Understanding Retail Management

Retail management is one of the important keys while running a retail business. Technically, retail management includes all the processes and actions that drive retail sales and also maintain customer satisfaction levels. 

Read More: Retail & Retailer: Definition, Types, and Functions

Retail Management Strategy

Here are several strategies that you can apply to maximize your retail business:

Setting Sales Goals

When implementing sales goals, there are things that must be considered, including historical data and promotions. One of the popular strategies in setting sales goals is the SMART method (Specific, Measurable, Attainable, Relevant and Timely).

• Specific: Be specific in implementing sales targets.
• Measurable: Progress and goals must be measurable.
• Attainable: Be realistic in setting sales goals.
• Relevant: The method of achieving goals can be applied by employees.
• Timely: Choose a clear timeframe to achieve the goals that have been set.

Employee Management

Apart from setting sales goals, having the right staffing system and hiring skilled employees are major strategies in retail management. Make sure your employees are equipped with software training and product knowledge. It’s also important to check if they know the promotion/discount program that will be running.

Product Design and Layout Planning

Store design and product layout are important to attract new customers, retain loyal customers, and also represent the brand identity. It includes lighting, product placement, and a payment section. Be sure to prioritize product arrangements in the store to maximize sales. Also, consider the visibility for the products displayed. Use supporting tools such as CCTV to avoid opportunities for crime that will cause harm to the business.

Read also: Store Planogram – Importance and Why You Should Digitize the Compliance Monitoring 

Inventory Management

Inventory management ensures stores have the right product in the right quantity at the right time. Usually, stores use Point Of Sales (POS) to track them. Good inventory management will support sales, as well as provide a good experience for consumers. Through POS, retail managers can monitor inventory in real-time during sales and goods movement. 

Find out more about: Delving Into POS Usage For Principals

Digitizing the system with Advotics can help you to manage sales inventory and track stock movements. Click here to get real-time and comprehensive inventory monitoring which is crucial for your retail management.