What misconceptions affects retail business?

Consumers consider convenience more important than price but is not true. The reality is that price still plays a major role in decision making, although the value equation has shifted slightly. Consumers was bargaining earlier and now too.They are still price conscious.

The customer purchase patter is usually misjudged by the retailers. They usually rely on billing data and not on the concomitant purchases. If they find that their sales are dipping, they run to the bib consulting agencies asking them the reason. In all cases in India, the patters are misjudged as none of the consulting majors utilize the correct segmentation and Association systems to identify the patterns in purchase.

Therefore if as a retail chain, you are confident that the pricing and quality of your product is in-line with other retail chains, and where you still believe that the sales are not picking up, the greatest possibility is that your retail chain is unable to understand the customer behaviour patter. You can write to parag@idasm.net for  a brochure

It says that the larger the advertising campaign, the bigger the inventory, the higher the sales and profits. While in some cases that might work out to be true, it’s certainly not a fact for all (or even most) retailers. It’s more important to be better than bigger. And, as long as your customers are loyal and your sales are steady, then growth is a natural, good thing. It’s more important that your business is strengthened by its success first, rather than trying to force success with bigger this and more of that.

The customer who spends most are considered as the best customer and not the one who spends little, but its not always correct. The customer who spends little might tell his friends about your business. Referrals and repeat customers are highly valuable and may add up to much more than the big-spending customer who shops with you twice a year.

Sometimes we can tell it as traditional belief, also many think that relocating a business can be expensive and possibly disruptive, but with some planning it can be the best thing for your bottom line. Start early and make a checklist to keep the move organized. Be sure to plan your relocation marketing focus around retaining your existing customers, as well as making new customers in the new location.

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The customer is always right, it is meant to be a guide to better customer relations but retail employees avoid doing what's best for customers. If a customer is about to purchase the wrong product the employee just claims the sale pretending "customer is always right" and there is no need to correct them. If we want to be a good retailer this thinking have to be changed in the minds of employees, only then we can win customers confidence.