How to know the demand of the Retail market?

**gelly** · 10-27-2008 06:57 AM

Hi everybody,
I am going to start a retail business, before starting a retail business I just want to know the demand of the market. I think in retail industry it’s important to have quite an intelligent look at market. I am looking for some tips which will help me in earning good amount of profit and ways which will help me to understand the need of market.
Thanks a lot for your future help!!

**jasaunders** · 10-27-2008 08:24 AM

You need to do a market analysis. Determine the size of your market by identifying your target market and do a market sizing on this demographic and psychographic. Next, survey your potential customers to see if they are willing to buy your products. The process is a little more complicated then this, but these are the basic steps.

**Imonggo** · 10-27-2008 09:44 PM

Hi jelly. jasaunders is right. Let me add some things:

1. What will you sell? To whom will you sell? The retail market is very broad.
2. After this, you evaluate the market. This is where you do a more comprehensive market analysis. Who are your competitors? What are the alternative products to your product?
3. After this, you will decide on your market position. Do you want to project a high end marke or a low end market. Your pricing will depend on your target market.
4. When you set it up, you need market intelligence. This is where you need softwares to track your sales and inventory.

Hope you will succeed. Goodluck

Imonggo.com - The Easiest POS on earth, Where Everyone Can Sell

**terapatrick** · 10-29-2008 01:42 AM

Yeah! It’s really very important to know the demand of the market. First of all perform a feasibility analysis to make sure that the business you want to start is going to be beneficial. Retail is a fast growing industry but it requires quite a study before actually going into it. There are some methods like SWOT analysis to have a idea about market trend and actual potion of market. As it’s important in this industry to cater to right market and in retail industry market position of area where you are going to start your business is vital. Requirement of market should always be taken care off. To earn a good amount of profit you have to hit the bull’s eye with a needle precision. Hope this will help you to some extent.
All the best for future!!

**discountedclothing** · 10-29-2008 05:19 AM

All of them were right. Determine which particular product would you like to sell and make some necessary survey and analysis before setting up. You can ask around your area like your neighbors, friends, classmates etc on what products do they used most and what is their reaction if you'll be the one who's going to sell the items. Are they going to purchase it or they will continue to buy it from their local markets.

**Brainy** · 11-24-2008 02:20 AM

Whether a "business opportunity" or a "start-up firm", my guess is that the best entrepreneurs do their homework first. And by that, I mean, reading & research, along with direct consulting with business owners in similar industries. I'd say that talking to people that already own and run businesses similar to the one you'd like to start is definitely a good first resource for getting the "feedback" necessary to see if you have what it takes.

It's my personal viewpoint that the (USA) retail industry in preparing for their most disastrous season ever.

Retail News Forecast:
Watch the news in January 2009, you'll see (1) many retail firms closing 50-100+ stores, (2) many retail firms filing bankruptcy, (3) other large retail firms buying up smaller hurt firms, (4) and to top it off...many thousands of retail workers out of work.

One person that I like to watch forecast the economy is Gerald Celente, some of his stuff is available on YouTube.

True.