Chocolate Retail Market is Adding Sweetness in Food Market
India's chocolate confectionery market had had a strong CAGR (compound annual growth rate) of 19.9 per cent, in retail market value between 2011 and 2015 and is expected to grow at a CAGR of 20.6 per cent from 2016 to 2020, the research said.
It said that over two in five Indian consumers (44 per cent) find sweet or sugary snacks like chocolates and cakes to be healthy, while over one in three (35 per cent) Indians believe these snacks provide them with energy.
According to the research, 43 per cent of Indians consume sweet or sugary snacks like chocolate and cake between lunch and dinner, with over half (53 per cent) reporting that they tend to snack in between meals because they get hungry.
Here are a few tips for aspiring businessmen to help them in starting a chocolate retail store:
- Market study:
It is very important to study the market before setting the foot on the floor. Know the demands of the market, the customers, their taste, choices and preferences.
Chocolate is a thing, which one finds hard to deny but if there are plenty of options available already in the market then, it becomes difficult for multiple chocolate retail stores to sustain.
Talk to the local specialty store, if possible and gather the information about the product which is leaving the shelves faster than any product.
Moreover leaving the traditional or regular chocolate, how about trying to make a whole new recipe or product out of chocolate, this will help in fetching some bites in the market.
- Find the right place:
Choose carefully the area, where you are going to set up your chocolate retail shops, who all are your competitors in the area, check, their product quality, product variety and something which appeals the customers, to make room for yourself, where you can extend your wings.
Check how far is the market, from where you need to get things for your store.
Also one needs to see how the crowd is in that area, near colleges or centre of market complex.
- Hire smart people:
It is another important aspect to take care of, while setting up the retail store. Hire people who are well trained, punctual, sincere and smart at their work, as the entire business also depends upon the aura, hygiene and behavior of the staffs as well as the displayed food products.
One cannot miss out on how important an accountant is for the business, who will take care of profits, expenses, salary and billings.
- Marketing:
Make sure you have sent the advertisements for different media channels, to let the customers know about your existence.
It will add on to your favor, if you add some coupons or gifts for the first 100 customers or something as such.
Chocolate is a thing, which attracts people of all age group. Make sure to send across the appropriate ads on television in between breaks on cartoon channels for children and in big banners across the city.
Children love the toys or tazos free gifts with chocolates or hampers. This will work for grownups as well.
- Sell Your Story
Human interest can be best described by the way they react to sad stories, or happy stories or any stories for that matter.
Try and add a pinch of story in your chocolate products and in advertisements. This will keep the interest of the customers as well as the staff, you hired to write stories.
Stories sell, because people get bought by the stories.
