RETAIL CONCEPTS Part 1 : Revisiting the Known

1. RETAIL CONCEPTS
Part 1 : Revisiting the Known

2. Retail Concepts
Knowing What We Already Know – A 10 point Summary
1. Right Product at the Right Place at the Right Time
Customer needs are to be understood to plan the products offering.
Customers need to buy and will buy from them who offers the products
which best suits the needs; not the best product available or the best price
offered.
2. Speak in Customer’s Language
Communication should be understandable; the message should get
registered to the customer. The communication should be two-way so as to
understand the requirement and demand of the customers. Feedback from
the customer is useful for both customer as well as business.
RETAIL Concepts

3. Retail Concepts
Knowing What We Already Know – A 10 point Summary
3. Every Offer has a Different Taker
The offers and promotions are to be designed to target specific segment of
customers. A general discount offer will not be for a customer with a specific
brand preference.
4. 360 degree Transparency
Customers prefer greater transparency in the organization in terms of pricing,
promotions and order deliveries. A customer is ready to pay premium if they
feel that they are not overcharged and getting a quality product. Customer
needs are to be understood to plan the products offering. Customers need to
buy and will buy from them who offers the products which best suits the
needs; not the best product available or the best price offered.
RETAIL Concepts

4. Retail Concepts
Knowing What We Already Know – A 10 point Summary
5. Uniformity in every department
The business and operational decisions are to be communicated and followed
by every department with uniform focus. Only common focus can lead to
achievement of common goal.
6. Cogs need more Care than the Wheel
The synchronizing of each associated processes needs to be done with
utmost care and diligence; to be monitored regularly and controlled.
Successful sales achievement starts with a successful production planning
together with optimized inventory management.
RETAIL Concepts

5. Retail Concepts
Knowing What We Already Know – A 10 point Summary
7. Need for Crystal Ball
Futuristic optimization in terms of ever changing customer demand, profiles,
costs, market dynamics and technology needs to be addressed every day. The
changes need to be either anticipated through historical data or copied from
competitors, but should be integrated into the business.
8. Retail means Detail
Be it operation planning, inventory planning, production planning or
marketing planning, even the smallest details are to be considered. Even the
small needle in the haystack may hurt in a bad way. Every analysis may not
result into increase in top-line growth, but may be directly responsible for a
higher bottom-line and better ROI.
RETAIL Concepts

6. Retail Concepts
Knowing What We Already Know – A 10 point Summary
9. Bigger is better but leaner is Profitable
The spread in business in terms of volume, locations and workforce might not
always lead to a better ROI. Smaller team working with optimized volume in
the right market results into fairly good top-line as well as bottom-line.
10.Planning is Good, Executing Better, Reviewing the Best
A well laid plan, if not executed is of no use; similarly a perfect execution will
never be successful without a detailed review and optimization of each
processes.
RETAIL Concepts

7. Retail Concepts
Knowing What We Already Know – A 10 point Summary
RETAIL Concepts