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.
A business objective is something the business is aiming toward or a strategic position it is working to attain. Usually it is a step in the strategy.
Regardless of an individual’s position within an organisation, they need to have a clear understanding of their roles and responsibilities.
The Diploma of Retail Merchandise Management equips individuals with the skills and knowledge required to deliver profitable results for a retail organisation. The course has been designed by the industry for retail buyers and planners, and includes a range of activities including concept...
Employee training is an essential investment to ensure your staff can efficiently manage all aspects of your retail business. A well-trained employee is more productive and more fulfilled. While some employers and business owners tend to consider employee training to be expensive and...
Store security is one of the biggest threats facing retail businesses. A retailer’s ability to a make profit can depend on good store security.
Develop and deliver WHS training Workplace health and safety initiatives are at the core all about the protection of people. People that either work for you or in some way are working on your premises. Any WHS policies and procedures are limited in their effectiveness if they are not seen as...
To learn how to steer your success as a team leader, the ARA Retail Institute runs multiple workshops on leadership and team culture. Join the ARA Retail Institute in a range of both accredited, and non-accredited courses, workshops and training events.
Retailers that can streamline operations and reduce unnecessary inventory costs, whilst still providing consumers with products they desire, greatly improve the sustainability and profitability of their business. A key factor to guaranteeing this type of business success is establishing quality...
Retail workplaces are not associated with risks like other industries, but this does not mean workplace health and safety should be compromised.