I hope that by this time, you all know that Reliance Industries Ltd is going to start its journey in the retail industry by opening a giant store in Hyderabad next month. If you want to know more about it, you can read this report of Forbes.com titled 'India's Reliance to open first store next mth in retailing sector push'. Since, Reliance is now entering this business, I am sure that it will dominate the market. I have just few tips for the Reliance bosses:
1. Make hay while the sun shines: Foreign companies like Wal-Mart are still to enter in the retail sector in India because of legal restriction. However, sooner rather than later Indian government will be forced to open up this market. In fact, Wal-Mart is trying its best to lobby the Indian government. So, Reliance should act very fast and set up its strong presence in all parts of India as soon it can.
2. Look before you leap: Wal-Mart has suffered a lot of negative criticism in USA and other parts of the world. Reliance bosses should learn from it and be careful from the beginning.
3. Cheap, cheaper, cheapest: Reliance is investing a huge amount of money in the retail industry. Super market chains are popular in America and Europe because they offer cheaper price. Reliance must focus on it from first too.
4. Good CRM is winning half the battle: Well, this is one area Reliance cannot afford to neglect. Customer Relationship Management is not considered to be very important in India. Reliance must train its employees very well. If needed, Reliance should hire exports from America and Europe to train the employees.
5. Quality Control: The recent controversy about Coke and Pepsi should remain as a lesson to Reliance bosses that Indian people are now very conscious about quality.
Do you have any other advice?
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