Facts About Retailing_sheetal Arora_9th Nov,09

Facts about Retailing

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Retail Giants

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RPG 

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Rama Prasad Goenka (better known as RP Goenka), starts RPG Enterprises in 1979 Today, RPG has more than twenty companies across eight business sectors, with a Turnover of Rs. 15,000 cr. 8 Business Sectors are: Power, Tyres, Transmission, IT, Retail, Entertainment, Carbon Black, and Speciality [email protected]@gmail.com

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Spencer's Retail Limited is one of India's largest and fastest growing multi-format retailer with 250 stores, including 36 large format stores across 50 cities in India. The merchandise ranges from fruits & vegetables, processed foods (Ready to Eat, Ready to Cook, FMCG products),specialty foods including international, sugar free, organic foods, etc...groceries, meat, chicken, fish, bakery, chilled and frozen foods, garments, consumer electronics & electrical products, home care, home décor & home needs, office stationeries, soft toys.

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Pantaloon Retail (India) Limited 

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Future Group, led by its founder and Group CEO, Mr. Kishore Biyani has over 1000 stores across 71 cities in India and employs over 30,000 people. The company’s leading formats include Pantaloons, a chain of fashion outlets, Big Bazaar, a uniquely Indian hypermarket chain, Food Bazaar, a supermarket chain The company also operates an online portal, futurebazaar.com. [email protected]@gmail.com

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The first set of Big Bazaar stores opened in 2001 in Kolkata, Hyderabad and Bangalore. Line of Business: e-tailing, food, fashion, Home solutions, IT, leisure and Entertaiment,etc..

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Shoppers Stop 

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The foundation of Shopper's Stop was laid on October 27, 1991 by the K. Raheja Corp. group of companies. With an unparalleled assortment of the leading international and national brands in clothing for men, women, and kids; accessories, fragrances, cosmetics, footwear; home furnishing and décor products, our stores aim to provide shoppers a truly international shopping destination. [email protected]@gmail.com

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Shopper's Stop is the only retailer from India to become a member of the prestigious Intercontinental Group of Departmental Stores (IGDS).

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WESTSIDE 

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Established in 1998 as part of the Tata Group, Trent Ltd. operates Westside, one of India's largest and fastest growing chains of retail stores. This story began is 1998 when The Tatas acquired Littlewoods – a London based retail chain. This acquisition was followed by the establishment of Trent Ltd (a Tata enterprise that presently operates Westside). Littlewoods was subsequently renamed Westside. [email protected]@gmail.co m

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Lifestyle International 

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Lifestyle International (P) Ltd is part of the Landmark Group, a Dubai – based retail chain Lifestyle India began operations in 1999 with its first store in Chennai. Lifestyle has: Apparels, babyshop, the home centre, shoe mart,, and lifestyle accessories.

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5 Types of Retail Ownership

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Independent Retailer Independent retailer is one who builds his/her business from the ground up. From the business planning stage to opening day, the independent retail owner does it all. He/she may hire consultants, staff and others to assist in the business endeavor. The opportunities are endless.

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Existing Retail Business Someone who inherits or buys an existing business is taking ownership and responsibility of someone else's hard work. The foundation has already been laid.

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Franchise Purchasing a franchise is buying the right to use a name, product, concept and business plan. The franchisee will receive a proven business model from an established business.

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Dealership Retailers may find the business model of a licensed dealership as a mix of franchise and independent retailer. The licensee has the right (sometimes this is exclusive) to sell a brand of products. Unlike a franchise, the dealer can sell a variety of brands and there generally no fees to the licensor. Dealerships may or may not be identified as an authorized seller or by the company's trademark. [email protected]@gmail.com

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Network Marketing Multi-level marketing (MLM) or network marketing is a business model where the selling of products depends on the people in the network. Not only is a product being sold, but other salespeople are being recruited to sell that same product or product line. It's probably not a type of business one would initially consider when discussing retail businesses, but Amway used this model quite successfully for many years. [email protected]@gmail.com

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9 Myths of Retailing

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“If You Build It, They Will Come” 

The right product mix, pricing strategy and store atmosphere will do no good if your customers don't know you exist. Many new retail stores fail to properly market their business. The lack of funds or the wrong advertising campaign can keep your message from being heard. Even during the hardest economic times, advertising can be an effective tool.

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“Small Stores Can't Compete With Chain Stores” 

While it is true that smaller stores cannot generally compete strictly on price with the large chain stores, they can still compete. By maximizing the uniqueness of their business, exceptional customer service and cozy atmosphere, the small retailer can take a fair share of the market.

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“Your Best Customer Spends The Most” 

You may have a customer who comes in occasionally and spends more than the average shopper in your store. Before declaring him or her as your best customer, stop to consider the customer who may spend little, but tells his friends and family about your business. Referrals and repeat customers are highly valuable and may add up to much more than the big-spending customer who shops with you twice a year. [email protected]@gmail.com

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“Online Shopping Will Replace Retailing” 

E-commerce is making big strides in the world of retail. But while it is important for brick and mortar retailers to have an online presence, there will always be consumers who want to try things on, feel and inspect the quality of the merchandise and some shoppers still prefer the security of paying for products in person.

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“Moving Your Store Will Hurt Your Business” 

Relocating a business can be expensive and possibly disruptive, but with some planning it can be the best thing for your bottom line. Start early and make a checklist to keep the move organized. Be sure to plan your relocation marketing focus around retaining your existing customers, as well as making new customers in the new location.

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“The Government Has Free Money For Your Business” 

Television commercials, website ads and general false information has distorted the half-truth in this statement. There are grants available from the government for particular projects but these are generally for non-profits and educational business, not for individuals who will use the proceeds to start their own retail business.

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“The Customer Is Always Right” 

No, the customer is not always right. Sometimes the customer is quite wrong. Customers make honest mistakes and sometimes they want something for nothing. While the customer isn't always right, it's our job as retailers to make them feel like they are always important.

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“Good Help Is Hard To Find” 

It may take a little longer, but it is possible to find excellent employees. Start by writing a thorough job description. Establish a review system to weed out candidates that don't fit the bill. Learn interviewing techniques and prepare a comprehensive training program. To keep good help once you've found it, learn how to motivate your employees through pay and promotion. Staffing your store is easy if you have a plan. [email protected]@gmail.com

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“You Can't Make a Living in Retail” 

This one is just completely untrue. The small profit margin for most retail items may prevent one from becoming rich, but good sales can generate a healthy income for someone operating their own retail business. And for those not interested in entrepreneurship, there are many, many positions in retail other than store manager or clerk. Some retail career fields include buyers, merchandisers, logistics and sales. [email protected]@gmail.com

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How To Turn Returns into Sales

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Listen and Learn: Start the return transaction by genuinely listening to the customer. This allows the customer to be heard and it’s your chance to understand the shopper’s needs. Once the customer is finished speaking, begin asking any unanswered questions to establish the reason for the return. Why is the item being returned? What is wrong with the item? What end result is the customer seeking? Once the reason for the return is known, we can offer solutions to the problem. [email protected]@gmail.com

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Offer Suggestions: Now that we understand why an item is being returned, we can suggest alternative products or solutions. Would the shopper like a different style, color or size? Could a similar item serve the customer’s needs? Do we offer a better product than the one being returned? If so, make those suggestions. Be sure to mention the benefits to the customer. This isn’t just a return; it’s another opportunity to sell. [email protected]@gmail.com

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Cross-Sell (selling an additional product or service to an existing customer): If no substitution will satisfy the customer, all is not lost. Depending on the store’s return policy, it may be possible to offer in-store credit or gift cards instead of a cash refund. If you must provide a cash refund or credit card chargeback, consider offering accessories or related items to the customer. Without being pushy, mention current specials, best sellers or other products the customer may need. Is there an additional item he/she could use? [email protected]@gmail.com

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Satisfy the Customer: Not all returns can be exchanges. Many customers will only want their money back. That’s okay. After you’ve exhausted the above selling opportunities and you’ve satisfied the customer, chances are good that he or she will return to shop with you another day.

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“An exchange is better than no sale, but a satisfied customer is more important than a return policy”.

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How to Build Customer Loyalty

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Satisfy the Customer  Greet every person as they enter the store  Let shoppers know you're available for help, if needed  Offer your expert advice  Provide services beyond the customer's expectations  Thank every shopper as they exit the store.

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Acknowledge the Customer  Introduce yourself to the customer. He/she may offer their name as a reply.  Customers provide their name when writing a check, paying by credit or filling out forms.

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Reward the Customer  discount certain items  free gifts with purchase  To some customers, a real reward may be a simple gesture of appreciation

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Follow Up with the Customer  Send personalized mailings  Invite them to special in-store events as a VIP shopper  Ask about their family or events in their life.

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15 Things Retailers Should Never Say

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I Don't Know "That's a good question. Let me find out for you.“ All Sales Are Final "Let us know if you're not satisfied and we'll make it right."

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Calm Down "I apologize.“ Did You See Any? "Yes, we stock that. I'll go see if we have any.“ We're Closed "We close at __ o'clock and reopen at _ o'clock. Is there something I can quickly help you with now?" [email protected]@gmail.com

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Will That Be All? "Did you see our __ that goes with this?" or "Have you tried __?“ It's Over There "Follow me, I'll show you right where it is.“ I Can't Do That "What I can do is ___." [email protected]@gmail.com

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That's Not My Department "I'll be happy to get you to the person who knows more about that department.“ We're Out of That "That item is currently out of stock but will be back in on ___. Can I get your name/number and call you when it comes in?" [email protected]@gmail.com

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THANK YOU !!

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