Three-fourth of the respondents believe that India provides a conducive environment for business growth
Selling via physical stores is the most preferred model of running a retail business, according to nine in ten retailers across generations, revealed a study. This includes retailers who have both online and offline sales. Three-fourth of the respondents believed that India provides a conducive environment for business growth. The optimism is higher in experienced retail business owners with 86 per cent stating the same
The seventh edition of NeoGrowth’s NeoInsights Study, titled ‘Unlocking Generational Preferences among Indian Retailers’ revealed that More than 50 per cent of retail micro, small and medium enterprises (MSMEs) are leveraging various government schemes to grow their businesses.
Referrals are the leading strategy for attracting customers among retailers, with 78 per cent of experienced retailers prioritising this approach to drive business. Additionally, 58 per cent of middle-aged retailers focus on enhancing their physical storefronts as a means to attract customers, recognising the importance of a strong in-person presence, as per the study.
While one in two retailers cited profits and growth as their primary motivators to start the business, another significant factor was building on prior industry experience (25 per cent), according to the study. Beyond profitability and growth, retail MSMEs believe the value they provide to family, employees and customers is also a sign of their success.
“MSMEs are the biggest drivers of India’s economic growth. While Indian retailers are fast integrating digital tools seamlessly to transform the shopping experience, the majority of these retailers continue to prefer the convenience of a physical store in order to forge stronger bonds with their customers,” stated Arun Nayyar, Managing Director and Chief Executive Officer (CEO) of NeoGrowth.
Around 77 per cent of retailers indicated that they are looking forward to undertaking business expansion through diversifying product offerings, entering new markets and exploring new channels of business, illustrating how they are embracing both expansion and innovation to drive growth and gain a competitive edge, as per the study.
