Successful retailers have succeeded by analyzing their own products and performance, competitor’s products, displays, events, pricing strategies, customer service, etc. This, in turn, helps them match new industry trends, develop top-class marketing strategies and outthink their competitors.
Whether it is a corporate retailer and a big brand or a small retail store, every body needs to have proper store operations to succeed. Survival in the Indian Retail Industry is not easy and one has to use smart techniques to be successful. “Retail is Detail” is a popular saying amongst retailers. We asked the experts and successful retail store managers to pick three best practices in Retail Jewellery Training for Retail Store Operations to ensure smooth functioning and sustainable profits especially for smaller retailers. Here’s what they came up with:
Retailers should take steps to stay organized. You should be aware of the stock availability, counts, order data, inventory data, etc. and also when to reorder inventory.
- Categorize your inventory
You should categorize your inventory according to the date and style and keep your trending inventory for display. This will help you in better reaching your target audience A smart way to sell out older inventory is to offer discounts for older stock. This will be a triple benefit for you – stock clearance, money rotation apart from acquiring a new customer or retaining an old one.
- Centralize your business data and integrate it into your system.
With increasing customers expectations, it is necessary to have the right data which is also centralised, so that it is integrated into your entire system, whether it is POS or inventory management or even the Pay Roll. You can check this data anytime, anywhere and take appropriate decisions.
- Prioritize your tasks
As small store retailer owners or heads, you will have a number of tasks like researching market trends, ordering inventory, , marketing products, training staff, accounting and taxation, scheduling meetings and social media marketing ads, event attendance, etc. Retailers can prepare a to-do list to prioritize their work and also share/delegate some of their responsibilities. Scheduling time limits and deadlines can help you stay focused and utilize your time efficiently.
“The five essential entrepreneurial skills for success: Concentration, Discrimination, Organization, Innovation and Communication.”
– Harold S. Geneen.
With the onset of GST, technology will play a vital part in day-to-day store operations. Invest wisely in technology and tech savvy employees to drive more efficiencies in your store operations.
- Point of Sale (POS)
Customers usually complain that they have to stand in long queues feven at big stores. You can prevent this by upgrading your store’s billing and payment systems to make the process quick. Train new staff on the software features and appoint experienced employees at billing sections. Increase the number of billing counters during festive seasons for smooth functioning.
- Implement inventory management systems
Automating inventory tracking process helps you to avoid stock out and eliminate unnecessary inventory. This will also help you track the quick selling products so that you can stock them in advance. Integrate it with your Enterprise Resource Planning (ERP) and Accounting systems like Tally for better financial management and budget planning. Jewellers can use Ornate and Ornate NX which is a good software. Check out http://ornatesoftware.com/
- Digital Marketing
Retailers need to adopt quickly to digital marketing and convert their website and social media sites into powerful sales and marketing channels. You can use digital marketing techniques to send personalized promos, coupons, complimentary gift items for your customers. Use your digital channels to also drive additional store visitors through targeted messaging and offers.
Retailers spend a lot of time and money to market their products and expand their business. But equally important is to have motivated employees. Retailers must thus ensure better customer service and be on the lookout for the non-returning customer.
- Invest in training staff
Employees in your store from the security guard, the welcome greeter to the salesperson and the floor manager, all represent your brand. The way they interact with customers can have a great impact on your business. Retailers should train their employees to represent their stores in their finest behavior and etiquette, product knowledge, and selling skills. Retailers who invest time and money in training their employees are likely to be more successful than those who don’t have a trained and motivated staff.
- Enhance customer engagement
Do not always be in the sales pitching mode. Ensure that the customer has all the information they need before making the decision to buy. Share information on how your products are superior in workmanship and quality. Nurture your social media and web pages. Allow customers to ask questions and be prompt in your responses online and offline replies. Increase the level of marketing like direct and digital marketing efforts and engagement prior to big purchasing seasons like Diwali, Christmas, Akshaya Tritiya, etc.
- Boost employees confidence
Retailers can also motivate employees by giving them incentives and bonuses. Incentives can be allotted either for the achieving targeted store’s profit or the employee’s performance in achieving pre-determined sales targets. Sincere, motivated and productive employees are a must, especially for small retail stores and incentives is a good way to retain them.
So these were some best practices to improve Retail Jewellery Training for Retail Stores management. Contact Retail Gurukul for more information on improving your Retail Store operations.