Retail Entrepreneurial Idea Essay

People always have a constant need for some goods or services. These needs and wants shape the overall demand that the market should satisfy. The critical role in meeting the needs of the consumers belongs to the retail industry. It is one of the most complex and unpredictable elements of the way people interact, consume and exchange goods evaluated by money. The retail industry is a developing sphere of the economy that experiences permanent transformations and evolution due to the emergence of new technologies and the changes in consumer behavior. Each stage of society’s evolution induces the new needs and ways of consumer behavior.

Therefore, any small business must learn and consider the needs of the customers and introduce new technologies including online-shopping.

To reach the high level of development with the extensive network of shops and online shopping opportunities the retail industry had to go through many changes and evolution turning points. The new history of the retail sector started with the invention of the first cash register. In the early 1900s, the shopping was concentrated in small local shops owned by families. The innovative idea of displaying merchandise on the shelves changed retail and encouraged people to be more involved in the process.

The next crucial stage of evolution is the emergence of huge enclosed shopping malls. Going to a store became an enjoyable activity. At the of the 20th century the retail industry faced the most revolutionary changes with the introduction of e-commerce.

Nowadays the retail sector experiences a range of problems including maintaining the loyalty of clients, high employee turnover, new digital technologies, and poor sales. The paramount issue is the change in customer needs, expectations, and preferences. Though adjusting to the changes is about adding some new elements to the products, some retailers cannot take into account all the trends that eventually reduce their competitiveness and sales. Another major issue all modern businesses deal with is the phenomenon of e-commerce. However, it shouldn’t be considered a threat but an opportunity. The emerging technologies and top trends for retail create new opportunities for the development of this industry. Some of these trends issues are the increasing demand for eco-friendly products, the high usage of simplified means of payment such as digital wallets and the growing number of online shopping platforms and websites.

Following the main trends and exploring the current needs of people allow individuals to start their own business. To become a successful entrepreneur, one needs to have a new and original idea. For example, a good and creative idea is to open a shop of the eco-friendly gifts and products where the customers may compose themselves the gift box and put the chosen gifts inside the box. The store can also provide the clients with an opportunity to make unique green gifts themselves using the set of appropriate equipment and eco-materials such as recycled sweaters or organic cotton and bamboo. The business will be profitable because eco-friendly products are trending in the market. Taking part in the green economy and branding the concept of the shop are crucial for marketing and it is not difficult to promote products in this segment of market. The start-up can be competitive employing a new approach of selling hand-made eco-gifts and giving the customers an opportunity to mix different goods in a single green box.

Many people realize all the current environmental problems.

Therefore, they try to be eco-friendly and prevent wasting, air, and water pollution. While being invited to some parties, birthdays and other holidays people may need to present some unique gifts to the lovers of all things connected with preserving the ecosystem and nature. A specialized store that enables people to compose the eco-gifts and create handmade ones is the best choice and solution while choosing the appropriate presents. This idea is aimed at satisfying some specific needs of a group of people who love nature and their friends and relatives who may not know what to present them. However, there are a lot of similar but not the same shops specialized in selling gifts and related goods. The uniqueness of this new idea is about some unordinary solutions for people and the capability of making gifts on their own. The appealing appearance of the gift composition that may include hand-made items, a reusable water bottle, the wooden jewelry and sunglasses is the main advantage that will help reach many customers and increase total revenue. Furthermore, creating the shop’s website would be a significant advantage that may lead to increased market share and growth.

In conclusion, the retail industry faces new changes and the development of technologies and online services poses the challenges for physical retail. However, it does not implies there are no rooms for ordinary shops because people often need to look at the products and touch them. It is not compulsory to follow the trend of online-shopping blindly. Any new and unique idea that meets some people’ needs and specifications will succeed, and the introducing of new technologies may help the business grow.