What is retail business?
Retail refers to the activity of selling goods or services directly to consumers or end-users. Some retailers may sell to business customers, and such sales are termed non-retail activity.
The Malaysian retail industry has been one of the largest contributing sectors to the country’s gross domestic product (GDP) for the past decades. Several national and international brands have been performing in the country with a broad range of retail outlets across the nation.
In our previous article we were talking about some basic informations to start business in Malaysia. Now Let’s talk in details, step by step guideline about retail business in Malaysia.
Here are some steps we should follow before strating retail business in Malaysia –
1: Research The Market
2: Target The Market
3: Plan What To Sell & How To Sell
4: Naming The store
5: Finding The Right Location
6: Plan Where To Buy From
7: Know How to Satisfy your Customers
8: Determine your pricing & promotions strategy
** First step is Research the Market.
Market research is the process of determining the viability of a new service or product through research conducted directly with potential customers. Market research allows a company to discover the target market and get opinions and other feedback from consumers about their interest in the product or service.
Four common types of market research techniques include surveys, interviews, focus groups, and customer observation.
May be you have question that why should you do research the market? Because Market research will provide you critical information about your market and your business landscape. It can tell you how your company is perceived by the target customers and clients you want to reach.
** Second step is target the market.
Identifying a target market helps your company develop effective marketing communication strategies. A target market is a set of individuals sharing similar needs or characteristics that your company hopes to serve. These individuals are usually the end users most likely to purchase your product.
** Selling your products or services is the key to creating a successful business, but don’t assume that clients will automatically approach you. You have to plan about it. Follow these two rules –
1. Know Your Competition
2. Know Your Customers
** Keep the name short, simple, and easy to write. In most states, the website of the state business filing agency includes an online entity name check tool. You can use the online tool to search business names and find out whether another business is already using the name you have chosen.
** Deciding where to locate a business has always been important. Location plays a huge role in attracting and retaining the best employees, many of whom keep a close eye on where they’re based in order to optimize work-life balance. Good location decisions can significantly boost a company’s long-term performance.
So keep this in mind while selecting tje location.
** Most important step comes next. From where to buy.
Your business and operation costs highly depend on the supplier you choose. Hence, deciding on a trustworthy supplier before going online is a great choice. Also, calculate the manufacturing costs, shipping price, and profit margin, when you select your supplier.
Sourcing from a wholesaler is a great choice as there is no minimum order quantity and they buy in bulk from manufacturers and redistribute them.
As we are talking from the perception of Malaysia so an easy example can be given. In Malaysia ” Blue Jay ” is one of the best kids clothing wholesaler. They sell products to the retail business holders & they run their business. This is what the combination of wholesalers & retailers.
If you want to start retail business about kids clothing then Blue Jay is for you. They are providing the best products with best price.
** Do your research and identify the most common issues your customers must be facing. Then come up with an innovative solution to it or try to improve the existing ones.
Remember, getting orders is not the only key to success. Instead, focus on your customer’s everyday problems and try to resolve them, by providing them with your products as a solution.
** Promotional goals include creating awareness, getting people to try products, providing information, retaining loyal customers, increasing the use of products, and identifying potential customers, as well as teaching potential service clients what is needed to “co-create” the services provided.
Finally, It’s your turn to mantain all the steps to start your new business. Good Luck!