mend Consultancy Private Limited
+91 9860-426-700
consult@mindamend.net
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