Retail? Simple Really!
Published on August 19, 2010 to www.insideretailing.com.au
“Basically we get confused a bit about what retail is. It is really just buying things, putting them on a floor and selling them.” - Gerry Harvey.
I don’t think that retail is especially complex After all, when all is said and done, it’s all about selling a product or service at a more profitable rate of exchange than your competitor to customers who want to keep coming back to you.
So what makes it seem more complex?
Firstly, retail is awash with non customer facing tasks (administration, stock management etc) If sales staff become too focused on these tasks the simple goal of selling is lost. Customer returns (ie: happy customers) must always come before product returns. Engaged sales staff are the reason for success for many businesses. The other tasks must be attended to but never at the expense of selling to the customer.
Simple!
Secondly ensure you have a simple goal in mind. Imagine going on holidays and not knowing the destination? Some businesses do run that way. If your goal is to make profit, all activities will follow to that end.
Simple!
Often a retailer may have a simple goal but their operational deployment bears no relationship to the strategy. Alignment to strategy is the hallmark of a ‘fit’ business and should be considered in all operational business decisions, big or small. Take the example from our first point above if your goal is ‘Sell more Product‘ the deciding to focus your staff on sales over administration during opening hours is effective alignment.
Simple!
There is a caveat to this simple mantra. Simple doesn’t mean inflexible. 'If it aint broke don’t fix it' may sound like a trite saying - it removes the very essences of successful retail which are to enquire, be curious, challenge and be innovative. Create the unexpected and deliver inspiration. Simply be a great merchant!
Look at the outstanding retailers of our times and you see one common element; simply great merchants, goal driven, operationally aligned and with an intuitive eye for all around them.
"How does a store look? How does it feel? How does it smell? That's what I'm obsessed with." - Mike Jeffries, CEO of Abercrombie & Fitch
In conclusion ask yourself three simple questions.
Who is your customer?
Why would they shop with you?
Why are they going to keep coming back?
Get to know your customers and give them a reason to shop with you.
Simple!
To find out more about how you can create profitable customer experiences, come along to The Retail Doctor’s next breakfast event Customer Connectivity – 2010 and Beyond. Our expert speakers will explore trends in consumer behaviour and draw on global and local best practice to give you the tools and knowledge you need to connect with your all important customers.
The breakfast will be in Sydney on August 31. Visit www.retaildoctor.com.au/events , email louise@retaildoctor.com.au or phone 02 9460 2882 for more information and to register today.
Contact us to get ‘Fit for Business’ today phone 02 9460 2882, email businessfitness@retaildoctor.com.au or visit our website at www.retaildoctor.com.au.
Happy ‘Fit’ Retailing
The Retail Doctor
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