Retail stores are an integral part of our everyday lives as they provide us with the access to an extensive range of products & services from our neighbourhood. Not only this, these small, yet crucial stores also contribute to the economy by providing job opportunities.
In today’s technology-led fast-paced era, where online shopping is dominating the industry, small & local shops are often underrated. A large community of retailers is shifting online since running a retail store profitably in a cut throat competition is not as simple as it seems. It is a tough cookie to crack.
Do you also run a small local store in your area and struggling to grow it? Then we have a perfect Small Retail Business Growth Strategy for you to foster your business & make more money.
Continue reading to learn How to Grow your Small Retail Business effortlessly.
Easiest Way to Affordably Grow your Small Retail Business:
When it comes to growing your small retail business, the common advice is to invest a large amount of money and expand. However, this approach may not be feasible for small retailers who lack investment resources and significant capital. So, what can they do? Is there a cost-effective way to nurture their business? Absolutely.
There are retailers whose businesses are thriving, and that too without burning their finances. So what are they doing right & not you? It’s experiment. Gone are the days when people used to stick to one business and hesitate to experiment with it. Now, in this age of digital literacy, nothing has remained out of the question. So the retail growth strategy we are discussing today is converting your shop into a Banking cum Taxation Center. Don’t be confused, in simple terms, you can make your shop a mini bank. Sounds interesting? Let’s discuss it a bit more.
What is a Banking cum Taxation Center?
See, the retail business is all about catering to the diverse needs of your consumers. You must have what your customer requires, after all, he’s the one who’ll pay you. Nowadays, the need for banking & taxation-related services has notably risen. Nobody wants to go to distant banks & stand in long queues for ordinary transactions. Avoiding long queues and distant bank visits for routine transactions is a common desire. Offering these services within your retail store can revolutionize your business. That’s what a banking center does. It enables you to cater to the banking & taxation-related needs of your customers eliminating the need to visit bank branches or any other place, resulting in more foot traffic that’ll eventually drive more sales in retail stores.
Offer these Services to Grow your Local Retail Store:
Now when we’ve discussed this amazing opportunity to foster your business growth, you should not be worrying about how to increase sales in your retail store. But what are these services that you will be offering? Let’s take a quick look.
- Digital PAN Card: Issue digital PAN Cards to your customers with authorized & cutting-edge PAN card software. Quick issuance time, minimal documentation & easy accessibility are some of the things your customers would love.
- Aadhaar to PAN Link: Link your customers’ PAN Card with their Aadhaar Card. As per the latest norms of the government, not having your PAN & Aadhaar linked may attract a non-refundable TDS deduction of 20% as a penalty.
- Zero Balance Saving A/C Open: Open the zero balance savings bank account of your customers in the top banks of India directly from your shop. No more bank visits are needed to just open a bank account.
- ITR Status Check: Help your customers or other small retail businesses around you check whether they have filed their ITR or not.
- ITR File: File the ITR of your customers & other businesses easily with the best ITR filing software & help them claim their TDS amount.
- FSSAI Registration: Provide FSSAI registration service to food manufacturers who wish to take their business to the next level with industry-standard quality.
- GST Registration: Help other small businesses register their GST number. Provide quick & easy GST Registration Service to retailers around you.
- GST Cancelation: Retailers who are closing their ventures or voluntarily want to cancel their GST number can come to your shop & apply for GST cancellation.
- Personal Loan Apply: Disburse personal loans to your customers. Provide minimal application process, low-interest rates & quick disbursal.
- Used Vehicle Loan Apply: You can offer a used vehicle loan to people who wish to sell their old vehicle or want to purchase a second-hand vehicle for themselves on finance.
- Business Loan Apply: Assist other small retail businesses & entrepreneurs get capital for their ventures by helping them apply for business loans from your shop.
- Credit Card Apply: Issue credit cards of India’s top lenders from your customers from your store. Offer smooth application & quick issuance.
- Current Account Open: Open current accounts of other small businesses without any hassle. Just a few clicks & it’s done.
- ISO Certification Apply: Assure the quality standards by providing ISO certification application services. No more long waiting.
How to make your Small Retail Business a Banking cum Taxation Center?
Up to this point, we have explored different services that enable you to provide banking services to your customers directly from your retail store. Let’s now delve into how you can integrate all these services into your shop.
Dogma Soft Limited – India’s Leading IT & Fintech Service Provider Company offers you to turn your local store into a Banking cum Taxation Store & offer a comprehensive suite of essential services mentioned above. You can boost your business with this small business growth strategy at a one-time activation fee of just ₹999/-. Wanna learn more about it? Watch this quick video featuring How to Grow your Small Retail Business in India.
The Bottom Line:
“Change is inevitable, growth is optional” can be seen as a proverb or a reality check. In today’s technology-driven world, new developments are coming across with every upcoming second while older methods are becoming outdated. To thrive in the fast-paced retail landscape and get a competitive-edge, a robust retail expansion strategy is an absolute must for your small business.
In this blog, we outlined a strategic growth plan for small businesses alongside ascertaining how you can provide the latest banking services to your customers with Dogma Soft. It does not only expands your small retail business in India but also gives a boost to your goodwill. When it comes to your business, don’t be afraid to experiment and think outside the box because who knows, you might just discover the next big thing for your business.