Monday 4 June 2012

Control what you can - Inventory is a prime candidate ...


How to increase sales during tough times…

When the going gets tough, you begin to wonder, what is it that you can do, apart from hoping to get new customers.

Actually, there are quite a few things..

1. Inventory.. Reduce Fresh supply… Evaluate each and every purchase with an eagle eye. I am often surprised, to find owner/retailer hand over this critical responsibility to a few old and trusted employees. They are no doubt doing what they have been doing for many years now.

New Action:- Just ask a few questions when the next order is about to be released and you will surely find orders, which you could avoid placing.

2. Check Inventory.. Check out the age ( less than 30 days, 90 days etc) of the different SKUs that you have, not just on display but even those in your warehouses.

New Action :- Take a stock statement from your computer and go out and physically check, if what the computerised statement which is showing the stock, is actually available and is shown to you . You will be surprised with the answers.

3. Identify..Best sellers …If you can do an analysis of the best sellers in your store, then take out the top 20 % of the best selling SKUs or say the top100 SKUs.

New Action :- Find out if those SKUs are in your store..If you don’t have the knowledge to do that, ask us, we have a specialised service for such analysis and reporting..

Both of us will be surprised, to find , how many of such products which are your best sellers are in your store? Want to take a bet ?

4. Identify the non movers ! If the stock is in your system as part of the highest age stock, ensure that those products cannot be ordered at all ! ( See point 1 above).

New Action :- Brain storm, what all can be done to recover what ever value is left in that “dead stock”.

5.  What is your average inventory value for the past few months. ? What was it last year ? Do you think, you can maintain or improve the performance this year ?

New Action :- Take a training session for your employees on the concept of inventory, inventory holding cost, stock turn and ask for actions/ suggestions

Reward the best ideas and bigger rewards for implementing them. Most Retailers give rewards for sales performance, but rarely do employees get rewarded for inventory control.

Finally :- Try it out ! Inventory management is still in your hands, Purchase is as always, mostly in your customer’s hands ! Selling skills count a lot, but that is for another learning blog in the future...
Oh, lest we forget, as this joke said, how about making a real effort in selling the inventory to the customers ? Really "Selling" the old fashion way face to face ? not displaying, not advertising,
Share your learnings on Inventory with us and win rewards ..
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Sunday 3 June 2012

G.U.E.S.T - How to treat a Customer !

There are many descriptions for the various "steps" that are mentioned in the process of making a sale.

GUEST

G - Greet the customer, it can be just a nodding your head with pleasant smile,
U - Unfold the customers needs with a smooth conversation,
E - Explain the customer regarding the product with their unique qualities,
S - Selling the product to the customer, make sure selling the product should not be the end of the relationship with the customer, it is infact should be the begining of the relationship with the customer, 
T -Thanking the customer after selling, never forget to thank the customer after the transaction is completed). 

In an article by Vinod Kumar M, Branch Manager /Regional Manage of Kiah Life Style Pvt Ltd.


G.U.E.S.T - Isn't it what we want each of the walkins to our store, to feel ... Guest who felt "Wanted"

This is a good example, to remember how to treat a customer and complete the selling process. Whether the sale was completed or it may not , this time...

Why not try out this process at the next available opportunity, and see if you have been able to improve the sales performance, in terms of closure ?

Share with your sales / retail team about this word GUEST .

Best of luck and happy selling,

Shivaram
www.RetailGurukul.com
www.RetailGurukul.blogspot.com
Join us on Twitter, Linkedin,FB @ RetailGurukul
Call us at 0 90360 365 24.  

Saturday 2 June 2012

How a new joinee can add value & seriously learn at the same time ..

A typical company / store/ office ...

A typical new joinee's day....

If you have seen how a new joinee is "inducted" into a organisation, it is typically, with introductions to the "internal team", meeting with a set of "busy senior people" who hopefully, will find the time to talk to the new joinee .
We are passionate about making
the web a better place.
No where do we find a "customer Contact "program for a new joinee. If anything, the new joinee is shielded from customers, lest he makes a mistake .

I came across this wonderfull way to inducting a new joinee by the company automattic/ Wordpress.
We are passionate about making the web a better place.
Coming on board · When you make it past the interview stage we’ll do a project together on contract, typically lasting between 3-8 weeks, to see how we work together. When you join full-time, regardless of your position, you’ll do customer support for WordPress.com for your first three weeks. We believe this early connection with the people who use our products is irreplaceable.
http://automattic.com/work-with-us/

Fantastic..

Typically, in those three weeks, any one would have gone through the full range of typical customer requirements, happy customers, unhappy customers, customers screaming at you or the company.

Even if one does not understand all the problems in detail, he might not have all the solutions on hand, it is still a great way to " swim in the waters" and understand the overall problems facing the customers.

Very rarely will customers just call back and say thank you ! Yes, there are a few, but they are really few and far between ( Bless them , they make many a day ) with their thankyous !

Learnings :-

What are the suggestions, that we can implement in a Retail Store ? for a new joinee ?

1. For the first few weeks, the Joinee notes down each and every customer feedback or complaint or compliment !
2 . Finds the answers with in the same time from the seniors, Sales person, even the owners
3. Works out a set of best answers, may be the old answers or new ones or improved ones for the old answers..
4. The team then sits down and finalises the best set of answers to take forward for the future.


Is all this very difficult to implement ? Surely, this is not rocket science . !

Best of luck and share your answers here !

Forward to friends and foes. Your friend will thank you for this and your foe may become your friend again !

Best of luck.

Shivaram
http://www.RetailGurukul.com
Join us on FB, Twitter,Linkedin@ RetailGurukul

PS : Did you contest the WagonRSmartIdeas.com Contest. Do it now Rs. 10 lakhs could be yours...
http://www.RetailGurukul.com






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