Kirana stores are popular in India because it has a large population to serve. It can be easily set up in India within INR 5-12 lakhs. This is the reason why numerous kirana stores can be found in India. Hence, it is essential for the store owner to come up with strategies that can help them to stand out in the high competition with a good profit margin.
Building an online kirana store
In 2022, the estimated number of Indian digital buyers is 312.7 million. Kirana store owners should shift towards the online world to capture more and more customers. As there is a direct link between the number of customers and the profit margin. Online stores can be operated round-the-clock with minimal resources and expenditure compared to offline stores. Professionals can be hired for all the requirements to commence an online business.
Use social media platforms
There are brands that generate an impressive amount of revenue and active leads out of social media. Facebook and Instagram are the most commonly used platforms for the promotion of a business. Organic and paid forms can be used for the promotion of kirana stores. Promote the local activities of your store on social media. This will help the kirana store to gain the reputation of being unique.
The best way of eliminating competitors is to be unique and creative. Successful businesses find a gap in the market and ensure maximum utilization of the available opportunity. Think about what others are not doing and use this as an opportunity to grow. For example, Kirana stores remain closed on festives and weekends. Do the opposite to be able to attract more customers and increase profits.
Remember the customer is king
Customer satisfaction is the factor that determines the success of any business. Unsolved queries and complaints of the customers develop suffering for businesses whether big or small. If a customer is not satisfied with the product on genuine grounds then the seller should provide painless and easy return services. Another way of satisfying customers is through lucrative offers and discounts.
Know the competitors
To be unique a business must have an understanding of its competitors and their strategies. Established nearby kirana stores can help in the identification of the right product and audience. You can conduct study and hunt for chances. You might investigate your rivals to determine what business strategy they employ for their Kirana stores.
Learn customer behavior
No doubt, without customers it is impossible to run a business. Factors like motivation, belief, perception, and knowledge highly influence the behavior of the customers. The study of consumers helps in differentiating between the obsolete and the required products.
Categorize the demography of the customers based on location, gender age, literacy, employment, etc. Analyze the behavioral patterns of the customers using the platforms such as Vertica and Hubspot and social media insights. Consider the needs of the customers to improve their shopping experience. Urgency and price can play a great role in building a customer base.
Diversification of products
Diversification protects businesses against risk. If a product becomes obsolete, others can be used to make profits. Keep the variety of products in reach of your customers.
Quality should be given priority as well. Diversification of products can boost customers because of their diverse needs.
Customer feedback and reviews can be taken to understand whether they are happy with the products/services or not. Their negative reviews can help the Kirana store to take corrective actions. Customer feedback will also help in customer engagement as they will feel valued.
- Similar products can be added to the existing business which is known as concentric diversification.
- Products of a completely different nature, when added to the business, are known as conglomerate diversification.
- The introduction of new but related products is called horizontal diversification.
Deliver products to the doorstep of the customers
Buying groceries is a kind of chore for people that feels like a burden. Customers want the products to be delivered to their doorsteps. Today many online platforms like Amazon and Flipkart do the same. Customers don’t mind delivery charges until they are getting what is required. Kirana stores should provide home delivery facilities to capture the local population. Otherwise, the small grocery stores will have to face harsh competition in the constantly evolving market.
Why do people prefer home delivery?
Home delivery saves the time of working people which they can utilize for a nap. Whatever the weather might be outside, customers don’t need to worry as they get the products while sitting at home comfortably. People who visit the market physically end up buying non-essential products. Thus home delivery saves customers from unwanted expenses too.
With constant improvements, Kirana stores can be capable of gaining high-profit margins. Technological help and study of consumer behavior can boost sales in a digital world as well. Digital selling has great potential and customer reach. Use the above techniques to maintain a healthy business.
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