Bajaj Finserv Business Finance

Arwind Sharma By Arwind Sharma, 28th Mar 2018 | Follow this author | RSS Feed | Short URL http://nut.bz/evnaonwe/
Posted in Wikinut>Business>Accounting & Finance

If you have a business, you surely know the importance of finance. However, a business loan can help you solve all the fiscal emergencies you face in your business.

Expand Your Retail Business with Bajaj Finserv

Indian retail industry have witnessed huge growth
Expansion of retail industry involves various challenges
Bajaj Finserv business loan as the right mode of finance for expanding you retail business

The Indian retail industry is transforming at a phenomenal pace and has emerged as one of the most dynamic and fast-paced industries. The retail sector comprises over 10 % of our country’s gross domestic product and is expanding at a rate of 15 % per annum.

Expansion of retail business involves lots of hard work, determination, and planning. We will discuss the intricacies involved in the expansion of the retail businesses.

Expand geographically

This is the common strategy adopted by most retailers as it helps them to reach new customers while increasing profitability. While opening a new store in a new location, you can think of strategy depending on the locality, lifestyle and financial appetite of the people living in the given geographical area.

For example, if you are thinking of setting up a new store in an area which is largely dominated by south Indians naturally you will concentrate on providing a variety of rice and coconut products which is the staple food of south Indian people. Other things like coffee and south Indian spices will also be on your agenda.

Streamline your procedures, policies and technologies

If you put standard operating procedures in place which are appreciated by your consumers and suppliers it may result in a consistent, refined and streamlined organisation of resources and money.

Using a uniformed management system across various locations is one such step which will help you and your associates to manage daily operations easily. This involves using the same automation systems including software and hardware at your stores.

Expand digitally

Try out new sales channels like online marketplaces, providing mobile capabilities to consumers who are always on-the-go. Developing mobile friendly-devices with responsive themes and interactional interfaces will aid consumers in selecting and ordering product easily. You can also integrate your online ecommerce applications with social media sites to boost your sales.

Offer a temptation

The customer should feel tempted to visit your store. This can be achieved by designing your store in a distinctive way with the attention to minute details. You can simply choose to put up hoardings or maybe a stand-up comedy act on festivals in your store attracting the customers. People like to celebrate and love the excitement. Your consumers will certainly have tempted to visit your store if you organise these events successfully.

Feedback: A Way to Convey That You Care

Make your customers feel special by asking them for feedback. Let the customers know that you are ready to make the improvements in the services you offer or add more products in your list. Once the customers realise that you care for them, you may develop long term fruitful relationship with your consumers.

Bajaj Finserv offers Business Loan for your retail business expansion. You can choose to pay only interest amount as EMI and repay the principle amount at the end of the tenor of the facility. We wish you all the best.

Tags

Business, Finance, Loan, Loans

Meet the author

author avatar Arwind Sharma
Arwind Sharma a passionate writer on finance and closely associated with financial companies. He is still busy in discovering time-efficient finance schemes. To know more about Loan against

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