A social media face for your retail store

Retailers where are you ?

Youngsters are your market :- Do they really know, where are you , when they are searching for products to shop ? Many of them are new to your city !

As  youngsters become the main stay for many retail businessess, it is no longer enough to just advertise in your favourite newspaper and hope it will attract your customers to your store. Bangalore's MG Road, Brigade Road and Commercial Street are no longer the attractive places to shop ! Who has the time to travel to them on the only sunday they get ?

More and more young people work more than just the normal 9 to 6 now a days  5 to 6 days a week and then take home to work on their laptops . We see less and less of them reading news papers, including those using company buses. Considering that many of them are staying all alone or with friends or even having small families, the habit of reading newspapers is coming down amongst this as a source of information about brands, offers etc.

New Media for advertising :-

Since many of them spend literally all their working time in front of computers, mobiles, and the now status symbol of a ipad ( I pad 3 has just been launched), it is important that retailers including the brands begin to embrace the social media world of http://www.facebook.com, http://www.twitter.com, http://www.linkedin.com, http://www.pininterest.com, etc and a host of new media. A website is almost like a phone no today. If you are not uptodate on your website, then you are seen as dated. In fact mobile websites are the order of the day.

Caution :-

Retail as an industry and more so, retailers and franchisees of brands have always been slow to get on to the technology bandwagon.

It is time that retailers not wait for the Brand Owners/ companies to give them a few lines under the address of dealers on their company websites, but start to experiment with various social media.

Like this blog on indi-blogger, it is even free and smarter young entrepreneurs are beginning to blog about their stores, their new introductions, their customer feedbacks etc . In the initial stage, it might be worth while to take the help of website and social media developers ( like a local advertisement agency) you are using for your local advertising and get a presence. One such company is http://www.jademagnet.com ( I  am using them for my own website http://www.retailgurukul.com )

Remember social media is now a 365 days 24 hours advertising and the earlier you adapt this, the better benefits you will get. All this can be done from the store, using your email and phone ! to get started.

Surprisingly, costs are much lower than a half page advertisement that your brand gives once in a way on your behalf, just before a big shopping season.

Retail Metrics :-
After publishing your advt in a newspaper, do you know how many actually saw it ? As a saying goes, 50 % of all advertising is a waste, but you dont know which one !

Is it different for online social media ? What do you think.. ?


Best of luck and share your experiences.

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An unrefusable offer for Bloggers ..

Background :-

We are all customers for a wide variety of products like daily grocery shopping, lifestyle products, consumer products, homes, etc etc. Many of us are regular bloggers on the indiblogger network and other networks as well. Currently we blog what is closest to our hearts and hope that it is of interest to others.

In another world, are the retailers like me representing 1000's of brands who spend their entire lifetime understanding customers like you. Some time successfully, many times failing badly.

Recall the number of times, we have made  you happy with your shopping and times we have upset you. We know we should do better. Your happiness is our survival after all.

Give us a chance to correct and improve ourselves... We have Crores of investment to take care .

The opportunity  :-

Retailers are always looking for honest, critical feedback on their business to help them improve.

The current methods of understanding customers , doing surveys, focus groups inside 5 star hotels or door to door surveys have their limitations.

For the 1000's of bloggers on the Indi Blogger network, I have an unrefusable offer :-

We are setting up India's first Online /Offline Retail Staff Training Portal called http://www.RetailGurukul.com

Unrefusable Offers :-

We are looking for authors to write on the entire shopping experience from the Customers perspective . What you liked , what you did not, what made you buy, what put you off , what can we do it make it better, make you happy :), how to solve a problem ?

We like authors, customers and anyone interested in providing feedback, suggestions and comments on the way Brands are retailed in India.

You have typically discussed your experience with your friends and family about your experiences, but rarely got in touch with the retailer or the Brand itself. Most often you have gone back to the store if you  had a good experience or voted with your feet, if it was bad.

Brands and Retailers are spending enormous amount of time and effort to understand the customers, often with mixed results.

Let us talk ? And make some decent money too.... Nothing is lose any way ! Everything to gain.

Call me Shivaram

90360 365 24.

www.retailgurukul.com

http://www.retailgurukul.blogspot.com for my blog

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Malls Vs High Street - Where to set shop ?

India's population is shopping for more brands than ever before. Whether it is shopping for high value products ranging from imported apparel or daily needs like vegetables, groceries, it is both an entertainment and a activity to be done. No wonder "retail therapy" is the new buzz word.

What can Retailers do to catch the Shopper ?

Location :- With time at a premium, Shoppers look for convenience where they can shop for multiple things in one place. This is where the Malls are taking over from the tradional high street.

Malls are offering :-

a. Starting with the convenience of parking, including valet parking.
b. Airconditioned ambience starting right at the door / floor of the mall.
c. Widest range of brands under one roof, and a choice of exclusive and multi brand outlets .
d. Easy comparison shopping, with self service facility in many places, compared to assisted facility in many exclusive stores.
e. Food courts with a wide variety of cuisine to satisfy multiple demands
f. Even films and other forms of entertainment.
g. Impulse shopping brands Fast Track, Shoes Adidas, etc

High Street stores are offering :-

a. Speciality retailing like in jewellery ( Tanishq, Hyper marts (Star Bazaar ) in apparel which are not possible in malls with their high cost of floor space
b. A more personalised service
c. Even in brands, the store have a much better understanding of the catchment area, with special items available with them only and not available in malls , which tend to have a more broad based approach.
d. Established ethnic and speciality retailers are still preferring to go their own stores in high street and not taken into the mall culture .
e. These established brands also seem to cater to a more mature audience, whether Pothi silks, established lifestyle brands etc.

The choice is finally on what kind of a brand is it ?

a. If the brand is young, catering to a younger audience, the mall is the obvious choice.
b. if the brand is well established, and has the power to draw customers to its own destination store, then the high street is a much better solution.

Finally, the top 3 reasons for the success of a retail store is location, location and location.Even within that, whether you are near the atrium in the mall or at a far away 4th floor location in the busiest mall in town will still matter, remember it is still location, location and location.

Only after that, the rest of the P of retailing product, price, promotion etc will come into play.

Wishing you Profitable Retailing !

www.retailgurukul.com

http://www.blogadda.com" Visit blogadda.com to discover Indian blogs
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Retail Metrics - Can they change suddenly ?

Dhirubhai Ambani :-

The story goes, that Dhirubhai Ambani, Reliance Group Founder Chairman, could just put his hand on any machine in his VIMAL textile plant and just by feeling the vibrations, he could tell what was right or wrong with the machine.

I am not so smart, but some thing similar happened to me today. I do a 5 minute run on the tread mill, at my gym, and on an average burn about 50 calories,  but more importantly, I will be sweating by the end and trying to catch my breadth.

Today, I seem to do 50 calories in less than 4 minutes and with hardly any effort ! While I was happy at my improvement, something told me the machine was not moving fast enough . I told my Trainer Irfan about my opinion,  he checked and confirmed, that the machine was not working properly and should be taken down for maintainence.

Learnings for a retail store :-

It is a similar instance in retail as well. Walkins are a very good indicator for a retail business. If a store is getting an average of say 50 customers ( how to measure walkins is a good subject for another day ), then if it either suddenly drops or goes up in explicably ( exceptions are advertising campaigns, weekends, holidays, festivals etc) then it shoud immediately ring alarm bells whose responsibility is to track it . Whether it is the greeter, the CSA, the store manager or the area manager. Sooner or later, you will find out the reason for the abnormal changes in the tracking format.

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Credit Card Lost and Found after 15 days. Safe !:)

Incident :-

My wife, had gone out shopping some time ago and used her credit card. Suddenly at 10 pm , she remembered that her card was not in her purse, and after searching the whole house, did not find it. The immediate response was to call and block the card. She then checked the last time she had used it was in Namdhari Fresh store at the BTM Layout Bangalore .

We then decided that the only way was to check with the store first thing in the morning, if they had found it and kept. Mr. Ravikumar of Namdhari had found that she had left without collecting her card, and they had gone out to look out for her, but could not locate it. So they kept it with them safely . She was relieved to find that the store had kept it safely and kept them for her to return and we not only thanked them for their service, but also are writing to their HR department, for having such a wonderful staff.

Mr. Ravikumar and his team, who safely kept the credit card.

From now on, my wife is sure to shop at Namdharis even more regularly in future !

Learnings :-

This kind of "customer service" cannot be "told" but should become part of the culture of the organisation.

Have you experienced special service in any retailer ? Share with us at retailgurukul@gmail.com

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Happy Customer Services to share ?

Once upon a time, we would go to the tailor first with the cloth, who would take the measurements, then go another day he told us would be ready and find it was not. Go back a few more times, curse your tailor and finally get it .

Now a days, we go to a branded ready made store in a mall, mostly on weekends and that too in the evenings ,  try out many many dresses and finally select a pant ! Only to find in the trial room, the length of the pant is too long, the ends are not stiched. You dont give it too much thought, you bill it and then you are asked to go to the alteration desk !

Frustration :-
This is where the frustration starts. After a long queue at the billing counter, there is a even longer queue at this alteration desk. And it is already 8 PM and you are in a hurry to go home ! You are now told that it will take one hour or you could come back after a day to collect.

You then feel helpless and since you cannot wait for one hour decide to come back the next week end only to collect.

Opportunity :-

Some brands have sensed this as an opportunity and have started door delivery of the altered pant to your door step, either the office or home address !

Customer Delight :) !

What a convenient way to service the customer.... some thing that could be a frustration has been turned into a delight !

Do you have any such stories to share ?

Do comment below or share with us at 090 360 365 24 or retailgurukul@gmail.com

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Everlasting prosperity in one day !

Looked like every man, woman and child from  Jammu or Kanyakumari, Bombay or Kolkatta or any city or town for that matter, was too busy, buying "Everlasting Prosperity" today. Akshaya Tritiya , which meant any one starting any thing today, was assured of perpetual prosperity was the main reason, the country went shopping !

Regular shoppers knew that if they come in early ( some came as early at 7AM !), they could get the best of the products, at the best of prices and best of service, before the crowds start coming in. Jewellers after a 3 week long strike were more than ready to service these customers.

Gold prices seems to have stabilised, diamonds continue to attract the new age middle class Indian like never before, new designs from all part of the country and beyond were available for buying.

A new metal has begun to attract customers and that is platinum, which is being aggresively promoted by the Platinum Guild International and is a young and happy "metal". Promoted especially for wedding bands and light weight jewellery, it is a hard metal and thus holds Diamonds even better than gold.Add the benefit of it being naturally white, then the extra shine of the Diamond on a white back ground becomes even more beautiful to look and wear.

Reports at the end of the day, suggest, both the customers and the retailers were happy. The customers seem to have had a great day shopping for their "Everlasting Prosperity" and the retailers were happy to see their shops full, and customers coming back in large numbers.

A WIN-WIN for all, as the management experts say !

www.retailgurukul.com on google search only !

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Loss Protection @ Your Retail Store

Ramesh, was a dedicated Customer Sales Associate with a well known retail store for many years. But, the income that he was earning was not sufficient for his living expenses and his life style. He often saw many of  his customers lead a lavish lifestyle and wanted to live a flashy lifestyle as well.

What he forgot was that many of his "customers" were often well educated and often worked very hard in their businesses or offices to be able to lead such a life. Very few really had "easy money". He often saw, day in and day out, how even these customers would look for value in the purchases.

Opportunity ?
One day, he saw what was a simple and easy way to make money. His owner / franchisee had gone out of the store, and had left him to manage the store. Since the store inventory was taken only once a month, a pair of expensive sports shoes went "missing". No body noticed it and it was only during the monthly check, the loss was discovered.Though every one was surprised, no body could come out with a reason.

Solution :-
As things began to disappear with more frequency, the owner decided to "investigate" and without any one's knowledge, installed a CC TV in the store, which was connected to the net. This way, he could watch the store, even while not being in the store.

It was only a matter of time, he tracked the losses to Ramesh and confronted him with evidence. Ramesh had no  choice but to accept or face the police.

Loss for life :-
He not only lost his job, but also face within his family, and found it very difficult to find another job, as potential owners wanted references before they employed a new comer. And Ramesh could hardly give his old owner as a reference.

Reach us at retailgurukul@gmail.com or 090 360 365 24
http://www.retailgurukul.com

  

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Old stock old price or old stock new price ? Is it ethically right ?

Balaji Helmet Palace, is one of the many helmet shops on Lalbagh Road, Bangalore where we stopped today to buy a helmet for my daughter, who is going to learn to ride a bike. We had stopped there, as it was a store with a parking space in front of it, and had an interesting way of showing off his "helmet store", where all the old helmets had been painted red and yellow, the colors of Karnataka.

As with most of these stores, once we told him, about our requirement, the Sales man showed us a few helmets, we finally settled on one,  a dull black with a white visor from the Brand Vega.

He had told us the price was Rs. 940 while another brand Globe was about Rs. 880 or so. My daughter found that the Vega one was a better fit and preferred it.

In the mean time, I happened to see the box from which he was pulling out the helmets and saw the price sticker on it, and it said Rs. 881 ! . When I mentioned this to the sales man, he insisted the price was old, helmets often get interchanged and the new price was indeed Rs. 941 , and he had the new printed price list to show me , to prove his point.

Finally he offered a discount of Rs. 20 and said, I could pay Rs. 920 and we finally settled for Rs. 900.

What is the right approach ?

Even the tag on the helmet showed that the price was 881 and he was obviously selling old stocks at the new price. Sure, I could have argued, left the store, found a new store to buy another helmet etc.

Is the retailer right in selling an old stock at a new price ?

He does not expect me to go back in the near future, and he is happy with the sale of today.

If you were me, what would you have done ? The difference is about Rs. 30.

If the stock had been repriced, then the customer would have seen the new price of Rs. 941, then would it have mattered ?

What do you say ?

http://www.retailgurukul.com

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Akshaya Tritiya on April 24th.Learning from the jewellers..

Akshaya Tritiya or Akshaya Trithiya is one of the most auspicious days for Hindus. In 2012, Akshaya Tritiya date is April 24. It is celebrated on the third day of the bright half of Vaishakha Maas (Vaishakha Shukla Tritiya or Thadiya). Akshaya Tritiya 2012 is even more auspicious as it falls on Rohini Nakshatra (Rohini star) day. As per the Hindu traditions and culture, this festival is considered as the most significant day to perform sacred deeds (Punya Karya).  In Sanskrit, the meaning of Akshaya is never diminishing. As the meaning says, on the day of Akshaya Tritiya people never feel the dearth of happiness or bliss. Akshaya Tritiya Muhurat 2012-Best time to buy gold or silver on Akshaya Tritiya 2012

The photo below is a jewellery store on the day of Akshaya Tritiya.

The marketing success:-Any body who has been reading newspapers or hearing the radio, could not have missed the bombarding of the Akshaya Tritiya by the jewellers of the city.
As recently as about 5-7 years ago, the festival of Akshaya Tritiya as a harbinger of prosperity was limited to a few jewellers in the state of Tamil Nadu, where it was a very local festival. Realizing the benefits of such a great business opportunity, the jewellers and World Gold Council, began to market it with all their capabilities behind it.
In just a few years, it has actually transformed the industry , with a significant amount of the annual purchases coming in on that day. This year, Akshaya Tritiya (AT) falls on Tuesday the 24th of April.
What opportunities are there for other categories ?
A recent advertisement for the Nano car , has taken a leaf out of the jewellers, and is offering a special scheme for NANO purchases.
What can other retailers to ride on this wave ?

1. At  its simplest, phone up , sms, email your customer base, wishing them a Prosperous Akshaya Tritiya.
2. See if some special offers, ( not just discounts ) can be offered for that one day.
3. Decorate the store in a festival  like atmosphere on the 24th April
4. Discuss with the customers, if they are planning to buy gold and diamond jewellery on this day why and with which jeweller ?
5. Do find the time to go and visit a couple of these jewellers on 24th. You would be amazed at the crowds that are at these stores.
6. Get ready to exploit the next years AT, with the inspiration from the jewellers.
Do share your experiences  http://www.retailgurukul.com  or write to us retailgurukul@gmail.com.

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Anniversaries - Another Business opportunity for Retailers.

Anniversaries were celebrated for long associations of 10, 25 years ! An Anniversary invitation meant, some old couple was celebrating their Silver (25 years) or Golden Jubilee (50 years ) of marriage. No longer, now companies and even Malls have joined in celebrating their anniversaries.
The Royal Meenakshi Mall @Bangalore invited customers to join in its Anniversary Celebrations, with special offers, parties, music, etc  . Guess how old is the Mall. ? All of 1 year . Thought one year meant a Birthday, not an anniversary .

Opportunity:-
The occasion should be converted into a Special Event, to improve the Brand value, Consumer connect, and an overall atmosphere of joy and oneness for the staff at the Mall or Store or Company.
Planning:-1. Form an Core Organizing committee with a Senior person in charge.
2. Negotiate with the many brands for special offer well in advance. With most brands available in many Malls, they are likely to resist making an offer only at one store in the City @ your mall. But advance planning will help them to turn around.
3. A good way to get all brands and consumers  interested is a Lottery with lots of prizes, which will generate a lot of incremental walkin.
4.  See if the food court can offer something special, like a “themes” across various restaurants. This will generate additional footfalls as well, as regular customers will find this also a reason to come in.
5. Set an objective like a walkin increase of 10 % and announce it to all concerned.
6. Monitor the event carefully, and correct for any short comings along the way.
7. Finally, and this is rarely done after the event, get the group together for a “ Review  session on what went right :), what went wrong :( and how to improve it " . Share the results of the objectives.
8. Make it a point to finally invite all the concerned for a special Thank You :) event, and invite all those who have contributed to the success on stage, including the sponsors, support staff. If possible get a VIP for this event. The entire team will remember this  and will support your for the next Anniversary, in 365 days time !

The above planning can also be used for a single store ! In fact it is easier to do .

Share your ideas at www.retailgurukul.com

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Exam Hall Tickets are the new Currencies for your business.

Exchange Exam Hall Tickets for Business!


Exams are getting Over ! What retailers can do ?


This is the beginning of the end of the examination season. In the next few weeks, lakhs of kids will be let loose from their cages at homes and colleges onto the roads, shops and shopping malls, with time to kill and money in their pockets.
What did you do last year ? Never really thought about it as an opportunity right ?


What can you do this year ? How can you convert this into a business opportunity for the next few months and for ever in the future !


The magic is in some thing called a “HALL TICKET”. 


Idea is to get them in? Put up a standy outside your store, put up a “banner” if examinations are still on, offer something special at your store with a hall ticket, along with their friends. Buy one get one ice cream coupon or a coffee offer will probably do the trick. What if you don’t sell any of these. Tie up locally.


The kids have more time now than ever before, in the mornings, afternoons, when the stores are free anyway !


The idea is if you can get them to come in , shop & get them to give details, (names, age, phone no etc, you are on your way to build a new database). 


This can be used for the next few years atleast ! 


Catch them when they have the time ! 


More tips at http://www.retailgurukul.com. 

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Is there a Rahul Dravid in your team...?

At the outset, let me add my congratulations to Rahul Dravid for his many contributions to Indian Cricket.

What can retailers learn from his contribution.?

Like Cricket, any store can only perform, if all employees play like a team, whether it is the greeter, the salesman, the cashier and even the door man and the security. Why does Australia win so consistently compared to any other country. Because there every one plays for the team, not for his personal "milestones".

Like again in cricket, one of the members has to be the captain or the store manager.

Yet, captains alone cannot win matches consistently.

That is where, it is the Captain's  responsibility to identify a WALL in his team, one who is consistent, non controversial, known to deliver when the going gets tough ( month ends) etc .

We get the picture right ?

Look, even after retiring, his presence in the Rajasthan Royals is said to be a calming impact on his young team.
Action plan :-


Make a list of all the employees , their strengths and their weaknesses, from a fresh perspective without any old  opinions. If required, ask around to see that your judgement is by and large right.

Then, identify the Rahul Dravid in your store , one whom you have seen perform consistently in terms of sales, leadership etc etc.

Then sit with your Rahul Dravid and work for a long term plan for him, especially important, if he is so good, that he is your WALL.

Share it with him and bring him as part of your core team with it attendant benefits, support and your commitment to his long term growth.

Best of luck and keep watching cricket for more inspirations !
RetailGurukul@gmail.com

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Are tough days ahead in 2012-13 ?

Chains stores are beginning to feel the heat. After the Future group started closing unviable stores, it is now the turn of Aditya Birla Group to begin to close some 30 stores.

Store closing per se is not necessarily an ominous sign of bad things ahead. Decisions on store openings are made based on multiple factors and not all stores achieve targeted top line and bottom line numbers.

When the going is good, typically, companies tend to keep the "non performing store" going for some more time, because of the efforts, not to mention the costs that have already been sunk in. This is very similar to buying shares and hoping the share, which is currently below the purchase price will turnaround in the future.

But, once the going gets tough, then tough decision are made. And it looks like the tough decisions are being made and stores are being shut.

What does this indicate to the retailers?

The scenario that is unfolding in 12-13 is a tough year ahead , which for a new year just one day old is not a good thing at all. We have 363 days to go.

What can smaller retailers do ?

First take an inventory of the product range, inventory value, marketing spends, price off , etc. All the budgeting that has been done in the last few months for this year, might be worth a small but serious review. Afterall lot of thought has gone in and we should not scrap it at the first sign of difficulties.

Once you have identified potential "traps", begin to monitor these more closely. If possible, put a tracking mechanism for these . As a retailer, inventory is the first thing that can go out of control. Put a visual tracking system like a chart, which gives day to day inventory ( not sales ) value for you. It might take a few attempts to get it right first, but the impact will be substantial.

Once you have this inventory tracking system, begin to track it like your daily sales on your mobile or note book or whatever. Get your team into this monitoring mechanism as well.

Identify the A,B, C category products and first focus on the high cost low turn categories in your stores.

Look around for some software, which can help you with your analysis. It will be worth the effort.

Summary of Action plan :-

1. Quick Review of budgets
2. Identify areas of monitoring
3. Process to monitor - simple visual techniques - SMS/ Paper chart etc
4. Segregate inventory by ABC method, Costly and slow moving on priority.

5. Give and take feedback on action taken and share your experiences with us here.

RetailGurukul@gmail.com

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Happy and Prosperous New Year !!

Whether you are an entrepreneur, employee or even a government "servant", you are about a start a new financial year, ie 2012-13.

Looking forward, the top 5 things, you may consider doing.

1. Goal. Set yourself a "Goal" and announce it to your team, friends and relatives (TFR) who wish you well. This can range from achieving a sales turnover, a bottom line target, setting up new stores, training and even rewarding your staff.
2. Ask for suggestions, criticisms and way forward from your team above (TFR ) on how they would like to achieve the goal. They will initially say all the nice things , but on seeing your genuine interest, are likely to come up with really beautiful and workable ideas.You will need to be genuinely interested in that, but you will be surprised at their feedback.
3. Plan of Action. Once you have enough ideas that you think you can handle, all of you, should detail out a plan of action.  It will be a brief business plan . Where ever possible, set out due dates, responsibilities etc.
4. Summarize  the action plan into a few major points. Once this is done, get adequate posters, stickers, etc printed. An easy way would be even outsource some of these to a 3rd party like http://www.jademagnet.com , who can develop them for you.
5. Rewards Set a reward which makes all the effort worth it. This also needs to be announced, and dont forget to celebrate even a small milestone.


Simple way to remember this is GAPS filled are Rewarded. These are Goals, Ask for suggestions, Plan action, Summarize and Rewards.


Best of luck and a happy new year again..

RetailGurukul@gmail.com

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