Toys have been a product for playing with an educational component. Toys are given to children worldwide to play with and enjoy. Many toys are classified according to the child’s age. Toy Store are classified into various categories, ranging from dolls and other soft toys to Rubik’s Cubes and Jigsaw puzzles.
This category includes athletic kits, chess boards, and other outdoor-indoor educational toys. Every fourth person in India is under 14, and the growing desire for educational toys propels the Indian toy business. Thus, starting a Toy Store business is a wise decision. However, it requires extensive planning, research, and analysis.
Did you know that?
The Indian toy market is dominated by infant/preschool and unisex toys.
The Scope of the Toy Industry
A toy store is a business that will thrive in any generation. Furthermore, a toy store business is divided into many niches, such as soft toys, electronic toys, puzzles, dolls, sports kits, etc. The majority of India’s top-grossing toy industry is concentrated in Maharashtra, Karnataka, Tamil Nadu, Delhi, and Gujarat. The toy business market in India will have risen to a turnover of $1.35 billion (about 21,000 crores) by 2021.
According to the IMARC report, the Indian toy industry could reach a peak of $2.73 billion by 2027. This new generation is becoming increasingly busy, but no matter how busy the youth get, the children will always seek an escape, a handful of toys for them.
As a result, preparing to create a toy store business in India is one of the best and brightest ideas of our time. However, certain stages and procedures must be examined before venturing into the toy store business.
Several reports determine a toy store’s scope. Some of the critical factors to consider when opening a toy store are as follows:
- Success Factors in the Market
- The value chain
- Comprehensive competitive landscape mapping.
- Market forecast.
- The market’s performance.
- The SWOT analysis.
Planning and Steps
To begin a toy business, specific processes and procedures must be followed. Some of the fundamental steps to consider when opening a store are as follows:
Planning
The first step to take is to consider creating a toy business. The primary task is to identify the category of the toy store, whether it will be a large-scale retail shop or an in-house manufacturing shop. There is a need to comprehend and comprehend the expertise and imagination required to start a business. Furthermore, the strategy should include the sort of toy store setup, whether online, offline, or both.
Innovation
One of the most important parts of beginning a business is innovation. Regarding the toy sector, originality and imagination are extremely important for market growth. The requirements and needs of children have a significant impact on the revenue of the toy store business. However, appealing and original ideas will drive the toy market forward.
Researching
The marketing function, demands, supply chain, raw material source, availability, and other factors must all be considered. For example, assume you open a new toy store in a new city. In that situation, you must research and analysis on the rules and regulations governing business in that city.
Choosing a Niche
A toy business can be divide into various categories. As a result, whether a store sells just soft toys or outdoor games/equipment, a specific niche must be consider. A large-scale toy store business may cater to children of all ages.
Location
The location is one of the most critical factors in a successful toy store. In a densely populate area, the site must be cost-effective and easily accessible. After analyzing various places, the store should be establish in areas with a high number of children and a high demand for toys on the market.
