How Important is Maintaining Quality for Business
Quality is one very important asset of any retail company, which manufactures a product or provides service, because if you are investing your time, energy and money into something, then it better be something worth investing.
The Indian retail industry accounts for over 10 percent of the country’s Gross Domestic Product (GDP) and around 8 percent of the employment. India is the world’s fifth-largest global destination in the retail space.
India’s retail market is expected to nearly double to US$ 1 trillion by 2020 from US$ 600 billion in 2015, driven by income growth, urbanization, and attitudinal shifts. While the overall retail market is expected to grow at 12 percent per annum, a modern trade would expand twice as fast at 20 percent per annum and traditional trade at 10 percent.
India’s Business to Business (B2B) e-commerce market is expected to reach US$ 700 billion by 2020. Online retail is expected to be at par with the physical stores in the next five years.
Maintaining quality helps in making the retail brand successful and sustain for a longer period of time than others, with low quality maintaining companies.
Here are some of the points, which say that quality control is important for retail business:
It takes ages to build a reputation but it takes only seconds to destroy the years’ long hard work to shatter in front of your eyes.
To build a reputation, one has to deliver quality product and services to the customers, thus the experience becomes unforgettable in the part of the customer, which will make them come back to you again and again.
Moreover, once the ‘best quality product or service’ delivering tag is attached to the company by any survey or by the words of customers, it will make reach the company to new heights altogether.
The customer is your ultimate receiver of the product or service, you offer. And keeping the customer happy will ensure growth and success of the retail brand.
There are companies, who use a cheap or low-quality material to keep the market’s needs or demands fulfilled. They play with the tactics that produce low-quality material will get spoilt easily and the customer will come again and again back to the same brand to get that particular product. But the customer is not dumb as he/she is assumed to be.
Customers too are constantly looking for the replacement product with better quality and longer usable time, thus once the quality is checked the customer would not look out for options or products. It will become a bond and the customer will further help in spraying the word on neighborhoods and relatives. Thus the productivity, as well as the profit, grows likely.
Growth is Constant:
For any business the growth is the factor which should always be upward in the graph and to keep the movement of growth graph linear, one has to ensure the quality of the product and services.
Customers are easy to satisfy clients if the consistency of quality is maintained throughout the lifetime of the brand, it will also provide space for the brand to open another branch or to take the risk of coming up with new products under the same manner.
This will also help the brand to keep itself ahead of its rivals, especially the ones who produce low-quality products and provide low-quality services.
Saves Unnecessary Waste of Time:
People are likely to do mistakes when they are often made to face the panic and anxiety moments. To avoid unnecessary and unwanted attention or problems maintaining quality is a way easier method.
Maintaining quality is easy and would not create any panicky situations for the retail company. When the survey people come for audits or to check the quality control of the company, one would be saved from wasting time in creating false reports or cause panic attacks to overcome such situations.