Do you have the time to sharpen your saw ?

Who has the time ? – Every body’s confession ?

The popular story, as given in the picture is very descriptive of the life of many of  us and certainly of many owner - retailers.

We believe that we have so many things to do at the store, that we have no time, to go out and learn new things. Additionally, most of these seminars are full day or even 2 or 3 day events in Mumbai or Bangalore, it takes away another full day for travelling to and fro.

Besides, what is it there to learn, when we have been doing this business for 10,, 20 or even 30 years?

Learnings :-

Recently, I did attended a seminar . It really opened my eyes to the many things are being introduced in the industry for problems that are plaguing us for many years now.

Problem : One of the biggest problems that retailers are facing is the understanding of what sells and what does not sell and why ? Answer :- There are Business Analytics solutions

Problem :- What is the future likely to hold ? Solution :- No need to do detailed regressive analysis of BIG DATA. Predictive analysis takes small amounts of data and converts into potential trends.

Problem :- .Customer’s today know more about the product , than the Retail Staff, simply because , for the Retail Staff it is a job, while the customer is spending his hard earned money. Solution:- New solutions to keep the RSA updated on the “fly” with new content being downloaded from the net and a hand held to show to the customer.

Problem :- . Don’t know how to sell things on the net, except that you have products ? There is a company, which will do all the “dirty work’ about photography, content writing, putting up the product on websites and all you do is down load orders and replenish the stocks.

But the biggest revelation, ( even though we might know earlier) is the customer is checking out on physical stores and actually shopping  on the net . And how physical retailers have begun to fight back at this “showrooming” phenomenon.

Check out more on such ideas on New Age Retailing at this daily blog :-

www.RetailGurukul.com

Join us on Twitter, FB, Linkedin @RetailGurukul

Vote for us on http://www.WagonRSmartIdeas.com contest.

Call us on 0 90360 36524 and win prizes for accepted solutions!

Read more »

Necessity is the mother of innovation...

Retail is really "mundane" business. A retailer needs to do the same thing again and again, to gain "operational efficiencies" and make profit.

It is like driving a bike again and again, after some time, you begin to do it like you are breathing, without giving it too much thought.

Unless, you decide, bike riding has to be better than riding in a hot sun ! And look at what this guy has done to his riding !

Let us look at one of the most "mundane" activities a retailer does on a daily basis, and after some thought, does not even bother to do himself. !

Initially, when the store opened, the retailer would have opened the lock of the store himself,with all the pride. Ex. A store ribbon cutting ceremony for example is a symbolic "lock opening". 

After a few months or an year, the lock opening is now a necessary mundane activity to be done and completed as soon as possible to get the store open for business.  or .....

Every retail employee would like to be a owner of his own business some day and opening a "lock" of the store can be a simple motivational reward for a job well done ! He, the Chief Guest of the day, can be made to"open " the lock of the store .

Learnings :-

To convert a "mundane" activity into a "motivational" activity is what make a Good Store Manager into a "Star Store Manager".

Share what did you "innovate" in  your store today ?

RetailGurukul.com

Also on Facebook, Twitter,Linked in

call us on  90 360 365 24,

Follow us on http://www.WagonRsmartideas.com and vote for Retailgurukul from Bangalore/Retail/Shivaram.

Pl forward to your friends.

Read more »

If a project succeds, who gets the credit, and if it fails, who will take the responsibility ?

Of all the stories Dr. Kalam, ex-President of India,  relates as the most inspiring. Dr. Kalam highlighted an important quality of leadership by giving the example of his ex-boss, Dr. Satish Dhawan, chairman of the Indian Space Research Organization (ISRO). Back then, Dr. Kalam was the project director for SLV-3, India’s satellite launch program.

In August 1979, when the first SLV-3 launch was a failure, Dr. Dhawan called a press conference to accept responsibility for it.

The following year, the satellite launch was successful; this time, he asked Dr. Kalam to address the press conference, rather than seeking the limelight himself.

A good leader, Dr. Kalam noted, takes responsibility for failure and passes the credit for success to his team.

As managers, we often do exactly the opposite. A leader must inspire his team to loyalty and commitment.

What have we done in the past  in a successful situation and when we faced a failure ?


Check out http://www.RetailGurukul.com
http://www.RetailGurukul.blogspot.com
followus on Twitter, FB and Linkedin @ RetailGurukul.
Ph. 090 360 36524.

Read more »

Welcome - a simple hand gesture.

With petrol prices same at all petrol pumps, whether you fill petrol at a BP or a HP or an IOC pump is actually a matter of just who is most conveniently located.Very rarely do we give much thought to the fact that how a simple WELCOME can make a difference to your day and an increase to a petrol pump's business.

I cross 12 petrol pumps from my home to my office every day, yet, I plan and fill petrol only at a Bharat Petrol Pump, just near my workplace only because the attendent there guides you to the empty space, where you can fill petrol easiest.

In fact, this particular pump VM and Sons, on Old Airport Road, Opp Manipal Hospital, does a few other simple things .

1 . You will find all the staff neatly dressed,

2 .The supervisor even with a white coat,

3. The place very clean ,

4. An attendant comes to wipe your car windshield 

5. The air filling pump for the tyre always manned and the attendant does not look for tips !

6. Has his own lorry, to ensure unadulterated petrol comes from the company !

7. Has the filter paper petrol test filled with filter paper ! Even though I have not used it, I know, his petrol is pure and un adulterated.

A good combination of many things. How much does all this cost, compared to increase in the business from customers like me ! It is

nothing.

Oh , one more thing. This is also the only pump,which continues to stock SPEED, the high end petrol from BP, when most others have just stopped stocking it.

Learning :-

All it needs is  attention to the customer requirements and the business even in a commodity space like petrol is can be significantly increased !!!

Do you know of any other such "superior service" retailer. SMS us with your name, and we will feature both of you here.

More features like this on a daily basis...

www.retailgurukul.com

Read more »

Welcoming customers with a store signage

Mr. Akbar was the newly appointed store manager for Tanishq, the jewellery store from Titan,  which had just opened in Koramangala, Bangalore. He and his team had gone around the predominently residential area personally inviting customers to the opening of the store.

Soon after the store opened, new customers started coming but what surprised Akbar and his team was, customers were walking into the store for the first time, even after one year, even though they were living in the neighbourhood and must be passing the store frequently.

When asked, why they did not come earlier, the typcial answer was, they knew the store was there, but they had no requirement to buy jewellery at that time, and when they found the need, they had come in now. Customers keep watching the store, before a need arises.!

Truth be told...
The first "Welcome" sign for a customer to come into the store is really the "SIGNAGE". Let us look at the "signages " of two stores on the same building in Koramangala, Bangalore.

Top one for Cure and Care, looks like it needs some cure and care itself. The lighting is fused in many places, the signage does not attract adequate attention to itself. But the signage for Nike is beautiful, attracts attention and says welcome !. That is the way.

Similarly, look at another example, across the road from a newly opened store.

"P" is missing in the Hush Puppies signage. This is one of the only 4 high end Hush Puppies stores from the Bata stable in the country .

Solution :-

It is all part of a simple SOP for the store staff. Even the security guard can be made for follow the SOP. Every evening, the light is switched on at a fixed time say 6 PM by the security guard, so that the signage becomes visible at night. After switching on, the guard has to walk across the road and observe all the lights are working and nothing has got fused. And inform the store manager.

The manager should take a 5 minute break from his daily routine inside the store and come out , walk across the road, and observe, what potential customers are doing while crossing the store. Are they looking at the store, is a car parked in front of the porch obstructing the view to the store, what are the store staff doing when not attending customers, etc etc. All this information gives a good "5 minute health check" for the store.

Additional benefits :-
Any deviations can easily be rectified. Unlike during the day, when the workings inside the store is not visible from across the road, it is important that "store gives a professional welcome look "not just from the signage but also customer service inside. 

After investing close to a crore of rupees or more in advance, rentals, interiors, inventory, staff, the responsibility of the store upkeep is important.  Even in corporate setups, where it might take a few more days to get repairs done, the damage done by a faulty signage is too high to be left ignored for too long.

Let us hope the store repairs the signage, after reading this blog atleast.:)


Welcome to our RetailGurukul
Website :-http:www.retailgurukul.com
Blog :- http://www.retailgurukul.blogspot.com
Twitter and facebook handle :- RetailGurukul.
Bouquets and Brickbats to :-retailgurukul@gmail.com
Phone :- 90360 36524.

Request :-Pl forward to your friends in the retail industry, with a cc to us, to joing our loyalty program.

Read more »

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.

Read more »