Retail SOP

An online store can bring completeness to your retail business. Through your online store, you can both mobilize your physical marketing resources to promote your retail business and streamline how your customers interact with you to purchase the product. However, the mindset of the customer becomes entirely different when it comes to purchase something over the web. In his sub-conscious mind, the customer usually looks for a better deal as his physical movement is confined (his shopping notions are somewhat pre-programmed when he visits the online store). Naturally, as an online retail store owner, onus is on you to present things in your store as per your customers psychological orientations.

A few things that govern customers psychology when it comes to online shopping and where you as an online retailer can take benefits are:

Neuromarketing techniques Brain-research studies show that online shoppers are greatly influenced by the color of the background, location of the product on the screen, display of pricing etc. The shoppers decision to buy a product or his spending limit is determined by these factors. For example, researchers suggests that a greenish pattern in the background of a product in an online store selling furniture, may help in firing the online customers neurons in a way that would make them sensitive to the price of the item. On the other hand, a blue-colored pattern may help in stimulating the online shoppers neurons towards the comfort-angle of the product. In simpler words, for a low-priced product keep a green background and highlight the low price, similarly, if your product is highly-priced, use a blue background and highlight the comfort features.

Affinity for free-shipping The phrase free-shipping is one of most sought-after characteristics of a any product sold online; at least a large section of the online shoppers just run for it! Consumers prefers free-shipping offers as they compare it to the shopping experience in the physical store; you take out your car, drive to the store, burn gas, buy the item, burn gas again, move through traffic, reach home, park your car and finally open the box on your living room table well, the retailers mind compares all these with the phrase free-shipping. Even a $20 discount weighs less than a $10 waiver in the name of free-shipping. Discount? Well, its ok; everybody gives. Free-shipping? Why, I will buy it! This is the psychology of major chunk of online shoppers.

Comparative pricing of products Online shoppers psycho-analysis report shows that most buyers give precedence to mid-range comparative pricing of a group of similar product. For instance, if you place two similar items on the category page of your store (showing brief details of both), one priced at $100, and the other at $150, most customers will purchase the cheaper one. Now, add a third item priced at say, $200 (the one that you are not even interested in selling); you will be amazed to see that most people will purchase the item selling for $150! Moral of the story always give your buyers something to compare!

Online shoppers also prefer the pricing in their local currencies (if you are selling globally) and they have a great love for coupons also. Moreover, the buying pattern also varies with various demographic parameters like age-group, income-group, sex, education, community and so on. So, while you sell observe and know your customers!

The retail industry has gone through one of its toughest tests in recent times. The global economic slowdown had cut world retail sales by quite some margin. However, the good news about it is that after a year and a half of severe battering, retail sales have picked up. So those interested in working in the retail sector, this is a good time to cash in. With an increase in the number of jobs in the retail industry, joining a retail management course proves to be quite beneficial. However, before joining such a course it is extremely important to be absolutely sure of the credentials of the institute.

One may say that an MBA in retail management may do the trick. While an -MBA’ stamp may look great on your CV, it is an extremely expensive proposition. There are very few B-schools that provide thorough training in just retail management. Most would have retail management as one of the options of specializations that may come after studying a whole year of general stuff. In these cases, a whole lot of knowledge is crammed into the students in a time less than a year. For most such B-schools, one has to pay through the nose to get an admission. And they also give no guarantee that one will actually get a job in the retail sector after completing the course.

A retail management course, on the other hand, is specifically geared toward providing knowledge pertaining only to retail management. These courses come in the form of diplomas. Armed with such a diploma in retail management, one can apply for various positions in the retail sector. Many of these retail management institutes provide placement assistance too. These are less expensive and much more focused in terms of course content.

An educationally designed retail management course will provide training not only in retail but also in related subjects such as in supply chain management, marketing, accounting in retail, electronic retailing merchandise management, sales promotion, public relation, organizational behavior, and brand management. Such retail management courses must also provide practical training in handling customers and in broking real estate deals for procurement of property in order to set up a retail chain. After passing a retail management course successfully, one can certainly hope to work in the publishing industry, music stores, multiplexes, shopping malls, garment industry, processed foods industry, and in various other growing businesses. A glamorous, yet hectic life is guaranteed, not to mention nice pay-packages!

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The Question

“Will you marry me?” is a question most women long to hear. Women dream about who they will marry and when from an early age. Those dreams all revolve around that one question. Almost as important as whom they will marry, is how he will pop the question. Unfortunately, most men don’t spend near as much time preparing the way they will propose.

There have been studies done that reveal the sad truth that many women are disappointed in how they were proposed to. Sadly enough, some of these polls shown upward of 80% of all women wish their proposals had been different. It is a question and an event that will be remembered. Therefore, it should be a very special time. Men should take the time to plan this moment with consideration of who they are asking. Planning ahead and putting together a special time will ensure that she will not only remember it, she will cherish it forever.

Taking into consideration what defines the relationship and what your lady likes will help ensure a memorable proposal. Almost all good and unforgettable proposals have one simple thing in common, planning ahead.

Take the time to think about what she really cherishes. It doesn’t have to cost a lot of money but it does require that you think ahead. Remember that most women want to feel special. They want to know that you are willing to plan something romantic and extraordinary. If she likes theatrics you could literally become her knight in shining amour. Rent or borrow a suit of armor from your local theater or costume shop. Have her meet you near some riding stables. In full armor, ride up to meet her with ring in hand and ask her to be your princess for all time.

If she is a cuddly kind of girl, tie the ring to a stuffed animal and let her find it as she starts to cuddle the animal. Maybe your lady is a true animal lover. If so include her pet or your pet or maybe even a new puppy or kitten into the proposal. Some women are mesmerized by Christmas. Some even dream of a Christmas wedding. Why not use that to your advantage. String lights around a Christmas tree and decorate it with only one ornament, her diamond. She is sure to remember that forever.

Many girls enjoy romantic literature such as Shakespeare. If your girlfriend is one of them, mail her a poem along with a picture of yourself on bended knee with a ring. Be there with her when she receives it and pop the question. Some women are afraid of heights. For them this won’t work. But if she is not afraid and she is a little adventurous, a hot air balloon ride maybe the perfect place for her proposal. Maybe your girl is taken with mysteries. A treasure hunt could be perfect. If she is the type who wants the world to know that you have chosen her, you could rent a billboard and write her name, marry me, and your name. Make sure to drive by it together. Maybe she likes quiet moments alone. Take her on a picnic and ask her to be yours.

No matter when or where you decide to ask, make sure she feels special and she will remember her moment forever. Don’t forget the ring. It is the one constant, visible reminder of that moment in time that she will wear for the rest of her life.

Your retail clothing store’s business plan requires a well-thought out customer analysis which describes what type of customers will make your store succeed.

Not Too Broad, Not Too Narrow

When choosing your customer target markets, make sure that they are neither too broad nor too narrow. The broader a target market, the more expensive and difficult to reach it and sell to it. For example, if the target market is simply “Residents of the Tri-state Area” this will tell you and readers little about the most effective means of reaching them.

Think further about who the most profitable customers within these broader markets will be and whether there are distinct groups of profitable customers worth mentioning. Profitable here refers to the total revenue that a certain customer will bring in through clothing purchases over a certain period, the customer’s likelihood to remain loyal and keep purchasing after that period, and the cost of achieving that customer through marketing and sales work.

If customer groups are too small, readers will be concerned that there isn’t enough potential revenue from the target markets for the store to show a profit. Remember that readers will not believe that you can ever achieve 100% of a market. You have to show that you will be able to break even with much smaller market shares, especially in the early days of your store.

Three or Four Segments Is Good Enough

To prove the excellence of your store’s potential, you may be tempted to write a list of target markets segments that you can target. Resist this temptation, and clearly show your focus on three or four segments at most for the short-term. If the amount of revenues that you can achieve from these groups seems limited over time, then you can go on to describe some future target markets, labeled as such, to detail the next steps the company can take when the original targets are tapped out.

Customer Values

For customers in each segment you describe, write about their specific reasons to buy from your store based on their values. Show the difference between each segment, because if two segments have the same values and needs, they could probably be lumped together as one. Don’t detail your promotion methods and product line again here as a way of explanation – those are covered elsewhere in your plan. Do be clear as to why each group listed is a good target for your clothing store.

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