Without attachment to religious beliefs, we titled the article this way because there are certain things that must be done to survive in retail. There are sacred rules retailers like you need to follow in order to stand firm in the retail industry. This can vary for every retailer, yet, the list below can be your ultimate guide in doing business.
#1 Show people respect
Everyone, regardless of their age, race, background, and the like, should be treated with respect. Showing your customers and workers courtesy is vital to maintaining a positive lasting impression.
#2 Buy what you can sell profitably
It is essential to follow a merchandise plan to know what you can purchase from suppliers and sell to customers. It is not enough to keep filling up your stores, as it can only result in heavy markdowns, slow inventory turnover, higher operating costs, and disruptions to cash flow. Learn how to properly do it with merchandise planning and open-to-buy services from Retail Smart Guys.
#3 Take part in community engagements
Business does not only revolve around increasing sales and earning money. It is also essential to be purposeful by supporting causes and advocacies. Take part in activities that will benefit the community to help others and reach more for your brand’s image. Customers support stores that support local initiatives, so participate in all that you can.
#4 Monitor your operating expenses
You can have a strong marketing strategy, yet this will be ineffective if your operating expenses are above the roof. Always check your costs to ensure that you do not exceed your margin.
#5 Don’t be afraid to markdown
It is a common misconception that having markdowns equates to poor sales. But actually, when done correctly, you can save more by marking down your price than totally having complete loss from products turning obsolete. Use marketing tactics such as the psychology of price, which we at Retail Smart Guys can help you with.
#6 Value customer service
Help customers find what they need, answer their questions, and resolve any issues or complaints promptly and effectively. This can be achieved when your staff is adequately trained. Have them learn the proper ways to accommodate people with the help of our training techniques in Retail Smart Guys. Remember, you are nothing without a market.
Knowing how the retail industry vastly works, the above commandments can go further. And as you journey in retail, you’ll be able to add more to these following your style and preference.
However, these six in the list are crucial for maintaining a solid standpoint against competitors and overcoming business challenges.
Follow these reminders to make retailing much easier.
Live by the commandments with Retail Smart Guys helping you through.