Posted on 06/04/2017 in Category 1

Joining a bazaar, a market, marketplace- read this first

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Joining a bazaar, a market, marketplace- read this first

Joining a bazaar, a market, marketplace, exhibition, stall....

Numerous small business vendors or individuals join bazaars knowing Bangaloreans are impulse buyers. Especially Banglore women, ladies, and housewives. Which is quite true especially during festivals, and other occasions in Karnataka, India. People are out on street all the time in roadsides, marketplaces, clubhouses, including bazaars (markets) to "search for items that you don't regularly find in established shops" says Sudhakar Nair, Manager at Identity Retail Innovations Pvt Ltd, Bangalore

But that is the case, joining Vendor Bazaar's has it's own risks and rewards too. "It's quite like a bet. You either make the deal or no deal," says Sunil Kumar from VendorBazaar Services Directory. So how would you cover your risks while expanding your odds to your small business venture starting as a vendor by joining a bazaar?

Take note of the following if you are thinking of joining a Bazaar or joining a marketplace as a vendor:

The location and venue:

As indicated by Sunil, as a manager at vendor directory, the venue must be easily accessible to shoppers, to you and to your salesgirls. Accessibility is the key factor that effects shoppers as per latest retail surveys.

You should check if your prospective buyers (clients) are near you. You should likewise get tips from organizers since they know the kind of shoppers their bazaars typically receive. The best organizers understand the need to guaranteeing their vendors' success, and they do it by constraining the items available and getting the bazaar promoted and publicized by the media. "advertising and publicity are essential. It is a must have," Sunil stresses.

Exhibitor Venkatesh proposes joining bazaars that have been running effectively for many years. "Being a vendor is the first step of growing into a small business venture. You got to start it somewhere," he says in his mother tongue (Kannada).

In any way, you will do well by joining bazaars in India, where there are people on the street all the time, plus if it coincides with paydays or festivals your success is almost guaranteed.

The Rent or Lease

Rental expenses will vary depending on the place, location and depend on the kind of shoppers you get. Hotels may charge up to Rs6000 a day. In parks and clubhouses, or school grounds, the charge is pretty much Rs.1,000 a day, or lower says, Venketesh.

Despite the fact that the rent may appear to be steep in a few areas, it will even now be justified, based on your kind of goods (merchandise) and target market audience is in sync. Sunil Kumar recommends sharing the venue with a friend so as to share the cost of rentals, to begin with. Then once you are experienced you can choose to go alone.

The rent aside, the organizers may offer installation of stalls, electrical outlets, space for putting up banners and posters for your stall for an additional charge. Like if you need a fan in hot summer weather or additional lights for your stall etc. Bangalore weather is not same as 15 years ago, it's very hot nowadays" says Venkatesh

The Space

Once you decided on choosing which bazaar to join, the next obvious step is reserving a good stall early on time to get a good location for your vendor stall. Sunil says corner sites and those by the passage are the most sought after. Pick a spot on the right side of the customer flow or passageway. 'People naturally look towards the right, what you see is what you buy," says Venkatesh. Next, get to maximize your space, for example, racks, screens, tables, seats, nets, wires, and strings. Effective utilization of space needs some careful planning. If you are not an expert in planning your site it is best advised to get the services of an interior designer or an exhibition designer. Again depending on the budget you have at hand

Keep an Eye on Competition

"You need to look out and check if there's a vendor offering similar items," says Sunil. When you see your rivals offering more items than you do, you may need to cut down your costs, make value packs, improve your displays, price it differently and quickly adapt to a strategy that works for you. Try not to give the competition a chance to get on to you! "Staying a step ahead of the competition is key to success," says Venkatesh.

The Goods You Want to Sell - Your merchandise

Your merchandise blend will depend upon your target segment of the market. Be that as it may, you should pick your merchandise well on the basis that a wrong decision could cost you all the effort and cost. "The organizer from our first bazaar advised us to include as many items as possible so as to attract as many numbers of visitors and shoppers," So reviews. "But you should be ready for paying for the supplier, the inventory, and staff to handle it," says Venketesh.

"You need to address the requirements of the client," says Sunil. "Food is in demand of late. Individuals want to give food as gifts like baked goods, chocolate items," But you should present your items in such a way as to create interest to shoppers.

You should avoid bulky things in view of your constrained space, So says. "This last bazaar we sold home decor layout that was not as bulky," he says.

Your Supplier

Search for Suppliers who can give you merchandise on rotation. "Having a great friendly relation with suppliers is critical to success," says Venkatesh.

Make a few search inquiries. Check vendor bazaar suppliers directory, check reviews of suppliers, and look for bookmarked suppliers by different clients, before deciding on the supplier you want to work with.

Your Margin

Bangaloreans love to bargain. Consider this—and also your merchandise cost, your rental, your carrying cost, inventory, and your sales persons' salary, transportation etc when deciding on your increase. "Try not to discount your efforts," Sunil says. "Put a high cost on it."

Venkatesh believes that a base 50 percent increase is reasonable and enough to cover your physical and entrepreneurial venture if you purchased your items at wholesale costs. Purchasing at wholesale costs enables you to price competitively and create good bargains.

However, be flexible on pricing. Be ready with a floor price and ceiling price for each item. In general, the Bangalorean women shoppers loves to bargain, well some man shoppers too. Unless you have decided on a pricing model like that and communicated to your salesgirl some shoppers bargaining may take you by surprise. "If you are food vendor, most likely you won't find many people bargaining," says Sudhakar

Your stock

Sudhakar suggests having a form or record book to list your day by day sales and monitor your stocks. You are looking to be a small business owner soon, getting organized is fist step "Bring a little bit of everything," He advises. "But if you feel that there is an item that will sell like a hot cake, get it in sufficient quantities, and keep a backup in your van or in nearby location

Your targeted market

Concentrate your target market well. And don't expect that well off individuals do not bargain. "Indeed, even people from A & B market are extremely cautious about how they spend their money these days," says as much. "We saw this when we joined a bazaar event at the Hotel Inter-Continental in Tumkur Road."

Generally, ABC shoppers are dependable end-customers. Kids are perfect focuses for garments and toys.

To get attractive salesgirl or not?

Limit your costs, yes. In case you want to manage without a salesgirl—proceed. In Bangalore it easy to find a promo sales person, a salesgirl for Rs500 a day, even less. If you have higher inventory and many shoppers it will be difficult to manage the stall all the time. Imagine if you have to go and get food for yourself, have to go to the washroom, or have to get some change for a customer, who will keep an eye on the shoppers in your stall? It is good to be cost conscious, but it is very important to be effective in your plans.

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