Change Management Best Practices in Retailing -

Change Management

“Change is the only constant”, was the theme of the Seminar by Retail Gurukul at the 14th Edition of the Gem and Jewellery India International Exhibition . It was held at the Chennai Trade Centre recently. Organised by the Madras Jewellers Diamond Merchants Association(MJDMA) and UBM India, the nation’s leading exhibition organiser.

Now in its 14th year, it has become an important sourcing opportunity for the South Indian Retailers, apart from select overseas retailers from many other countries. The advantage of such an exhibition is the opportunity for different players in the ecosystem to get together to transact, connect and discuss various aspects of the business. Over 16,000 visitors attended the 3 day exhibition.

Jewellery assortment showcased an array of heritage jewellery like temple nakashi jewellery, stone studded jewellery, bridal jewellery, daily wear jewellery, and South Indian speciality jewellery including kasumala, pachi designs. Some interesting “new” fusion devices like kasu bangles, It was a great opportunity to meet new vendors, new retailers coming for the first time, many who had been coming for many years now.

Retail Gurukul was invited to present a seminar as part of the Thought Leader series. The topic chosen by our Director Mr. Shivaram was “Best Practices in Retailing- With Focus on Change Management”.

Having worked with over 150+ clients so far, he said, the main challenges being faced by SME Retailers and family run businesses was

  1. the changing customers,
  2. changing face of the environment,
  3. the increasing competition,
  4. the demise of many a long established family businesses,
  5. the impact of the recent bank related defaults etc

All of this leading to challenges for retailers to “change” with the changing ecosystem.

He urged the retailers to look beyond their current comfort zones and ready to change where required. Otherwise, called it may become difficult to survive against this new challenge.

A 3 Step solution to testing for Change Management:

One way to test the ability of the organisation to change, is to start with small challenges, faced on a daily basis.

want to increase stock rotation

  1. Identify the problem,
  2. Get the decisions makers on board to accept the problem for what it is, and
  3. Then build a consensus around the solution.

It is not about a “Hero” approach of who found the problem and the solution, but more about how to get every one to “buy-in to the solution”. Many may even believe it is the their suggestion that is being implemented.

It is equally important to assure the decision makers and the implementers, that if something is not working, then we can always go back to what was being done for so long or if possible, try both the old and new methods of working.

Do share your own challenges and experiences here.

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