Retail & Supply Chain Professionals |
Retail Operation |
RETAIL INDUSTRY PROFESSIONALS |
7 more ...
|
Activity:
159 views;
last activity : 07 06 2010 20:18:09 +0000
|
|
|
|
1
Quality Assurance, Wide Range of Variety & Personal Attention to Customer
2
Right sizing for Excellence
3
It is Value aspiirations of the Customer which is most important
4
Right supply chain strategy
5
WHAT A SERVICE !!!!!!!!!!
6
customer service
7
Product RANGE & Effctive Promotions, LOYALTY Programs
|
||||||||||||||||||||||
|
To Succeed in Retail One should possess the said qualities - 1.Quality Assurance 2.Wide Range Of Variety & 3.Personal Attention to Customers Without these 3 Factors a Retail Unit will not be able to gain foot-falls. Leaving Marketing apart as it is the essence of any business... |
7
|
Dear Mr.Siddharth
Every retail store that has effective & efficient supply chain strategy will not be successful unless it gets the customers to the shop. So, the 3 factors mentioned by me are the cause of business to be a success...
To Indian professionals retail is still a very complex subject.If you send someone to Bentonville,Wal Mart's HO to see and understand the robust back end system and how they operate 99% would become mad by the time they come back to India! Wal Mart has come to this stage after years and years of innovation,hard work and will to exceed.The Indian retailers have to understand this fact and slowly but surely develop their own success mantra after prioritising and fixing their goals.This is the first step.Second comes how to make your mark in the industy.Like every other product brand or service every retail brand has to have an unique positioning,that may be based on price,experience,loyalty points etc. which is of course sustainable.It is the key element to the success of a retail brand as everybody would be selling almost the same and identical product,so why will a consumer buy from your outlet and not from your competitor.Third comes merchandise mix(product range,variety etc) and pricing ,which again is to be derived from your core brand positioning.Thirdly, a proper and effective supply chain is required to ensure that stockouts does not happen.Lastly,good operations and keeping your rentals in check.In todays scenario in India retailers are bleeding because of high and unrealistic rentals .Though some corrections have taken place due to recession but still it is not OK.
Good customer service is required only for store positioned as premium or slightly upmarket.For discount retailers service is is not the differentiating factor,however a good service would keep the customer in good stead with the retail brand.
Dear Mr.Sudhakar,
Price has not been neglected here, it comes under Marketing. In today’s market Fighting without Competitive Pricing is Worthless and Marketing Strategy decides what should be the price of a product at a given point of time & at given location...
|
|
In my view, retailers should have an 'Rightsizing' approach to improve their gross margin returns per sq. ft, when the sales figures are weak. It is a retail process which involves trimming the size of the store and purging off the slow moving products. |
1
|
|
In Retailing one has to be aware of the Value one provides to the Customer. This is what brings the Customer back for more. Supply chain probably helps in managing the Losgistics part of marketing. It is the value chain that is more important. Unless the value chain is not precisely created consumers won't fall in to buy your products. Creating value involves lot of things,like proper display, roomy enougn for them to stand and buy, environmental control, pricing, the right product one is looking for, customer concepts well taken care off like their aspirations, needs and dreams, easy check out, good mannered sales people, return and replacement windows, credit purchase facility, well illuminated spaces, easy passage ways, multiple products and multiple brands etc; etc;. |
1
|
|
All retail stores give lot of variety of product. Assuming all stores have similar variety of products it is the pricing which can do the trick. Pricing has to be decided based on the customer segment which the store is targeting. A store in a posh locality can price its products higher than a store in a relatively lower income group locality. But in order to maximize profits one has to trim down own costs. Effectively managing the supply chain can be very helpful in this regard. By minimizing purchasing/production, inventory and distribution costs, a retail store can increase profit margins whatever be the product it is selling and whatever be the target segment. |
1
|
Dear Professor Siddharth,
What you mentioned about pricing and supply chain is correct conceptually however your initial statements sound a bit contradictory.
Reason
#1: You mentioned if 2 stores have similar variety of products, then its pricing which can do the trick. HOW?
Suppose 2 Litre cold drink bottle has MRP of Rs.52. This Rs.52 bottle will be sold for same price be it in Hiranandani market or ghatkopar in mumbai and South EXtension or Seelampur in Delhi. You cant have discriminatory pricing in such a case, as you cannot sell it for Rs.55 in hiranandani and Rs.50 in ghatkopar.
The pricing strategy cannot work on a single unit per product basis. What retailers can provide is a bundled offer. STORE A says buy 3 Cold drink bottles for Rs.150, where as store B says buy 3 bottles of cold drink and get one small lays chips packet FREE. Thats how the strategy can differentiate the similar products being sold in same market for same segment.
However the discriminatory pricing strategy can work, in case of products which doesnt come along with standard price tag. example designer cloths, jewellary, shoes accessories. In this case, wherever the designer opens his/her boutique or showroom, he fixes the pricing accordingly and also keeps the merchandise accordingly,
Illustration: Manish Malhotra opens a store in Hiranandani locality. Here he can sell a ladies top for 8000 rupees and skirt for 7000 rupees. At the same time, he can open another store which is far away from hiranandani in a not so posh locality, but still selling manish malhotra dresses however at a slightly lesser price. This will not only add aspirantional value to local people in that area (they r getting dresses of same designer who has boutique in hiranandani!) at the same times they within their affordibility limits.
so its not just plane jane discriminatory pricing, one really has to do a micro research of the location with regards to geography, demography, SEC study etc before identifying the right mix of products as well as variants which can flourish in that location along with good bundle schemes and other promotional offers. This will not only differentiate your offering of similar product from STORE B but at the same time develop a set of loyal and smiling customers!
This is a very good point Pricing according to Targeted customer sector and Setting malls in Posh area will result in good profil. Thank you sir for this nice point.
|
Quality Assurance, 2 Right sizing for Excellence 3 It is Value aspiirations of the Customer which is most important 4 Product RANGE & Effctive Promotions, LOYALTY Programs 5 Right supply chain strategy Well I believe that all the said parameters : Quality Assurance, Right sizing for Excellence It is Value aspiirations of the Customer which is most important Right supply chain strategy
are incomplte until the consumer is delighted to carry the shopping experience back home.... Be it a a fmcg/ apparell outlet .... THE SALE-'DELIVERY PART' ULTIMATELY SIGNIFIES, JUSTIFIES THE ABOVE MENTIONED PARAMETERS.... Afterall EXPERIENCE MATTERS !!!!!!!!
|
0
|
|
according to my view the best is give service to cutomer the customer will respond back |
0
|
|
Retail has to have a right mix of products that pertain to the demographic of the area of location! The mix should be affordable and at the same time branded to make the consumer BUY. The range has to be just enough to satisfy the BUYING NEEDS of the consumer and makes him WANT to visit again! The idea of "WHAT I WANT I GET IT HERE" should be in the consumers mind subconsciously. Promotions offers, scratch cards, contests, on the spot prizes etc sgould be a regular feature to entice the consumer to try his luck OVER AND OVER!! In fact sometimes a RIGGED contest adds a lot of happy regualrs and through WOM they bring in a lot more!! LOYALTY Programs would add that spice to make a consumer beam at being seen in a place like this!! Staff should be proactive in recognising a regular and CONVERTING him into a LOAYAL customer!! There you are now running a successful STORE! |
0
|
|
|
|
1230 referals
25 votes,
887 views
|
|
|
The Banking sector has woken up to the potential in the rural sector. More and more specialized... |
|
|
1 referals
20 arguments,
851 views
|
|
|
Walmart being America's largest discount store operate in various part of the world, successful... |
|
|
43 referals
14 arguments,
872 views
|
|
|
|
|
|
|
|
|
A Pakistani lawmaker has said that terrorist outfits in Khyber-Pakhtunkhwa province are... |
|
|
1281 referals
13 votes,
196 views
|
|
|
Please give out every possible logical and rational idea which is practical in present context. |
|
|
81 referals
5 votes,
110 views
|
|
|
What are the ideal feature a professional network should have. What more do we require than just... |
|
|
2627 referals
5 votes,
242 views
|
|
|
|
|
A Sessions Court at the Sabarmati Central Jail in Ahmedabad on Tuesday delivered the crucial judgement in the Godhra train fire of 2002, convicting 31 people and acquitting 63 others. Even Godhra Town Municipality chief Mohammad Abdul Rahim... |
Sir, please clearly mention the sides and give a bit of explanation so that we can give proper comments. |
Yes I agree with you. But Mumbai does not have a healthy environment. |