Retail Success Story is a monthly feature by The Electronics where we share inspiring anecdotes from the retail community.
Tribhuvan Singh, then a retiree from Meerut with a lot of time on his hands, knew that he wanted to do more.
At 51, when most people wouldn’t imagine going through the highs and lows of starting a new business venture, Singh decided to take on not just running a business, but also making it a success.
In less than a decade of opening up his retail business, Singh was able to grow his venture 100 percent YOY.
If that wasn’t a success story on its own, he now owns four more of these outlets at some of the most coveted locations in his hometown of Uttar Pradesh.
With an observant eye and curiosity for electronics, he built M.Chauhan Electronics – a brand that has now dug its roots in the local consumer electronics market.
The story begins in 2013. Singh pooled in his savings to open up his first small retail outlet. It wasn’t easy at all navigating his way through product knowledge, it’s pricing, different demand trends, and understanding what was it that his customers wanted, he told The Electronics during a chat.
There were days when nothing went well and every step felt like he was moving backward. “It took me a lot of time for me to understand the entire trade. For those that are new to this, the challenges remain the same,” he said.
As for his success mantra, it was “dedication” and “ownership to work” that helped him get to where he is now.
In his first few years, his sales skyrocketed but had no leverages on profits, but he did not give up. “I kept my hopes up. I was still confident that it will grow further and I will see some relief on profit too,” he recalled – and he did.
“As my confidence turned into reality, I noticed a steady growth month after month and witnessed a 100 percent growth during the YOY comparison. This figure gave my confidence a boost and I realized that expansion is the next big thing!” he said.
Technology changed the game for him
Even though the internet has changed the way people buy, retail stores have more than just an old-world charm, he explained.
“They can touch, feel and see the product and there’s the freedom to actually discuss the details with us,” he said.
Singh said, “During this journey, I understood why consumers prefer buying from offline stores. As an Indian consumer, unless they don’t see and feel the product, it is a bit difficult to arrive at decision making.”
One might wonder how technology fits into all this. It, of course, plays a vital role. Arzooo’s cutting edge technology comes in handy to all offline retailers such as Singh, who want to find their success story.
Arzooo helps them understand what’s happening in the market and provides a solution for every big problem out there for a retailer.
It’s a one-stop solution, especially with its unique feature, ‘Go Store’ which gives retailers access to a bigger product range, better pricing, supply chain, and sourcing that helps them compete better with popular e-commerce websites.
It helps digitize physical stores and enables them to overcome challenges like having a limited selection of products or a lack of different brands that their consumer would demand. It gives retailers access to a large inventory across categories without having to invest in all of it – boosting sales and creating satisfied customers.
Singh believes that the Indian appliance and consumer industry will keep growing and the stagnant phase is temporary. The key is to embrace technology, like he did, and do their best. “I agree the current situation has impacted our sales but when things start falling into place, the demand will grow – that’s the hope every retailer should have,” he said, adding, “For myself, my mantra is to provide excellent service to every customer and get ready to adapt to new technologies into your daily business.”