The Internet is a powerful channel that presents new opportunities for touching customers, enriching products and services with information, squeezing out costs through process automation, and redesigning internal business processes through enhanced communication and knowledge sharing.
Innovation is the process of making something new and of value.
Different organisations and individuals will choose to use various forms of e-business. Some businesses will only use email for communication and don't require a website, whereas others will operate almost entirely online.
Strategies for cost reduction must always be considered about store policies and procedures and aligned with broader corporate objectives.
The following guidelines are often used to display and sell the greatest amount of merchandise possible in a given amount of space for the most effective results;
With so many businesses and sources of information on the Internet, most online customers quickly become used to making rapid judgements about a website.
When you delegate tasks or jobs that you do not need to be doing, it frees you up to focus on delivering on other areas.
The quality of storage areas and equipment reflects a shop’s level of organisation. It’s easy to neglect ‘out of sight, out of mind’ storage spaces, but cutting corners only nudges the problem a little way down the road before your store ends up losing stock and staff waste time searching for...
The importance of offering exceptional customer service.
Whilst there is no defined language of budgets, generally most professional retail businesses will have a number of different budgets for the various functions of the business.
Simple ways to use creative problem-solving techniques
Every business needs to conduct a risk analysis when assigning responsibilities to staff and establishing performance standards. A good risk analysis will help you manage everyday workplace risks, and it will ensure that you don’t fall afoul of organisational or legal requirements.
Deciding on which products to merchandise will depend on the category or classification displayed in-store.
Sales and service targets are a key and often a highly contentious issue in retail management. Balancing two great priorities of a successful retail operation – customer satisfaction leading to loyalty and business profitability – can be challenging for even the most experienced retail leader.
Customers are motivated by the way a retailer sets up their store and creates a total experience. All a retailer’s merchandising mediums help support this process. The customers are enticed by the exterior appeal and window displays and educated and ultimately convinced by the in- store signage...
There is considerable value in reflecting upon past performance. Implementing a process of comprehensive evaluation and review of the outcomes of proposals for expenditure can assist in future planning in several ways.
The six rights of merchandising ensures products are displayed correctly and for maximum impact. Visual merchandisers working in retail are often involved in both the physical visual implementation and also the planning.
Great retail marketers know their market. What makes the difference is how well they know it through the eyes of their target customer. To effectively differentiate in a crowded market, retailers need in-depth knowledge of how their business stacks up against the competition.
The identification of market trends is a key factor in the analysis of market research. It is aimed at identifying what is trending in the sector that may impact the business or present opportunities that are a natural fit for the business in its constant pursuit of customer loyalty.