Whether it is laptops, mobile phones, television sets, or other consumer durables, the demand for electronics in India has increased manifold. While the e-commerce sector is booming, many people still prefer buying electronic goods from retail stores. As such, many people find value in setting up an electronics business. However, if you already own it and wish to expand your electronics business, here are a few things to remember.
How to grow your electronics shop business – the dos ans don’ts
The dos
Here are some things you can do to expand your electronics business.
Professional staff training to assist customers: You must take the necessary measures to train your staff as they will always be at the forefront. Customers are more likely to return to your stores if your staff can resolve their queries quickly.
Offer finance schemes: Electronics including phones, TVs, washing machines and air conditioners, are generally expensive. However, you can team up with banks to offer flexible finance schemes like EasyEMI, discounts, CashBack , etc., to attract customers.
Keep up with new technology: New technological advancements happen every day across the world when it comes to electronic devices. There are newer models of phones, washing machines, headsets, computers, and other devices almost every other day.Make sure you keep an eye on the market and stock up on the newest items.
Marketing through social media: Social media is an inexpensive and effective way to attract customers and advertise your business. Regularly posting content about existing and upcoming products and discounts can prove incredibly beneficial. A social media presence gives visibility, which you can leverage to expand your electronics business. Read more on how online marketing can help boost your business by clicking here.
Offer personalised services: You can successfully expand your electronic business by providing exceptional customer service. Your customers are your biggest marketers as well, and their word-of-mouth is the most influential form of free advertising you can hope to earn.
The don’ts
Here’s what you shouldn’t do, to ensure that your electronics store remains profitable.
Don’t indulge in false marketing: Many companies resort to false marketing to attract customers. Such businesses tend to suffer in the long term as they lose credibility. Avoid attracting customers by exaggerating about products and offers, and state the charges upfront instead of levying hidden charges. You must also avoid misleading consumers about the features of any products just to increase sales.
Don’t be ignorant about product features: Consumers want to ensure they get the best out of every buck spent. If your sales staff is unaware of the features of products, they may be unable to make a sale. To ensure your electronics business runs smoothly, your employees must be well aware of the products on sale.
Don’t ignore customer grievances: Take note of customer issues and grievances seriously. If you fail to take the necessary steps to provide adequate solutions to customer complaints, your business may get directly affected as an outcome.
Don’t overlook quality control: Ensure you sell only genuine and quality products. Selling defective items can diminish your brand value, affect your sales, and impact your electronic business significantly.
Don’t postpone monitoring electronics devices: Ensure that you check the working condition of all your displayed electronic items regularly. It is crucial to monitor your inventory and ensure it is in excellent shape in order to help customers arrive at a purchase decision.
Enjoy Business Expansion Solutions with HDFC Bank
With HDFC Bank’s SME solutions, you can avail of Business Loan to fund your business expansion plans. Enjoy higher loan amounts and flexible repayment tenures on all kinds of loans, including Working Capital Loan, Commercial Vehicle Loan, etc. Click here to know more.
*Terms and conditions apply. The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. HDFC Bank recognises the challenges entrepreneurs face while acquiring capital. Thus, HDFC Bank has created MyBusiness, a one-stop solution that gives you easy access to loans, digital solutions and provides you with the essential knowledge you need to run your business. With HDFC Bank MyBusiness, you can scale up, expand your operations, and nurture your business.
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