The main reasons for growth in the retail industry are the demographics, the rise in consumer incomes, and real estate developments, including the emergence of new shopping malls and better sourcing options.
FREMONT, CA: The primary reasons for growth in the retail industry are the demographics, the rise in consumer incomes, and real estate developments, including the emergence of new shopping malls and better sourcing options. These elements have leveraged the retail industry but require policy-making, a cohesive approach, and governance.
Listed below are a few suggestions:
1. Categorizing retail constituents: The scope and size of operations can classify numerous retail components. Therefore, the retail sector can also be bifurcated into three segments which would comprise small stores up to a specific size and a small and medium-scale grouping that would cover those in the urban regions, and large scale sector, which consists of retailers who have more than one store and also includes the online business. This classification would support catering to the needs of each segment.
2. Legal framework: After having a clear idea of retail, it is crucial to consider employee protection, legislation and taxations, which comes with industry status. Retailers can access institutional credit readily as financial institutions can provide industry guidelines concerning lending.
This process can help the smallest shop owners dream of growth and expansion. Industry status can also help companies smoothen the process of requiring licenses and permissions to open a store. Franchising is an essential aspect of the growth of retail.
3. Skills and Development: Providing education and abilities in retail has grown prominent over the past few years. Initiatives can be taken, especially for those working in the smaller shops. Some national-level skilling for this particular workforce segment will have a positive effect.
4. Computerized Billing: Government must hope to subsidy schemes for the small shopkeepers, which could be a low-cost tablet PC, for billing purposes as they are keen to adopt the digital system and execute a system-based billing mechanism.
5. Information and Data: It’s recommendable to create a national registry of products maintained by manufacturers wherein they discuss every detail of every product they make.
Retailers can also have entry to this data, and they can even handle the same as it would be cost-effective due to the scale and volume of the usage. Computerized billing helps maintain the data at everyone’s fingertips and is a massive boon to the retail and manufacturing sector.
6. Social security is a significant drawback for the small shopkeeper. Therefore, a scheme that benefits small shopkeepers with medical and life cover at a nominal cost can impact these people and their livelihood.
This content is copyright protected
However, if you would like to share the information in this article, you may use the link below: