Are you running or planning to run a retail store?
If yes, then in this article you can get righteous and useful advice to run your store smoothly.
Running a retail store requires you to perform a number of tasks effectively and efficiently. You need to manage the sales, purchases, customers, accounts, etc. It sounds difficult but adequate knowledge, planning, and execution can help you.
Below is a list of 7 retail store management tips to run the store smoothly.
- Be a leader – In a retail store, all the functions are to be carried out under your leadership.
You should be a good listener and speaker.
You should be positive and stay cheerful.
You should be a good commander.
You should be focused on the success of your business.
You should handle unfavorable conditions calmly and tactfully.
You should be open to changes
…..and so on.
2.Be knowledgeable – No matter, whichever trade you are in, you should have a good knowledge of all the aspects of that trade.
Moreover, for a retail business, you need to have knowledge regarding all the aspects. This is important because here everything is carried on under your supervision.
You need to have a good idea of your products and the tasks to be carried out. Otherwise, you cannot guide your staffs to serve you the best. Only if you know things better you can give better directions to your staff members.
Imagine, a particular customer asking about a particular brand of product. And you and/or your staff members are not able to answer him/her. This will definitely have a negative impact on the customer and you might lose sales.
Not only about the product but you should be knowledgeable in other fields. Namely, purchases, sales, accounts, etc.
3.Better staffing and managing – Remember, you alone cannot perform all the task of the retail shop. You definitely need good staff members to help you.
Get worthy and enthusiastic staff members on board.
Allocate responsibility wisely, according to their abilities.
Train them adequately and properly.
Manage them skillfully.
Direct your staffs well. Do not order them, guide them
Maintain a healthy relationship with them.
Encourage them on their good deeds.
Listen to their grievances
….and so on.
4.Unmatched customer satisfaction – Do not forget that ultimately your turnover will depend on the amount spent by the customers.
Greet them when they enter your retail store.
Ask them about their requirements, guide them.
Provide them with the best of your behavior.
Provide them with pleasing customer service.
Never argue with them.
Try to develop a long-term relationship with them.
Thank them for buying from you.
Provide them with commendable after-sale service
…..and so on.
5.Purchase inventories wisely – This is a very vital part of the retail shop. Your profit margin depends a lot on this. It requires good skill and planning in advance.
Buy from the best sources on best price.
Keep a track of the customer behavioral pattern. Fetch the brands which are demanded more by the customers.
Before buying pay attention to the prevailing market condition. This will depend on the type of product you deal in. For instance, for grocery stores, in summer juices are sold more. But in winter tea and coffee consumption is more.
Keep an accurate count of your inventories to cut down any theft or other such losses.
Note down all the purchases made by customers. Minus this from the inventory. This calculation will give you an idea of how much inventory is to be purchased.(Note: There is several retail pos software which will help you in this process). Do not overstock. Do not run out of stock.
Have adequate and favorable storing facilities
…and so on.
6.Adequate premises planning and maintaining – Would you like to visit a retail store where all the items are messed up and which is nasty. Definitely, no. Same goes for your customers.
See to it that you have an appealing interior and exterior.
Keep your store clean and tidy.
Display your products attractively.
Store all your products neatly and well-organized.
Keep the products which are more in demand easily reachable.
Provide extra facilities which are admired by customers. Such as air-conditioning, restrooms, etc.
….and so on.
7.Utilize Technology – In this technological era, you cannot keep your retail store away from technology. Use the various tools available in the market for better working and administration of your store.
You have a tool for every action and task related to your retail store management.
You have inventory management tools.
You have retail pos software.
You have sales management tools.
You have staff management tools.
….and so on.
Choose the ones which are required for your business. Get it and use it. You will definitely like the way it makes all your job easy and manageable.
Editor’s tip – Remember, selling should not be your only concern. Try to provide best experience to your customers. Use your management skills and experience to the fullest.
Hope the above tips will help you manage your retail store in the most favorable manner. And your retail store will surely turn out to be beneficial to you as well as your customers.