retail management

retail management

Basically, retail management is encouraging sales providing maximum client satisfaction helping the clients to understand the organization in a better way. The strategy of retail not only includes the manufacturing procedure but also refers to the in-depth research of the retail process, distribution of the finished goods and providing maximum client satisfaction. Retail management helps in making the purchase in a better way with complete client satisfaction. For example, Domino’s Pizza which is one of the renowned chain merchants of pizza delivery all across provides a free pizza to its clients in case it makes any mistake in offering a proper service to its clients within the short span of time. Hence, creating a relationship of trust with its clients and satisfying them.

Any shop which sells the commodity to the society is considered as a retail store and the retail management is the process of administering a retail store. There are numerous retail stores all across the world which supplies various goods and services to its clients. Such stores include Wal Mart, Home Depot Inc.,Reliance and AV Birla groups among others. Retail management comprises of regulating the store, the staff and the supply in the shop. Retail management includes all kinds of activities which are essential in convincing the buyers in creating a purchase providing maximum client satisfaction.

Retail marketing management industries have played an important role in the growth and development of the economy of many countries. US conomy is expected to grow at 30percent in the upcoming five years. Retail management contributes around 10percent of the country’s GDP and 8percent of employment. USA is emerging as a country having the fastest career opportunities in the retail sector. The immense growth in this sector has a huge demand of qualified professionals in the field. As retail management includes a large mass of activities originating from marketing to branding thus it has become one of the most demanding careers of present time.

Retail management helps in ensuring that the customers find their appropriate product providing them the complete satisfaction. It is a process of providing the best product and services to the clients and making them feel happy without any complaints. It is one of the largest sectors in the world’s economy. Retail shops help in conducting easy shopping making it a pleasurable moment in one’s life. Retailing management is an art of convincing people to purchase their products and making it their first preferable choice. It is a process of managing the store, staff and also the customers at the same time.

Cocktail Dresses Shopping

Cocktail Dresses Shopping

A cocktail dress or cocktail gown is a woman’s dress worn at cocktail parties, and semi-formal occasions. The length of cocktail dresses varies depending on fashion and local custom. The length ranges from just above the knee to touching the ankle. When it is about 5 cm (2 inches) above the ankle it is called tea length and when it is almost touching the ankle it is called ballerina length, although ballerina length dresses usually fall into the evening dress category. Read on to learn how to buy cheap cocktail dresses.

1 Get cheap cocktail dresses online. If you are lucky enough, you can even get a beautiful cocktail dress at only $50 from some formal dress websites. The online stores usually present a large collection for you and you can find one that is going to flatter you. FashionInTheBox.com has really beautiful collections from famous designers worldwide for your choice. Though most are just replica, but it is really worth every penny you paid for.

2 Look for seasonal sales. During prom and wedding season, you’ll find cocktail dresses at very high prices. Instead, shop for cheap cocktail dresses in the summer or fall after the formal season has ended. Sometimes, the boutiques will sell the last years design at extremely low price to spare more room for the new trend.

3. Purchase used cocktail dresses. Browsing through some auction websites, maybe you can find a real bargain. Though the cocktail dresses have been worn before, but most are in good conditions. Ask the provider to provide more detailed pictures to you, and then make the decision. Older gowns of great quality can be cleaned and restored with relatively little money. You can make cocktail dresses that were previously top-dollar into cheap cocktail dresses by recycling them in this fashion. It is crucial that the cocktail dresses are of timeless appeal. One rule of thumb; less is more. Cleaner, simpler dresses travel better through time.

4. Call at the thrift shops. Although the thrift shops always cast a disgusted feeling on you, some stunning clothing offers will bring a big surprise to you. Go through the racks to find beautiful and cheap little white dresses.

Whether you want a brand new cocktail dress or whether you want to restore a timeless beauty, you have some options. Cheap cocktail dresses dont have to look inexpensive at all. In fact, you can find designer little black dresses for a fraction of the retail price if you do a little homework.

Shoplifting

Shoplifting

Shrink is a part of the business no one likes to talk about. However, shrink plays a huge part in every retailers business. Shrink can take many forms, but here are the four most common. They are employee theft, shoplifting, vendor theft and paperwork errors.

Many small retailers only worry about shoplifting, but the other three accounts for about 2/3 of all shrink. We will discuss steps to help reduce your shrink.

Employee theft accounts for almost half of all shrink. Many business owners refuse to consider their employees could be stealing from them. Employee theft can take many forms such as taking cash/ merchandise, passing merchandise, and giving unauthorized discounts to name a few.

The key to controlling employee theft is to reduce the opportunity to steal. You should explain clearly to your employees if they are dishonest what the consequences will be. Here are a few suggestions.

1.You must keep the back door controlled. If it is unlocked, it is easy for employees to put merchandise outside. They could have friends or family pick it up. Also, the employee could hide the merchandise in the trash to recover after work.

2.You need to do regular inventories of high theft items.

3.You need to show up unannounced. This is especially true if you have many younger employees. They are much more likely to be involved with theft.

4.You should have your store be mystery shopped. This can see how your service is plus spot potential employee theft issues. It could be done by someone you know or through a company that specializes in mystery shops.

5.Make sure all employees give receipts. You could offer the customer something free such as $5, if the employee does not give a receipt. This makes it harder for an employee just to pocket the money. If your register keeps track of no sales, this could be a clue of a problem. Excessive no sales are either an education issue or a theft issue.

6.You should do unannounced cash counts. Vary the times and check the register total against what you are supposed to have. Also, see if you noticed anything unusual near the register area or inside the till. This could include employees have a paper with a bunch of numbers, coins or some other object in an unusual place, or part of the money unorganized.

7.You need to explain your policies to all employees especially new hires. You should mention that you trust all of your employees, but you have safeguards in place to protect the store assets. It would be a good suggestion to mention just a couple to let the employees know you are serious about protecting the store assets.

8.Employees bags and purses should be checked when leaving. Management should show their bags or purse to another employee.

9.You must have policies in place for ringing up of family or friends. Also, your discount policy needs to be clear to all employees. The most common theft is passing merchandise to family or friends or giving unauthorized discounts. For example, your $20 item may be sold for a $1. If you have a way employees can change the price of an item, you must have someway to at least spot check for potential problems.

10.You could have a tips hot line for employees to report potential shrink. Yes, on many occasions it would be used to report bogus claims about other employees. However, if work correctly, the valid claims could save you hundreds or even thousands of dollars.

11.Keep an eye on customers who are just hanging around employees. Also, if certain customers only seek certain employees could be a sign also.

12.You need to track your employee purchases. Very few purchases or excessive could be potential trouble spots with employee theft. If they never buy, it could be they are just taking merchandise. If they are buying a lot, where is the money coming from?

Shoplifting

1.You should greet every customer. It is great for customer service. Also, shoplifters do not want to be noticed.
2.Put high theft items where they are easier to watch.
3.Look for customers splitting up and one trying to keep you busy.
4.Keep your store neat and organized. Shoplifters like to leave empty packages in unorganized areas.
5.If the customer is watching the employees more than shopping.
6.Shoplifters like to go to blind spots. You may want to install some mirrors to make it easier to see the entire store.
7.Have signs made that shoplifters will be prosecuted to the full extent of the law. If you have the reputation of being soft on shoplifting, you will always have a major problem.
8.Look for nervous shoppers.
9.If shoppers come in your store often and seldom buy anything. Most shoplifters do buy a few items and just help themselves to others.

Vendor Theft

1.Check all orders for shortages. It is best a good employee or management be responsible for this.
2.Make vendors break down boxes before leaving the store.
3.Dont hand a signed invoice to the vendor until they are done. This will help with the previous two suggestions.

Excessive shrink can cause your business to fail. Shrink cannot be eliminated, but it can be reduced. Following our suggestions is a good way to ensure that you take more money to the bank than your employees, shoppers or vendors.

Retail Marketing

Retail Marketing

In the growing market, retail marketing has become one of the major emerging trends in the entire economical cycle. It is the retail market only which provides the consumer a basic platform to encounter with goods and a shop keeper for the first time. Retail market consists of a fixed location like boutique, store, departmental store etc, here in these location consumers meets the shop keeper and purchase goods in return of certain value. Maintaining a certain profit margin, these shop keepers sell goods to their consumers. The basic motive of these shopkeepers is to satisfy the consumers and fulfill their needs and demands.

Retail marketing strategy has become one of the basic elements of marketing strategy which includes a lot of planning and proper execution of this planning. Now let us first focus on the basic nature of retail. Firstly in retail, a marketer needs to focus primarily on the needs and desires of the customers.

Retail marketing even focuses on satisfying the customers, maintaining a proper profit margin for the owner of the goods. Customer needs are the basic key factors of retail. Retail marketing consists of 5 basic pillars, first is saving the precious time of the customers. Second is setting the right prices of the goods, third is creating a proper connection with the emotions of the customers, fourth pillar is paying the right respect to the customers and lastly solving the problems of the customer is another pillar of retail.

Creating customer loyalty is the basic function of retail, as once you create customer loyalty towards your brand it will be easier for you to stay in the market for a longer period of time. Creating customer loyalty is not a very easy task, as it takes years for a brand to create customer loyalty.

You can only create customer loyalty if you have a retail marketing plan, some of such marketing plans are the sales promotional activities like loyalty cards, loyalty one, gifts, coupons, special discounts and reward program.

Reward program includes special gifts on purchase of bulk goods and loyalty cards are special privileged cards which are offered to customers in order to provide them huge discounts and free gifts. These sorts of special sales promotional activities not only increase the sales target but at the same time increase customer loyalty also.

With so many new sales promotional programs promoted by the retail marketing strategies, now it is possible to create a healthy relationship with the customers. Previously creating emotional bonding with the customers was not taken into consideration, and thus customers were only treated as customers who were just supposed to pay the price of the goods. Thus, this resulted in lower customer loyalty and it gave rise to huge number of product switching.

Previously customers used to shift to other brands very easily as there did not exist any brand loyalty. But now with the extensive features of retail marketing, it has become easier for the company not only to capture a huge market but at the same time create a strong bonding with the customers. Thus, this sort of marketing strategy did not only ignite the sales target and profits but at the same time increased the brand loyalty.

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