Retailnig (Market research)

A deep market research is the main key to success when building your business empire. It doesn’t matter, whether you are planning to produce something or to build a retail store chain, it is important to determine the market with the least competition and the biggest profit potential. The sooner you’ll make the better will be the results.

For now, lets stick with the retail industry. Lets say, you have just joined the game and looking for retail niche. So, before choosing the most appropriate niche, ask yourself the following questions:

– What is my current experience level? By this I mean, how much experience points you have in commerce. At the start you won’t have many, so toget the best results (100% store efficiency) just concentrate on acouple of 1000 sq. foot stores in rich countries. You can find out yourexperience in commerce under “My Office” -> “Qualification”

– What is my shop’s location? As I have mentioned before, you want to build shops in rich countries, where the margins are much bigger. Remember, though that the competition there is also stronger, so the trick here is to find the least competitive city for your line of products. Use the following tool: “Game World”->”Reports”->”City Retail”.

When analyzing the data above take a closer look at the following data:

– Local suppliers – what % of sales is done by independent suppliers. As a rule of thumb, the bigger the % number is the better, meaning there are no big companies represented in this market at the moment.

– Also, take a look at the average selling price and average quality. Compare this data with products available for purchase at the open market (use“Add Supplier” feature of your shop). You want to look for high quality branded products you are able to resell with a decent profit and also below average market price.

This tips should help you to determine what kind of products to sell and where. I personally, would advice to start with food or clothes and then maybe to cars. And try to build a strong brand for your shops (advertise your shop – “Marketing&Advertising”).