Gain Profits by focusing on 5Ps in retail.
Gain Profits by focusing on 5Ps in retail.

Gain Profits by focusing on 5Ps in retail.

Gain Profits by focusing on 5P’s in Retail

In the Retail Industry, the 5 Ps play a major role. 

The 5Ps are: 

  1. Product 
  2. People   
  3. Price 
  4. Promotion 
  5. Place 
Product 

Research similar products in the industry. Study your competitors and their marketing strategies. Your product should  incorporate latest technology as per the market trend to stand out.

People 

People look for many products in the market. Determine who needs your product and attract the right people. 

Price 

Compare your price with competitors. If you are introducing a new product in the market, keep the prices low. Once you increase your sales, you can change the price as per the market standards. 

Promotion 

Promote your brand online and offline. Attend events, webinars, and seminars and talk about your product. Ask for referrals to your relatives, friends and customers.  

Place 

To attract customers to the outlet, a good place is a key factor. Your store should be well-placed and Supply and distribution should be easier in your store.  

eRetail’s Prana POS is the trending POS and it is available for free for 30 days. There is a Free 30-day Trial period where you can try the best billing software Prana POS for free.  

Register here for a free trial. 

https://eretailtech.in/cloud-point-of-sale-billing-software-free-trial/ 

 To know more about eRetail’s Prana POS, please visit  

https://eretailtech.in/ 

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