Like every field, the retail sector of India has its own challenges. The field is highly competitive. Still, the Indian Retail Industry is the 5th largest in the world. It is one of the most important pillars of the Indian economy and one of the fastest growing industries in India. It contributes around 8% of total employment. The total spending of the retail sector is expected to double in the next coming years. Even having continuous progress in the retail field of India, there are some challenges which cannot be ignored. If these challenges are resolved, the progress scenario can be seen in every aspect including sails, production, budget and employment.Retail Formats in India
The Indian retail industry is progressing, but the progress is slow because of several reasons. Let’s talk about them.Struggling to Meet the International Standards
Even though India has more than 5 million outlets of different sizes and styles, it is struggling to match with the international standard. There is a countable number of stores that match to the standard. In terms of hygiene, facilities, and technology, most retail stores in the country are lacking. It still has a long way to go to match the standard.
When you visit a mom-and-pop store to buy a particular item, you often notice that they don’t have proper items. Even big retail chains complain of the poor supply. Traditional stores do not maintain any report of what they need and what not to maintain consumer needs. It affects their business growth.
The retail field in India is highly competitive. Traditional stores are facing huge competition with big budget modern retail stores. These big stores have attracted more than 10% of consumers of local traditional stores. They are offering discounts to lure customers. Thus, the field is facing tough competition.
Most of the retail outlets in India have space less than 500 square feet which is very small by the international standard.
Many retailers are facing a shortage of well-trained workers. Organizing special training for workers is not a cup of tea for small retailers. Moreover, retailers working in the traditional manner. They don’t have computers and special software for making retailing easy.
It is one of the primary challenges facing by many retailers. Thefts, shoplifting, vendor frauds and inaccuracy in administration and supervision are some challenges which difficult to handle.
IT sector has lots of potentials to change the face of the retail sector.
Poor Infrastructure is on the way of improvement. Many retailers have equipped their premises with computers and CCTV cameras. They are now maintaining their data in the computer. The use of new technology is improving their performance.
Since GST has been introduced, it has become a big headache for retailers, especially small ones because they cannot afford a personal accountant. Many GST programs have been launched to resolve their problem. They are user interactive and easy to install. Retailers can handle them alone to calculate and file GST.
Managing and tracking inventory has always been costly for retailers. But, they can make it easy with an installation of the app that offers inventory management. It will track the purchase cycle and offer real-time information. It means the stores will hardly face a shortage of any particular product.
Just like inventory management, it is tough to handle selling and buying details. The technology market offers price auditing software which can make the time-consuming work so easy and fast.
POS system is on the way to India. It will change the face of the Indian retail sector, especially big shopping stores and hypermarket. With the welcome of the POS technology, customers have to no longer wait to purchase their merchandise. Customers can check out from wherever they are in the store through handheld scanners, printers, and computers.
Medley India Services for Retail SectorsRemote Desktop Protocol with Innovative Hardware Support Using Thin and Fat Client
If you are planning to introduce the POS system in your shop or you have several computers to manage data, consider our RDP technology. It replaces PC to Thin Client to let you access any virtual desktop. Our cost-effective Virtual Desktop Infrastructure protects and manages your sensitive data efficiently. It will eliminate the hardware issues.
Keeping data in the computer without any security is risky. You may lose your important files. Our powerful security software, Firewall service, and surveillance solution will keep your data safe. We offer document management software, Microsoft products, and Asset management programs. Moreover, you can contact us for a high-quality camera, digital data recorders, and server-based surveillance through DVR technology.
What will happen if you lose your monthly sell records? It will be a nightmare experience. We will save you from this shocking incident. Our institution offers smooth Cloud storage services where the files stored in the cloud. It keeps your data not only protected but also give you the freedom to access it from anywhere.
Now, data transfer will be so easy and fast using our service. No file will be stuck due to bad server connection. Our uninterrupted networking service will let your business grow by improving storage efficiency, cutting costs on software, securing data and making data sharing fast.Feel free to contact us for further discussion!