1. Choose a current event or issue in your community and
discuss the business implications. Propose a solution that
incorporates business principles or practices. The review
panel will look for creativity, drawing connections, and
originality. *Please limit this response to approximately 500
words.
A pressing issue in my community that I have noted is the sharp decline in local retail stores.
Primarily due to the increased e-commerce platforms surfacing.
Most local retailer shops owners being in the age of 40-50 are facing the implications of this
issue. As, deciphering the digital world is becoming a challenge, they are loosing their interest in
growing their businesses in the traditional manner, this shift has extensive implications such as
lesser number of walk-in customers, and decreased sales in all products offered by the store.
This pose a concern towards the livelihoods of the retail shop owners as well.
The digitized retailing also poses a major issue to the investments bought in locally, as majority
of investments due to the shift, will be given to the larger corporations, driving the money out of
the locality.
To tackle this, I propose: CRI– Community Retail Initative.
The initial problem faced by various small-local-business owners here in the city I live- warangal;
is Marketing. Although Marketing on a global scale has taken leap into expanding an individual’s
business. There is still a need of advertising the theme of a certain brand locally as well.
1. Joint Marketing
Joint Marketing would aid most owners. As this initivative is a collective, about 5 owners in the
similar industries can pool money, and advertis collectively–together. Reducing the overall
spending, reaching a broader customer base, and also promoting the industry as a whole, while
being a part of it. Individual Marketing costs can be lowered by incorporating this.
2. Offering Internships
Most graduates or students pursuing their bachelors usually look for work-experince and earn
some money for their own savings. Considering the majority of students pursuing bachelor’s are
doing Computer Science. The joint retail group owners could send out a application requesting
to build a common website where, all the local products could be showcased.
Building a centralized platform built by students, and managed by them would pose no issue to
millennials managing their store offline.
3. Reduction of Operational costs
Investing in Energy Efficient Ligtining and equipment is another way to reduce the
utility/electricity bills. Most revenue received usually goes into paying the operational bills used
to run the offline store. However, using Occupancy Sensors, LED lighting, and Solar panels
would cut down the electricity bill heavily in the long-run. The savings from these could be
re-invested into the store. This could benefit the store and also reduce the usage of electricity as
well.
discuss the business implications. Propose a solution that
incorporates business principles or practices. The review
panel will look for creativity, drawing connections, and
originality. *Please limit this response to approximately 500
words.
A pressing issue in my community that I have noted is the sharp decline in local retail stores.
Primarily due to the increased e-commerce platforms surfacing.
Most local retailer shops owners being in the age of 40-50 are facing the implications of this
issue. As, deciphering the digital world is becoming a challenge, they are loosing their interest in
growing their businesses in the traditional manner, this shift has extensive implications such as
lesser number of walk-in customers, and decreased sales in all products offered by the store.
This pose a concern towards the livelihoods of the retail shop owners as well.
The digitized retailing also poses a major issue to the investments bought in locally, as majority
of investments due to the shift, will be given to the larger corporations, driving the money out of
the locality.
To tackle this, I propose: CRI– Community Retail Initative.
The initial problem faced by various small-local-business owners here in the city I live- warangal;
is Marketing. Although Marketing on a global scale has taken leap into expanding an individual’s
business. There is still a need of advertising the theme of a certain brand locally as well.
1. Joint Marketing
Joint Marketing would aid most owners. As this initivative is a collective, about 5 owners in the
similar industries can pool money, and advertis collectively–together. Reducing the overall
spending, reaching a broader customer base, and also promoting the industry as a whole, while
being a part of it. Individual Marketing costs can be lowered by incorporating this.
2. Offering Internships
Most graduates or students pursuing their bachelors usually look for work-experince and earn
some money for their own savings. Considering the majority of students pursuing bachelor’s are
doing Computer Science. The joint retail group owners could send out a application requesting
to build a common website where, all the local products could be showcased.
Building a centralized platform built by students, and managed by them would pose no issue to
millennials managing their store offline.
3. Reduction of Operational costs
Investing in Energy Efficient Ligtining and equipment is another way to reduce the
utility/electricity bills. Most revenue received usually goes into paying the operational bills used
to run the offline store. However, using Occupancy Sensors, LED lighting, and Solar panels
would cut down the electricity bill heavily in the long-run. The savings from these could be
re-invested into the store. This could benefit the store and also reduce the usage of electricity as
well.
