Retail SOP

Management has been playing a key role in the development of a country, company or individual since ancient times. Even in the contemporary era where professionals like Edward Bernays can affect the growth or decline of a business, candidates with the dexterous management techniques can create space for a particular business. Management integrates the whole business process thereby making it more streamlined. This in turn, results in an efficient output and overall growth in the market. Retail being one of the standard sectors stands an evident lay in the field of business management.

Well, a career in retail management is well- paid and highly demanding. A candidate with a degree in retail management is well-matched for the following profiles:

– Visual Merchandising
– Retail and sales
– Stock Management
– Logistics and Warehousing

Industrial sectors like hospitality, automobiles, banking, FMCG, Travel, etc. are keeping candidates with a degree in retail management as their first preference.

Scope of Retail Management

The retail sector is all set to grasp domestic and international recognition. It not only acts as a platform for the beginners but, also stands as a booming career opportunity for high professionals. With giant brands like Reliance, Lifestyle, Levis, Coco cola, etc. the retail market is growing every day to bring more and more aspirants in the field. Though these outlets bring a common man at ease by widening its career scope still, strategizing and managing things out there in a retail sector is not quite an easy job to do. So, special courses are developed and designed in various renowned management institutes to train the aspiring candidates and make them face the competition in the real world.

The career growth in the field of retail management is unmatched and incredible. You can easily earn your heart out, if you possess this degree from a good management institute. It not only exposes you to the special needs of the industry through a unique pedagogy of learning but, also equips you with the tools to tackle real life business issues quickly and skillfully.

Any business owner with a retail shop on the high street has probably been praying every night since December 2008 that a rush to the High Street will materialise and translate into sales.

The final weekend before Christmas saw High Street footfall down by 8.7% compared with 2007 and with figures showing a slide of between 10%-15% for year on year figures for the week commencing 15th December, you could argue that this Christmas is on course to be one of the worst ever for Retail Business owners.

These figures are bad news for struggling retailers, many of which are struggling to survive. Retailers whose main products are linked to the housing market are likely to be worst hit and the recession looks set to worsen with the ever increasing rises in unemployment figures taking their toll on job security fears.

For anyone who knows what it is like to start their own business, secure substantial borrowings to be able invest in the inevitable start up costs a retail business needs, stock, rent, rates and shop fittings to name but a few but slowing footfall, a shrinking economy, a falling pound and rising unemployment do not really form part of the ideal business plan.

Despite all these economic factors the internet is clearly bucking this trend and can easily provide a solution to independent retailers who can think outside the box. The answer does not simply lie in having a website designed to sell your shop items online, without a high margin product line it may end up costing you more to advertise than you would gain in revenue. There is also very little knowledge to be found offline about internet marketing and how to use the strategies effectively to make sure your business survives and grows online.

If you are looking to supplement your retail business profits during the recession, you may want to investigate adding a network marketing business to your existing business. We have already seen people such as Donald Trump and Robert Kiyosaki set the trend by endorsing the business model itself but it makes sense to make use of the skills you already have as a business owner when the market trend is so obviously pointing to a survival of the fittest scenario.

95% of business opportunities and network marketing businesses attract people who have no previous experience in business. They know very little about sales and marketing and the idea of spending money advertising and marketing their business is usually alien and is executed from the mindset of cost rather than from the return on investment that a business owner would know and understand. This provides opportunity for entrepreneurs that remain largely untapped.

If the thought of opening up those shop doors every day fills you with dread, make sure you have considered all the possibilities that are open to you. There is no shortage of footfall on the internet; Forbes Magazine has estimated that around half a million people will be looking to start a home based business every month in the USA alone in the coming years.

Retailers already have the skills set that over 95% of opportunity seekers do not possess this is how an internet business opportunity can help save your retail business whatever the economy predictions are.

For more opportunities for small business owners check out my business blog http://www.offroadmlm.com

Now more than ever there is a focus on what products and services should and should not be advertised to the masses. On a daily basis we are bombarded by thousands of promotional messages, brand names and strap lines that on a subconscious level can shape our buying patterns and brand associations from birth. The young are a key demographic many advertisers target as they after all will be the future and if a child has a positive brand association at a young age it is likely to remain positive throughout the rest of their lives.

With this in mind, the government have been placing restrictions on the types of advertising that can be seen on TV and in stores that can affect not only the young, but the entire population. For example, in a bid to reduce obesity rates in the country, fast food advertising has been banned from television during prime time hours that would likely be seen by the hundreds of thousands of young children throughout the UK.

However, not only has the fast food industry been hit, but cigarette advertisements in print mediums were banned as long ago as 2005 and with talks of cigarette displays being banned in stores across the country, the tobacco industry has perhaps just received another nail in the coffin – the biggest since the rise in the legal age for smoking back in October 2007.

The alcohol industry has also been hit hard with recent calls for a complete ban on the advertising of alcoholic drinks on the TV in order to help curb the sharp rise in binge drinking. In a bid to remain ethical and become more socially responsible for the products they sell, the UK’s leading suppliers of alcoholic drinks have teamed up with the government and the Portman group to promote responsible drinking with a mixture of shocking -don’t do drunk- and -drink responsibly- campaigns across the cinema and television mediums.

Although these industries have been hit hard by these regulations, like any good business, they are adapting and changing by using other channels to advertise through. The likes of McDonalds have advertised heavily online within recent years by promoting a healthier menu and their own nutrition drive, which informs customers about the nutritional value of their food; countering the criticism from various obesity groups and one of their biggest opponents, the British Heart Foundation. This drive has proved successful for the fast food chain, as advertising of their healthier snack range on the -Kids Zone- of their website has gone down well with parents and health activists alike.

With tobacco products being placed below the shop counters, the traditional wall mounted shop fittings behind the kiosks will be no more and a more portable display will need to be introduced that can be brought out from below the counter, allowing staff easy access to the products on sale. Several companies have already addressed the requirement for alternative shop fittings and storage solutions in order to help retailers make the transition. However, although shops have been affected, international online tobacco stores may see a rise in demand as the industry develops more of an online presence to make up for any potential lost sales through retailers.

Although measures have been taken to help promote healthier brand associations for the next generation of spenders, there will always be something out there that needs censorship. Advertisement censorship can dramatically impact on certain industries, but as long as businesses can adapt and be imaginative with their point of sale material and target customers through new and emerging channels, they will be able to combat these challenges.

Daniel Collins writes on a number of topics on behalf of a digital marketing agency and a variety of clients. As such, this article is to be considered a professional piece with business interests in mind.

In this article we will go over three special benefits of retail point of sale solution, or retail POS solution, including retail POS software plus the retail POS system, above the customary cash register equipment. These benefits are: Immediate feed back regarding sales and costs, Theft minimization and Sales incentives. Ebay suggests to install this kind of retail POS software whenever your total annual gross sales meet or exceed $500,000. However, I will give you a totally different advice: Check these following points and then carry out the math. If you find that your working retail POS solution can so much more than cover itself in a short time, you might want to put in a retail POS system.

Immediate tendency prediction

With many modern day retail POSs you’ll have access immediately to product sales and expenditure information from your shops during the business hours. You are able to gather pertinent developments as of types of products being purchased at any given time of working day. You can now notice trends as they show up. This could result in a extremely effective bump to your bottom line profits. Simply by using a retail POS system, the information you have will be exactly where you really need it for your calculations as well as for trends spotting, right away.

Shrinkage reduction

As shrinkage is one of the key costs in many reseller companies, the modern retail POS solutions are generally aimed toward preventing theft. Suppose you’ve got a individual who you actually suspect of stealing some money from your cash register. Having a strong retail POS, it’ll be easy to correlate that individual or individuals time-table with all the minute-to-minute product sales details. Combined with the mounted security camera information, a modern retail POS system will be a major theft prevention.

Employ sales incentives

Discounts incentives are easily put in place with a modern day retail POS system. Both setting up the discount campaigns and redeeming consumer discount coupons is easy. This will help supercharge sales. As for the sales staff performance, their own sales figures can be tracked through a retail POS software, and a commission structure and payouts can be posted daily. This information will certainly help increase product sales through clear as well as timely incentives.

If online travel and classifieds were the star performers of the last decade, e-retailing seems to be hogging the limelight this time around. India is rapidly emerging as a rewarding market for many e-retailing companies; who are currently present in the market with any one of the three forms (Non-warehouse, Warehouse and Hybrid) models. The broadband and mobile penetration, 3G rollout, cash on delivery, internet banking has led to rise in online transactions by 18.2% for the year 2011 compared to 2010. Indian e-retail market is also expected to be more than INR 10,000 Crore by 2015.

In our analysis we found that Computer peripherals, Camera & Mobile and Life Style segments are expected hold 1st, 2nd and 3rd positions respectively for 2011. Together they account for more than 70% of total market share in 2011. But by the end of 2015 Camera and Mobile is expected to take the top slot pushing computer peripheral to third position. In companies analysis segment Flipkart is the undisputed leader for the year 2011. Flipkart generated 4 times more revenue than its nearest competitor Yebhi in 2011. However according to our research findings scenario is likely to change in 2012 as Myntra is expected to take the second position leaving Yebhi to third position. For the year 2014 Flipkart and Myntra together is expected to hold more than 50% market share.

In any retail business, some products are returned from the point of consumption. Therefore, the challenge is to set up infrastructure and procedures for reverse logistics. The e-tailors need to have an understandable product return policy on the Web. This report provides a clear picture about the e-retailing scenario in India and its various issues like: Types of business model in Indian e-retail, key companies funding and revenue forecast, driving forces for e-retail, challenges in the e-retail.

Renub Research report entitled India E-Retail (E-Tailing) Market, Companies Revenue Analysis & Forecast to 2015 provides a comprehensive assessment of the fast-evolving, high-growth e-retail space. We recommend this report as must-read insight for e-retailing stakeholders.

The report covers the following points

E-Retail business model in India
India e-retail users transacting online growth forecast from (2010 to 2015)
Studied growth forecasts and India e-retail market sizing from (2009 to 2015)
Key players revenue analysis, forecast and funding trends of: Flipkart, Letsbuy, Myntra, HomeShop18, Yebhi, Snapdeal and Naptol from (2010 2014)
Market analysis and forecast for segments: Camera & Mobile, Computer Peripherals, Electronic gadgets, Life style, Books amd Home & kitchen Appliances (2009 2015)
Researched the drivers and challenges for the e-retail industry in India

Key Players Analysis

This section covers the key facts about the major companies that play an important role in India E-Retail Market. The companies analyzed in this section are as follows: Flipkart, Letsbuy, Myntra, HomeShop18, Yebhi, Snapdeal and Naptol. All the companies have been analyzed from two headings

1) Companies Revenue Analysis & Forecast
2) Companies Funding Sources form different private equity venture funds

Data Sources

This report is built using data and information sourced from proprietary databases, primary and secondary research and in-house analysis by Renub Research team of industry experts.

Primary sources include industry surveys and telephone interviews with industry experts.

Secondary sources information and data has been collected from various printable and non-printable sources like search engines, News websites, Government Websites, Trade Journals, White papers, Government Agencies, Magazines, Newspapers, Trade associations, Books, Industry Portals, Industry Associations and access to more than 100 paid databases.

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