Indian Retail that had been rocking a year back is facing rocks today; some of it due to circumstances beyond control, but some definitely within control. Based on experience, discussions, talks over the past year……thought that some of these can be listed down….

1 Size is becoming relevant - All those large sized expansion over the country; large stores need to be curtailed. Medium &
small is the way forward.
2 The older single & few location retailers should use the time & opportunity to organize themselves quickly - associations;
cartels for purchasing, marketing. Use this opportunity to emerge as a strong force.
3 Price Wars shall rule the roost with the big guys undercutting each other. Here everyone would incur losses to get in the
famous footfalls!
4 Loyalty programs initiated earlier have failed to deliver & shall continue failing miserably particularly those with points.
Name of the game is instant gratification.
5 Convenience offered by retailers with location shall reign for all daily needs like groceries, vegetables & fruit.
6 Retailers will need to forget Advertising & get into POP, research & data shall rule the roost but more important from a
catchment perspective.
7 Retail brands shall gather momentum, whilst simply manufacturing brands shall continue loosing their sheen.

I am sure some of the major chains with deep pockets may disagree, but will have to tweak some of these for their business plan however robust it may be.

An ideal combination for India would be the hub & spoke retail - city wise; state wise & geographically.

I would love to hear comments on this!

2008 is going to present an Exciting, Challenging & sometimes Frustrating market conditions. In many cases all three situations will be present at once. Such business environment demands the best from Professionals.

To succeed in such exciting times, lets see what skills do a manager needs to refine. The following skills listing are not in any particular sequence of importance. Some of you may find the last one to be of top priority, while for others this may be just the right sequence! I leave it to your judgment.

1: Hiring (& keeping) the best.
As products (& or services) become similar, its the people who will make the difference. Read the rest of this entry »

HR translates into Human Resources, but for the Jewellery Industry that requires & provides employment to thousands, it is not a high priority. Read the rest of this entry »

April 2005 –

Finally decided to take a plunge into an Industry that is around 70,000 crores (according to various studies & reports). Out of this only 3% is the branded segment, though the industry as a whole is growing at 20% + year on year. Read the rest of this entry »

An email debate on the above initiated by Harris - Managing Director of Witco the chain of luggage speciality stores down south Read the rest of this entry »

Example II

Having shifted to Mumbai & the new MNC expected me to report for the presentation in a JACKET???? Read the rest of this entry »

A couple of days ago, a friend sent an sms asking the above question. Quite relevant, in the current “india shining, retail rocking” scenario. Read the rest of this entry »

I had tried this out on Internet & worked pretty well. Adapted this to Retail & seems to work reasonably, if not equally well. Do not know if there are others who have tried this out in Retail, but welcome comments: Read the rest of this entry »

Buying point-of-sale (POS) software isn’t as simple as it used to be. Though technology is an enabler for many great advances, it has also made the decision-making process much more complex. Retailers must consider their future needs & also anticipate requirements that may be beyond their control.

With the size of the investment in both software and hardware, it is a major decision for retailers in terms of time & money coupled with ROI to choose the right POS. You as a retailer wants to end up with a solution that’s antiquated before it’s even installed!

So what do you as a Retailer, need to consider before they buy POS software?

1: Open Hardware

Remember to investment in hardware that lasts a long time. It no longer needs to be upgraded every time there is a software change or upgrade.

2: Interface Capability

Normally, POS is a category of software that is chosen separately from back-office & accounting systems, hence extremely critical that all the different systems be able to interface with each other, in a seamless manner.

3 Flexibility

Flexibility, means being able to respond to business requirements & changes instantly. You should be able to adapt the head office information immediately to store needs.

4: Operating System

Whilst windows NT is highly recommended, it should be kept in mind whether the store requirement of an operating system is essential & only after necessary evaluation should one decide.

5: Scalability/International Operations/Multiple formats; classes

Retail is extremely dynamic. You may introduce a new format. Or a merger/acquisition may take place, giving a completely different strategic direction. Hence it is imperative that the POS should be able to scale to accommodate a variety of changes.

 
6: Off-the-Shelf Usability

Whilst, it’s a good idea to buy off-the-shelf POS software than try to develop customised systems. This offers substantial cost & effort benefits; also vendors do a better job with support. But do not be satisfied with a “one-size-fits-all” solution. It should be easily customizable by the retailer, without the need of source code.

7: Vendor Reliability

Do not Experiment. Choose a vendor with a proven track record of installations and a large enough organization to be credible. Ensure that the vendor will be around for the long haul, and would be willing & able to respond to needs quickly/provide custom development services as & when necessary.

Happy  Buying!

Anaggh

It requires energy, flexibility, along with ability to think on your feet & decide on issues that arise periodically.
As a retailer, you are to blame, if sales are bad or the store is a mess; employees rude & lazy. But if sales & corresponding profits are up, with great employees, you need to take credit for it. Remember, employees mirror our actions.

You will be expected to learn quickly because there is always a lot to think about. Some guidelines that will help you to understand your store in detail:
Core Areas.             Check lists.                             Observation.                     Plan of Action.
Store exterior         1. Signage
2. Side pillars.
3. Shutter.
4. Pavement & steps.
5. Door mat.
6. General view of the store exterior.

Core Areas.         Check lists.                                 Observation.                         Plan of Action.
Store interior      1. Brightness
2. Ambiences
3. Presentation of merchandise
4. Brand Promotional activity
5. Utilization of space
6. Use of current P.O.Ps & campaign
7. Hot Zone in prime selling area.
8. Display of merchandise size wise, design wise, colour wise & Price wise.

Core Areas.             Check lists.                                             Observation.                                     Customer Services.
Customer Service 1. Care taken to greet & serve the customer
2. Job knowledge & Product knowledge
3. Selling skills & strategies
4. Appearance of floor staff

Core Areas.                                 Check lists.                                     Observation.                          Customer Services.
Merchandise Management. 1. Condition of stk. room & godown.
2. Stacking of stock on racks as per standards.
3. FIFO practiced religiously.
4. Price revisions implemented.
5. Proper price stickers on packages & merchandise.
6. In-store quality check of merchandise.

Core Areas.                             Check lists.                                 Observation.                                 Customer Services.
Personnel and Administration 1. Absenteeism cases.
2. Staff happy & cheerful.
3. Upkeep of files.
4. Condition of furniture.
5. Furniture & stk. as per statement
6. Fans/AC - working.