4 Retail Management Processes You Cannot Ignore
Customer Relationship Management
It is difficult to keep customers happy and sell them the type of merchandise they are looking for if you don’t know anything about them. You’ve got to manage your relationships or you won’t have any.
The question for a retail manager is, How do you manage customer relationships effectively?
It all begins with name and contact information capture. You can do that at the point of sale much more efficiently and effectively than anywhere else, but that’s not to say you won’t capture that information in other ways. You need a system to manage the process for you.
Another aspect of retail operations you must manage effectively to remain profitable is price management. How do you monitor price changes and keep track of key performance initiatives. If you know, for instance, that a certain product sells better at a higher price point than the recommended retail price during the summer, then you can more effectively control your prices to optimize your profitability on that product.
Set rules to manage your promotions so that you don’t miss out on those sales opportunities.
Web Order Fulfillment
You can’t stay in business today if you aren’t on the Internet. At the very least, you need a way for customers to place orders on your website. You may not need a full e-commerce solution, and you may not be interested in selling on third-party websites like Amazon and eBay, but you’ll definitely need a way to fulfill orders on the Web.
Merchandise Planning (OTB)
If you don’t have the right product on the shelves, or the right amount of product, then it doesn’t matter what else you do right. You will lose sales.
Planning is one of the most important aspects of running any retail operation. Whether it’s one store or a chain of establishments, you’ve got to plan ahead. ChainDrive’s Open-to-Buy solution will help you plan your seasons and your products so that you have the right merchandise on the right shelves at the right times.
Don’t leave your retail operations to chance. At the very least, focus on these four essential processes.