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VOL. 5, ISSUE 4 (2023)
The impact of financial challenges on medical shop retailers in Chennai
Authors
V Deepan, S Saenthamiz Selvi, A Deepan, S Hepsiba Flosel, Mofika SA
Abstract
The impact of financial
challenges on medical shop retailers in Chennai is a topic of significant
importance due to the crucial role these retailers play in providing essential
healthcare products to the population. This abstract aims to explore and
analyze the various financial challenges faced by medical shop retailers in
Chennai, their implications, and potential solutions. The financial challenges
faced by medical shop retailers in Chennai can be attributed to several
factors. Firstly, rising costs of pharmaceutical products and medical supplies
pose a significant burden on retailers. As the cost of manufacturing,
distribution, and procurement increases, retailers often struggle to maintain
profit margins while offering affordable prices to customers. Additionally,
fluctuations in currency exchange rates and inflation further exacerbate these
challenges. Furthermore, regulatory compliance and licensing requirements add
to the financial burden of medical shop retailers. Compliance with government
regulations necessitates investment in infrastructure, staff training, and
technology systems, all of which require substantial financial resources.
Failure to comply with these regulations can lead to penalties and closure of
businesses, adding additional financial pressure. Another significant challenge
faced by medical shop retailers is competition from online pharmacies and large
chain stores. Online pharmacies offer convenience and competitive pricing,
attracting a growing number of customers away from traditional brick-and-mortar
stores. This shift in consumer behavior forces medical shop retailers to adapt
their business models and invest in e-commerce platforms, which can be costly. The
financial challenges faced by medical shop retailers in Chennai have a
significant impact on their business operations, profitability, and overall
growth. This article explores the various factors contributing to these
challenges, including regulatory compliance, inventory management, rising
operating costs, credit access, technology adoption costs, customer credit
risks, and taxation and compliance costs. A comprehensive literature review,
research methodology, and suggestions are provided to better understand the
situation and offer potential solutions.
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Pages:44-48
How to cite this article:
V Deepan, S Saenthamiz Selvi, A Deepan, S Hepsiba Flosel, Mofika SA "The impact of financial challenges on medical shop retailers in Chennai". International Journal of Commerce and Economics, Vol 5, Issue 4, 2023, Pages 44-48
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