Congratulations! Retail Sales is what makes a business. As an experienced retailer you have seen the ups and downs of your business and yet have succeeded. With constant changes in the business environment, you are always looking for some “Simple Fundas & Extra Dhandha/ Biz”? After all,
- Understand and responds to what your customers want.
Customers bring in Retail Sales. But, it’s the most important part of your business. You have to do whatever it takes to know your customer. Respond quickly after knowing the customer.You might be offering the same product in the same way.This happens because you are habituated.If you want long lasting success than it can only built on flexibility. you have to have willingness to change along with the habit of your customers.
Ex. Have the customer’s lifestyle improved, then have you added any premium products to your range ? In addition to private, local brand of say chips, have you added Pringles?
- Get to know your competition.
As a owner of your retail business you would be aware of who your competitors are and what they are offering. But, in these modern days your competitors comes in different forms be it online or offline. You should frequently make the time to get a sense of experience what being offered in other stores. Shopping at their stores, get mystery shopping organised etc.
All the while, keep an eye for new ideas and initiatives. Whether or not you decide to integrate them into your store or not, but competitors research is essential.It let’s you know what your competitors are doing and this information can prove to be valuable for your business.
Ex. One advantage of being in retail is, that shopping for the type of products that you retail in a neighbouring store or in a store across the town, is always a good way to compare your services with that of others.
- Invest in your people.
The staff members of a retailer’s shop are the face of the business on a day to day basis. The way they interact with customers and with each other is very important.
Hiring the right people to join your team is a key starting point. But, providing them quality training should be always high on your plan. This rule applies for everyone, staff on the shop floor as well as supervisors and managers. Oh, by the by, what was the last training program that you, the retailer attended and what was it all about. You need to motivate you staff too. Check here for more ideas http://retailgurukul.com/motivate-retail-business-employees/
We at Retail Gurukul, conduct both online and offline training programs across India. If you would like your staff to be trained or if the retailer in you, needs coaching, then get in touch with us.
Ex. You can start with an in-house daily meeting, where you share one new idea or thought and look for ways to implement the same.
- Always look to the future
The past may have a lot to teach you as business owner. But, for retailers looking to improve their Retail Sales Performance, it’s vital to focus mainly on the future. It’s important not to think too much about past successes and failures. Try to remain as objective as possible when you face different situations.
Every experience is a lesson but a good retailer will not be obsessed with what he has gone through before. But, you will be quick to understand what opportunity may come in the future.
Ex. Many a retailer has faced the challenges of should one expand when the market is slow, or should he wait for the market to improve. If you are committed to a long term business, then, anytime is a good time for expansion.
- Be ready for anything.
One of the great things about being involved in retailing is it’s presents the sheer variety of challenges. There is lot to be said for expecting the unexpected and being ready to respond at all time. The aim should be to focus on solving one problem at one time and not wasting energy on figuring out who to blame when things don’t go according to plan.
Ex. For Coaching, Mentoring, Consulting and Training you and your team, get in touch with us at www.retailgurukul.com now.