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Topic : Business Development -Retail
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Started by : ujjval jain, Retail, Retail   11 06 2009 10:21:32 +0000
Industry : Retail Chain/LogisticsFunctional Area : Success Stories(Entrepreneurship)
Keywords : retail mom & pop shop
Activity:  47 views;  last activity : 10 14 2011 04:03:40 +0000

After much hype & hoopla regarding entry of mega formates in retail, we can see that at present there is no major threat to small retailers.  They  are doing well & thriving. Even franchising is in vogue, even with some top notch brands, though these  shops are a part of a retail chain with corporate expertise, still they are a separate entity for that particular investor & the combined efforts are reaping benefits. How we can learn from all these?

 
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1 Know your customers personally.
2 Bring Entreperneurial Attitude !
3 Innovation & Loyalty Programs

Know your customers personally.

idea posted by veena srinath Marketing Manager, Tarang Software Technologies
The kirana store guy knows you, your family and your tastes...surprisingly so does the luxury brand seller !! Everybody loves to buy from someone they have known for a long while and someone they can trust .
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by Amit Garg, Retail Consultant, Hand2Hand Solutions  | 09 21 2010 13:21:36 +0000

Customers are like radioactive snowflakes; each unique, and every one a problem. Like radiation, which often has similar mutative or carcinogenic effects in those exposed, customers have a tendency to present their problematic natures in homogeneous fashions. If one had a mind to do so, one could find patterns in the chaos that is the retail customer base, So it is important !

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Bring Entreperneurial Attitude !

idea posted by ujjval jain Retail, Retail

Its this attitude & thus motivation from within to expand ones business & stay in competition keeping them thriving. Of course attitude, in a matter, comes from a set of skills & personal involvement. Personal touch with customers, personal involvement with day to day affairs & quick decisions making add value to a store.

There can be professionals for a particular store from that particular place  (to have advantages of local understandings)  associated with similar manner with a particular store in chain formats, as a trade partner or like that, with sharing of profits & responsibilities justified to both resulting in a win win situation.    

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Innovation & Loyalty Programs

idea posted by Makrand Bhave AGM - Corporate Business, E18, part of Network 18 Group
Innovations in terms of promotions, small events, visual merchandising exercises and add to it that "You are my number 1 customer" spirit should be able to sustain and retain a lot of your customers! Every penny spent by your customer needs to be spent on him for him to understand that he is recognised by the establishment and hence is also being rewarded! Gratification always works! :))
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