In recent years, Startup has created a new viral trend in the market and ‘conceived’ countless successful entrepreneurs in every industry. Surprisingly, there is one “ancient” and extremely “stubborn” industry that has repeatedly bankrupted a series of entrepreneurial dreams, but with its immense potential, that industry continues to receive the attention of all startup enthusiasts. And that is: Retailing.
Retail: The ‘backbone’ of every economy
Defined as the last step in bringing goods and services to the end consumers. Retailers usually directly collect products from production partners or intermediaries such as wholesalers or suppliers.
In a supply chain, retail is usually the last link before the fnished products are settled in your shopping trolley. And same as manufacturing or transportation, retail will remain an integral part of any economy model in the future.
In Vietnam, the retail sector is currently one of the fastest growing sectors with a growth rate of 63.7% in the last three years. By 2017, retail sales in Vietnam reached $129 billion, increased 11% compared to 2016.
Currently, the Global Retail Development Index (GRDI) of Viet Nam is ranked 6th in the world. This shows that our retail market is more attractive and full of potential than ever before.
Startup in Retail: The ‘nasty’ mix of opportunity and threat
With that enormous potential, at least 30% of startups are established each year in the retail sector. These investors are willing to “sacrifice” their capital and time to provide products that may be completely undesirable to the customer.
If so, how to ensure successfully start-up in the retail industry? Most experts believe that the success solely lies in PRODUCT.
The product is the #1 factor in every retail model. But how can entrepreneurs find the right product? This is due to 3 criteria: Knowledge, Demand and Profits.
You do not need to know by heart all the “hidden details” of the product, but to succeed, you should know some crucial knowledge and at least have a little passion for your product. Retail is one of the “hellish” industry with the intense pressure to survive, so at least you should sell a product that you love.
And if there is a certain investment in knowledge, you will find it easier to choose the ‘right’ supplier, the most ‘trendy’ product or the appropriate price.
Let’s get real here. We are talking about ‘cruel’ and harsh business, you will not be able to succeed with just passion and knowledge alone.
And that’s why we should be candid about the actual needs of the product. If the customer does not want to own the product then you should immediately seek another way out to avoid failure. Surely you would not want to be invested in manufacturing, shipping, display and retail to finally discover that no one wants your product at all.
After finding a product that you love with actual needs in the market. Let’s take a look at the determinant of the existence for every business models: The profitability of that product.
You need to thoroughly research the price from the supplier or official distributor of the product at exhibition events. Then compare the retail price of the product or similar / replacements in current supermarkets, retail systems, famous e-commerce websites… to capture the real potential of the product.
Nobody dares to say that startup is easy. Just the first step of looking for a ‘right’ product has chased away countless investor and crushed innumerable dreams. But there is an event that can make your retail start-up journey less difficult, or even more likely, to become ‘Effortless’.
Vipremium 2018 – Where suitable products assemble!
Vipremium 2018 – The 9th International Premium Sourcing Fair in Vietnam, will help you solve the problem of finding the most suitable product.
With the participation of Exhibitors / Suppliers of high-end consumer products both in Vietnam and abroad. They’re ready to provide you the specialized consumer products, gifts and home appliances from startup projects to popular brands Korea and Japan.
In fact, consumer goods, gifts and home appliances has increased their popularity recently. As the Vietnamese market keep developing, high-end consumer goods will become a more and more of an daily commodity.
At Vipremium 2018, you can easily find the supplier with the best price in the shortest possible time.
What are you waiting for, join Vipremium 2018 now!