Business Benefits of Retail Trade Shows for Retail Players
The Indian retail industry accounts for over 10 per cent of the country’s Gross Domestic Product (GDP) and around 8 per cent of the employment.BY Nibedita Mohanta | Aug 05, 2017 | comments ( 0 ) |
Retail business is no more limited to opening and running stores, businessmen have come up with various modes of interacting with other companies and reaching out to the customer base.
The Indian retail industry accounts for over 10 per cent of the country’s Gross Domestic Product (GDP) and around 8 per cent of the employment. India is the world’s fifth-largest global destination in the retail space.
India’s retail market is expected to nearly double to US$ 1 trillion by 2020 from US$ 600 billion in 2015, driven by income growth, urbanisation and attitudinal shifts. While the overall retail market is expected to grow at 12 per cent per annum, modern trade would expand twice as fast at 20 per cent per annum and traditional trade at 10 per cent.
India’s Business to Business (B2B) e-commerce market is expected to reach US$ 700 billion by 2020.
The trade shows, which is still fresh in the market for the budding businessmen and aspiring entrepreneurs to be a part of huge retail market or to offer their ideas and products.
Here are a few benefits, your business can earn, by participating in the retail trade shows:
1. Building Contacts:
Trade shows are places, where well known brands of retail industry participate. It is the ideal platform to build contacts with the renowned brands.
If you are a startup or one who is looking for franchisers or someone who is offering franchising opportunities, then trade shows help you in getting half the things done.
Most business collaborations take place in trade shows. Big and small players come to same level and talk or interact with each other, which helps both in building their stairs upward in the business.
2. Exposure and Knowledge:
There are a lot of good brands, which get overshadowed by the big banners, such companies get the exposure, they deserve.
Audience is huge in trade shows, and it is an opportunity for the brands to reach out to their customer and showcase their work.
Learning is a never ending process and there is no particular age group for learning. In trade shows, big companies get knowledge from small companies to solve certain kinds of problems; they also get fresh ideas to work on.
Same goes with the small companies, who get chance to interact with big players and gain knowledge in proceeding forward or to learn from their experiences.
3. Endless Opportunities:
Trade shows bring together all the small, large, medium enterprises under one roof.
This mini get together lets the companies interact and look for opportunities to grow. Companies who participate get the opportunity to know about their competitors, rivals and collaborators. And companies who do not participate get the opportunity to find a way inside the business and to interact with big players.
The audience gets the opportunity to know the options, available for their usage; whereas the companies get the opportunity to know the customers’ need better and how they can improve their approach or to identify the loopholes by getting instant feedback.
4. Advertisement and Marketing:
It is the most direct mode of advertising and marketing the products. The audience gets to know the product closely and the companies get the response of their product instantly.
The new companies get the chance to gather sponsors and sponsors too get to judge the product, they are going to sponsor.
Investors also get to look into the product, they are going to pour their money in and businessmen get to convince investors by showcasing their product in the open.
How Important are Retail
The Indian retail industry accounts for over 10 per cent of the country’s Gross Domestic Product