Anyone who regularly watches the news or reads the newspaper will be familiar with statistics such as CPI, employment, GDP, household expenditure, and the impact these have on our macro-economic environment.
Critical Success Factors in Retail by Fraser Sherman - Updated November 21, Despite the damage internet shopping has done to bricks-and-mortar retail, most sales transactions still take place offline.
Customers like the convenience and ease of online shopping. But they also enjoy trying on or handling goods before they buy them, and the satisfaction of taking them home immediately. If you give them the right incentives to visit your store, you can win out over the internet. Branding is Key Whatever your line of goods — antiques, trendy boots, imported Thai candy — you have an advantage if customers associate your products with your store, rather than Amazon or WalMart.
Sephora, the high-end makeup stores, thrive in part because of exclusivity. The expensive products women buy at Sephora aren't available on Amazon, which makes Sephora a destination worth driving to. The Store Experience For a lot of customers, the experience of shopping is part of the fun.
Rather than sit on the couch, they go to your store, wander about with friends or family, then go somewhere nearby for dinner. It's vital to make their experience as enjoyable as possible. Part of the appeal for makeup-store customers is that they can snap and share selfies as they try on various looks.
Brownie's Dog Boutique took its name from a real dog, so the store includes a mini-museum telling Brownie's story. You want enough stock on hand to satisfy customers, but items that sit on the shelf unsold don't help you bottom line. It's why big box stores such as Target and Nordstrom are launching significantly smaller stores, reducing the quantities needed to fill the shelves.
It's not just the cost of buying, shipping and storing items but the time, effort and money required to maintain complex supply centers, distribution centers and deal with multiple suppliers.
Even if you're not slimming down from a big box, you may be able to improve your inventory management. Some retailers have been able to drop several thousand of their less popular offerings, concentrating on more successful products, without disappointing customers.
It's also important to track and manage inventory so that you know when it's time to reorder popular products.
The Personal Touch Building a personal connection with customers is another critical factor. If customers feel you and your staff are making a real effort to help them, they'll appreciate it. Having friendly, knowledgeable staff is part of that, but only part. Use social media or a store blog to keep customers informed and encourage them to communicate with you.
If you gather information on their purchases, for example, through a loyalty program, make use of it. So long as customers understand what you're doing, having a store that knows what they want in advance and provides it is a plus.
Understand customers' needs and meet them.Beginning with an idea of your team and company goals, market segments, success path(s) and potential detours, you can then collect data to better understand your audience and optimize for success.
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Take your career to the next level today! Start by understanding some of the critical success factors for online retailing – that’s what. Of course whilst critical success factors will differ greatly amongst industries, this article attempts to get you thinking about some of the big issues.
The course is designed to provide students with insights into the complex environment that organizations of any size operate. Organizational leaders’ and organizational members’ responsibility to use ethical thinking to balance stakeholder interests with organizational duty are examined.
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Selected Journal Articles** Impact Factor Journals. Forthcoming in Muhammad Mohsin Zahid, Bakhtiar Ali, Muhammad Shakil Ahmad, T. Ramayah & Naila Amin ().