3 C 's of Retail

-

For those just getting into retail , must add that most discussions in organised retail would revolve around :: 3 C's of retail :: C for catchment getting this rite is the start , then C for conversion ( no of bills generated by the number of customers who walked in during that period .the trick is to have a strong brand pull or advertising model to drive traffic to the store , get customers to buy more ( increase converions ) this easier said than done , as vm /merchandise /ambience/service/promos/loyalty program etc have a say in influencing this .
Then efforts to increase the cash memo size or ticket size , by various means , like change of mix being sold ( say in apparels
may increase its business by changing the bottoms to tops mix )
Big retailers by just being focussed on these 3 c's have made a difference to their business .however the experience shows that the dependence on anything in this business on People is huge so any idea is as good as how was it executed at the front end !

Comments

Post a Comment

Popular posts from this blog

Pentagon & Triangle Model

-
Image
Sucess in Retail is in getting ur act right in a number of domains , the Pentagon & triangle Model of winning in retail captures the domains which needs to click , to suceed in retail :: Pentagon ( 5 sides ) :: Are all CUSTOMER ( external)facing Place ( Size /location /design ) Product ( Style & fashion mix /Intensity /Assortment angle ) Communication ( Positional /promotional angle ) Value :: ( the Price and Value Equation ) People ( Service /Climate /knowledge ) Triangle ( 3 sides ) , are all Internal to the Retail organisation , which will have a Big bearing on the Pentagonal sides System( IT ) Logistics ( When needed then Item there / the SCM piece ) partners ( Be the best in relations management ) The triangle sits inside the pentagon , sorry cant draw this( as in the picture shown) , best delivery on the triangle also has a great effect on the customer service angle ! Any retail organisation can be mapped on the Pentagon & triangle model ! for its success or non succ
Read more

GMROF ,GMROL,GMROI

-
Image
........sounds quite complicated , but when one gets into the bottom of this , its quite a simple method of checking state of business or the efficency of operations , GMROF :: stands for Gross margin return per sqft , = Gross margins / sqft , gross margins ( GM ) = sales - cogs ( cost of goods sold ) , so to state the obvious the higher the GMROF the better , evolved retailers use this as a benchmark in getting efficency of departments within a store and between stores comparison , Strategies for GMROF increase :: Trick of increasing the GMROF , is by obviously increasing the mix of pvt labels share sale , increasing the sell thrus better margin negotiation from suppliers and vendors Operational Measures Put your best people to sell more of the high GM category Effective Use of VM to drive sell thru's All this gets measured by a strong MIS back up , which makes the measurement of the same effective as the same gets delivered Fresh on managers desktop almost daily /weekly ,indian r
Read more

Dr Pashu —Pet/Animal Health in your Hands

-
Image
 Came across an excellent App which facilitates Pet Parents and farmers reach out to Vet  instantly  thru a click of a call at affordable rates  . It’s a Wow service available in India currently , can easily be scaled for  the world , if they crack the language barrier . Imagine Indian Vets advising African farmers,  sitting out of India , might be possible soon . Or Indian vets advising pet parents around the world  , all might be possible with Dr Pashu , soon , subject to any medical laws maybe .  It seems they plan to develop their platform for pet/ animal  supplements market place also  soon . Their website is www.drpashu.com   Their App link is below :: https://play.google.com/store/apps/details?id=com.drpashu.app Do recommend to friends and family , if of interest, please   Lets hope for the best ! For India’s Sake —Cheers!
Read more