Do you own or are you thinking of owning a supermarket or bodega? Do you want to increase sales but don't know where to begin? In the United States, opening a new grocery shop or supermarket is more than a simple venture; it is the beginning of a journey full of challenges, but also enormous rewards and opportunities for growth.
Did you know that it requires more than just focusing on where your business is located and how the items are handled, continue reading this blog and discover additional aspects that affect your company's profitability and success.
This month, we will bring you a series of tips and blogs specially designed for new owners or those who want to improve the efficiency of their supermarket.
Prerequisites for setting up a supermarket
All markets are different and consumer research is a tedious task. It is important to understand that not all ideas—even ones that have been effectively used in other regions of the world—work in the same way.
Here is a basic guide to starting a supermarket. Let's get started!
1. The first thing to do is: market analysis.
This is the primary factor and the initial stage of everything, where the operational position of the supermarket and its surroundings are assessed. Previously, an investigation of the existing competition in the area must be conducted, to later start with the identification of the final consumer, their needs and purchasing preferences.
What should you take into account when performing a market analysis?
Demand: How much interest do customers have in your product and/or service.
Market: Quantity of people interested in your offer.
Competition: How many supermarkets offer the same thing?
Economic indicators: Income and employment rate.
Location: Space where the supermarket would operate.
Price: Determine your product's price according to the profit margin.
Analysis and product selection: as well as being aware of market trends. This involves researching which products are in high demand, which brands are most popular and which prices are competitive. In addition, it is important to consider aspects such as quality, freshness and variety.
What other elements should you consider?
Consumers basic needs.
Shopping trends (personal care, clothing, food, cosmetics, technology accessories, sports, etc.).
Include organic and healthy foods (About 3,507 supermarkets already sell these products).
Product sourcing: Research, establish and select reliable suppliers.
Price adaptation: see if you can cut them every now and then. Selling seasonal and local goods can help you increase your profit margin.
Location: make sure that your business is well-lit, adequaltely signposted, easy to access and that customers can easily navigate.
2. Detailed business plan
Study all the pros and cons of opening a supermarket. Having a business plan is the basis for any type of business.
Things to keep in mind
Your value proposition and the unique characteristics that set you apart from the competitors.
Costs, revenues, distribution programs and customer loyalty.
Consider and resolve the following:
Business objective: Define what the business does and what it offers and create a strategy that differentiates it from the competition.
Name: Choose a name for your business that reflects its identity. It should be easy to pronounce and remember.
Market segmentation: Who is your final customer or buyer persona?
Location: Put your supermarket in a visible and easily accessible location.
Communication channels: to be in constant communication with clients.
Commercial strategies that you should implement to promote sales and offers according to the season.
Permits and Licenses
In the US, there are many licenses and permissions that need to be obtained before opening a supermarket. To make sure that all local and state laws are followed, it is best to get professional legal advice.
How Universum helps you organize your supermarket from scratch?
Universum's Point of Sales System has essential features to systematize and organize your supermarket. By acquiring Universum's equipment and services, you will be able to reap these benefits:
Real time inventories.
Accureate sales reports.
Accept all types of payments (cash, debit card, credit card, EBT cards and WIC cards).
Integration with Quickbooks online to make your accounting efficient.
Limited time promotion programs.
24/7 technical support and attention, in English and Spanish.
If you would like to learn more about our benefits and services, contact a sales agent at +1-978-416-9964 or visit our website: www.universumsolution.com to know more about our company.
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