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Monday, April 23, 2012

Profitable Retailing

Organised retailing is emerging as a major industry in India. I am putting forward 10 strong tips to be profitable in retailing in India.

1. Be Profitable Through Segementation
The regular set of customers should not be ignored. The existing business can be extended from the regular customers to increase Sales. The customers should be wished on their Birthdays and Anniversaries. One household/customer can give 6 times more sales that a new consuming household. These existing customers should not be taken for granted, as regular customers give more business in the long run.

2. Be Profitable Through Product Portfolio
Correct ordering of the right products form the product portfolio should be done. It could be that you are not ordering the product that could have sold well, due to some perceived notions of your own.

3. Be Profitable Through Customer Service
It is essential to keep the promises to the Customers. If promises are not kept, then one is playing with the emotions of the customers. This leads to bad word of mouth, which affects other purchases as well. Promises all across should be kept.

4. Be Profitable Through Distribution
I recommend to spread awareness. For Example, Visit customers in your area and conduct promotions there. In a given area, at least 30 % of the people don’t know that you exist. Knowledge/awareness about the product/service should be distributed.

5. Be Profitable Through Sales
Increase the sales through new means and find out different kinds of potential customers. New customers could be targeted for supply of material. Contact numbers could be taken so that you can contact them if need be.

6. Be Profitable Through Market Research

Know the preferences of the customers and keep a track of new trends. Every week, new trends have to be analysed and checked.

7. Be Profitable Through People
People are the biggest resource, invest in them. The Salespeople are very crucial, as their attitude towards customers could influence the customer’s buying decision. Choose sales people who have a positive attitude and are cheerful, not funereal in terms of attitude. Sometimes, a smile could win and keep a customer.

8. Be profitable through physical appearances

Since customers are demanding it is essential to be hygienic. The physical appearance of the sales people is also very important, because if he/she is unkempt, the customer won’t feel like buying.

9. Be Profitable Through Ambience
A visit to store should be a pleasant experience. The equipment as well as air conditioners in the shop should be switched on to enhance the ambience of the store.

10. Be Profitable Through Processes
Processes should be followed to avoid errors and misunderstanding. A note of all customer’s calls should be made and the timelines should be adhered to. An entire process from the order placement to delivery of the order should be followed.

Retailing is growing but not every retailer is successful. The above 10 tips would help the retailer grow well and be profitable.

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