MSG Team's other articles

10218 Management of Contractors

In recent times, there has been a marked movement towards outsourcing positions within the organization to vendors who would supply resources for the said jobs. These positions and roles are deemed to be those that can be done by resources from outside. And it is here that the contractors step in to do the job […]

10651 The Planning Fallacy

Investors are used to looking at projections of future events. They commonly use projections about future cash flows, future profits, and even future dividends in order to make investing decisions. However, a lot of the time, the projections that they use are overly optimistic. This leads them to make bad investing decisions. This problem of […]

10910 Recency Bias

There is a common saying in the investment markets that “In the short run, the markets are a voting machine whereas, in the long run, they are a weighing machine.” This saying is often said in order to emphasize the role of long term investment. People with short term goals often fail to perform well […]

12303 Advocacy and Volunteerism: Differences and Similarities

Difference between Advocacy and Volunteerism Non-profits across the world are divided into those that are advocacy oriented and those that volunteer their services for the public good. Advocacy groups often promote views and opinions of like-minded citizens regarding public policy and suggest specific courses of action that can be actualized. On the other hand, the […]

9099 Efficient Consumer Response Initiatives in 1990s

When one refers to International Retail business, the comparison is mainly referring to the European and US markets. ECR or Efficient Consumer Response initiatives in the 1990s changed the face of the International Retailing business in Europe as well as US. The studies covering the entire supply chain from suppliers to the end consumer were […]

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  • Opening a retail store is no joke. It demands dedication, detailed study and meticulous planning. An individual must do his groundwork well. Plan things well in advance to avoid problems later on.

  • It is important to do some kind of research work before taking the big leap. Browse through related websites to gain an in-depth knowledge.

  • An individual must be well aware of the fundamentals of retail industry to have an edge over others. Short term courses in retail make an individual well versed with the basic concepts of retailing, store formats, visual merchandising and so on which eventually help him in the long run.

  • Know what is happening around you. Keep yourself updated with the latest trends in the retail industry. Check out various fashion magazines, brochures, catalogues, newspapers for the latest developments.

  • Know your target market well. Find out more about the tastes and preferences to meet their expectations.

  • It is important to choose the right location for the store to ensure maximum walk-ins. Make sure the store is well connected by means of transportation. Don’t open store at a secluded place.

  • Make sure there is adequate parking space near your store.

  • Promote your store well. It is essential to create awareness of your brand amongst the customers for them to know about the brand’s existence. Devise strategies to make your brand popular amongst the masses.

  • Create the company’s website and get your visiting cards printed.

  • Set a budget for everything.

  • The products stocked in the store and their display play an important role in attracting the customers into the store. A retailer must never compromise on quality of the merchandise. Visit various wholesalers to check out the latest trends. Pick up something which is unique and not available at any other store. Don’t stock things which are out of fashion. The merchandise should be as per the target market and location of the store.

  • Visit few other retail outlets to get an idea about store designs and layouts.

  • Hire trained employees for your store. The employees must be well aware of their roles and responsibilities for them to deliver their best. Motivate them from time to time through various training programmes, appraisals, incentives and other monetary benefits.

  • Be patient and don’t rush into things.

  • Plan your store layout well. Make sure there is ample space inside the store for the customers to move and shop freely.

  • Don’t dump products. Use shelves, cabinets and almirahs to stock your merchandise.

  • Be disciplined. Open your store on time and assign fixed timings for lunch and tea.

  • Treat your customers as kings. Advise all the store members to be courteous with the customers. The sales representatives must assist the customers in their shopping and make sure they leave the store with a smile.

  • Never oversell. Let the customers decide on their own what would look good on them.

  • Manage your inventory well.

  • It is important for the retailer to track the cash flow.

  • Download various retail softwares to make your work easier and effective.

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